Completion Elections Clause Samples

Completion Elections. When an Initial Prospect Well has been drilled to Authorized Depth and Casing Point has been reached, EXXI will simultaneously with the notice provided for above in Section 5.03 notify all BCP Participants, Centurion and Ellora of its election to proceed with one (1) of the operations prescribed in Article VI.C. of the governing Prospect JOA. Each working interest owner having the right to make an election shall do so pursuant to the terms and provisions of the governing Prospect JOA except as otherwise provided for in this Section 5.04. Notwithstanding the terms and provisions of the governing Prospect ▇▇▇▇ and solely as to Initial Prospect ▇▇▇▇▇, it is hereby understood and agreed that in the event Ellora elects not to participate is the setting of production casing and in a completion attempt for all of its after casing point interest, Ellora shall relinquish all of its after casing point interest proportionately to the BCP Participants in the entirety of such Prospect Contract Area. Ellora shall timely execute whatever documents and assignments are necessary to effect such forfeiture and relinquishment within thirty (30) days after any such election. Notwithstanding the terms and provisions of the governing Prospect ▇▇▇▇ and solely as to Initial Prospect ▇▇▇▇▇, it is hereby understood and agreed that as to any particular Prospect JOA and its respective Prospect Contract Area, Centurion has the right upon reaching Casing Point in each Initial Prospect Well drilled pursuant hereto to participate or not to participate in the setting of production casing and a completion attempt with all or some portion of its after casing point carried interest as set forth on the respective Exhibit “A” to the governing Prospect JOA. Should Centurion elect not to participate in the setting of production casing and in a completion attempt for all or some portion of its after casing point carried interest, Centurion shall relinquish such non-participating portion proportionately to the BCP Participants in the entirety of such Prospect Contract Area. Centurion shall timely execute whatever documents and assignments are necessary to effect such forfeiture and relinquishment within thirty (30) days after any such election. If EXXI recommends no attempt be made to continue further operations in the Initial Prospect Well, and such Initial Prospect Well is plugged and abandoned, EXXI shall pay sixty-six and two-thirds percent (66.667%) of all of the costs and expenses of plugging...
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Completion Elections. Gasco shall have the obligation to fund 9% of the BOG Completion Costs associated with each Subject Well. In the event there is a separate Completion point election relative to any particular Subject Well, BOG shall, in its sole and absolute discretion, make such election for itself and for Gasco. Any election by BOG to Complete or not to Complete any Subject Well shall for all purposes be binding upon Gasco, the same as if Gasco had also made the same election. Gasco shall have the obligation to fund a 9% share of all BOG Completion Costs associated with any Subject Well. The Parties recognize and agree that anything to the contrary contained herein notwithstanding, in the event that Gasco's share of BOG Drilling Costs have been forwarded to the drilling operator for a Subject Well prior to the expiration of the Agreement Term, Gasco's responsibility to fund 18% of the BOG Drilling Costs and 9% of the BOG Completion Costs associated with such Subject Well shall continue despite the termination of the Agreement Term.
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Completion Elections. Middle Bay shall have the obligation to fund 12.5% of the BOG Completion Costs associated with each Subject Well. In the event there is a separate Completion point election relative to any particular Subject Well, BOG shall, in its sole and absolute discretion, make such election for itself and for Middle Bay. Any election by BOG to Complete or not to Complete any Subject Well shall for all purposes be binding upon Middle Bay, the same as if Middle Bay had also made the same election. Middle Bay shall have the obligation to fund a 12.5% share of all BOG Completion Costs associated with any Subject Well. The Parties recognize and agree that anything to the contrary contained herein notwithstanding, in the event that Middle Bay's share of BOG Drilling Costs have been forwarded to the drilling operator for a Subject Well prior to the expiration of the Agreement Term, Middle Bay's responsibility to fund 25% of the BOG Drilling Costs and 12.5% of the BOG Completion Costs associated with such Subject Well shall continue despite the termination of the Agreement Term.
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Completion Elections. In the event that a Party has participated in the drilling of the Initial Well in any particular Prospect Area, and then elects not to participate in a completion operation proposed for such well, such Party (A) must permanently relinquish (without reimbursement for costs) and assign all of its right, title, interest and properties (whether legal or equitable, vested or contingent and whether real/immovable, personal/movable or mixed) in the completed formation, insofar as it can be produced out of the wellbore of such well, (B) shall relinquish (as of the date it elects not to participate in the completion operation) all of its rights and interests under the JOA, insofar as it covers the relinquished completed formation, insofar as such completed formation can be produced out of the wellbore of such well, and (C) shall not, for a period of three (3) years from the date of this Agreement, own or acquire, whether directly or indirectly, itself or through any Affiliate, representative, agent or broker, any Lease, Option, Farm-In, or other interest in oil, gas and/or other minerals located within the completed formation, insofar as such completed formation can be produced out of the wellbore of such well. In each of the foregoing cases, such relinquishment and assignment is to be made to the Parties participating in such completion in the ratio that each participating Party's leasehold working interest in the acreage included within the Prospect for such well bears to the total of the leasehold working interests of all of the Parties hereto participating in the operation. Where the completion election relates to a Subsequent Well in such Drilling Unit, the non-consent and other operative provisions of the applicable JOA shall govern completion point elections. If a Party has elected to participate in the drilling of a well and then elects not to participate in a proposed completion operation within the well, but then subsequently participates in the completion of another formation within the same well, such Party will be obligated to pay for its proportionate share of the completion operation costs which were previously incurred in completing the other formation in accordance with the drilling footage ratio method set forth in COPAS Bulletin No. ▇ ▇▇ paragraph B.1(b) for intangible costs and in paragraphs B.1 and B.2 for tangible costs.
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Completion Elections. 11 Section 4.3 PDL............................................................................. 12 Section 4.4 Participation in PDL............................................................ 12
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Related to Completion Elections

  • INSTRUCTIONS FOR COMPLETING REPAYMENT ELECTION FORM AND EXERCISING REPAYMENT OPTION Capitalized terms used and not defined herein have the meanings defined in the accompanying Repayment Election Form.

  • Written Election At the time you make a rollover or conversion to a ▇▇▇▇ ▇▇▇, you must designate in writing to the custodian your election to treat that contribution as a rollover or conversion. Once made, the election is irrevocable.

  • Initial Election The Director shall make an initial deferral election under this Agreement by filing with the Company a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Fees to be deferred and shall be effective to defer only Fees earned after the date the Election Form is received by the Company.

  • Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.

  • Joint Election As a condition of the Units granted hereunder, you agree to accept any liability for secondary Class 1 National Insurance Contributions (the “Employer NICs”), which may be payable by the Company or your Employer with respect to the Units and/or payment of the Units and issuance of Shares pursuant to the Units, the assignment or release of the Units for consideration, or the receipt of any other benefit in connection with the Units. Without limitation to the foregoing, you agree to make an election (the “Election”), in the form specified and/or approved for such election by HMRC, that the liability for your Employer NICs payments on any such gains shall be transferred to you to the fullest extent permitted by law. You further agree to execute such other elections as may be required between you and any successor to the Company and/or your Employer. You hereby authorize the Company and your Employer to withhold such Employer NICs by any of the means set forth in Section III of the Agreement. Failure by you to enter into an Election, withdrawal of approval of the Election by HMRC or a joint revocation of the Election by you and the Company or your Employer, as applicable, shall be grounds for the forfeiture and cancellation of the Units, without any liability to the Company or your Employer.