Common use of Designation of Prospects Clause in Contracts

Designation of Prospects. The Parties shall cooperate in good faith to establish Prospects within the Contract Lands as soon as practicable after the data for an area has been processed and interpreted. Any Party may designate a Prospect within seven (7) years from the date hereof by giving the other Parties written notice of such designation. Such notice shall contain a map which reflects the outline of the lands to be included within such Prospect, together with a description of the seismic data, prospective feature and any interpretative data or maps upon which such Prospect is based. The Parties receiving notice of the designation of a Prospect shall have fourteen (14) days after receipt of such notice in which to elect in writing whether or not they will participate in such Prospect. Any Party which has not furnished the Party designating a Prospect with its written election to participate in a Prospect within said fourteen-day period conclusively shall be presumed to have elected not to participate in the Prospect so designated. Any Party not participating in a Prospect shall promptly assign all of its interest in the Options or Leases covering lands lying within such Prospect to the Parties participating in such Prospect, in the proportions of their respective interests therein.

Designation of Prospects. The Parties shall cooperate in good faith to establish Prospects within the Contract Lands as As soon as practicable after the data for an area has been processed and interpreted, Operator shall establish Prospects within the AMI. Any Party may Operator shall designate a Prospect within seven (7) years from the date hereof by giving the other Parties written notice of such designation. Such notice shall contain Prospects on a map which reflects the outline of the lands to be included within each such Prospect. Promptly after designating such Prospects, Operator shall furnish the other Parties with such maps which reflect the designated Prospects, together with a description of the seismic data, prospective feature and any interpretative data or other maps upon which such Prospect is based. The other Parties receiving notice of the designation of a Prospect shall have fourteen fifteen (1415) days after receipt of such notice in which to elect in writing whether or not they will participate in such Prospectthe designated Prospects. Any If a Party which has not furnished the Party designating a Prospect fails to furnish Operator with its written election to participate in a Prospect within said fourteen-such fifteen (15) day period conclusively period, it shall be conclusively presumed to have elected not to participate in the Prospect or Prospects so designated. Any Party not participating in a Prospect shall promptly assign all of its interest in the Options or Leases covering lands lying within such Prospect to the Parties participating in such Prospect. A Party's election hereunder may be on a Prospect by Prospect basis, and a Party's failure to participate in any or all Prospects contained in any particular notice shall not constitute a waiver or release of the proportions of their respective interests thereinright to participate in a Prospect or Prospects described in any subsequent notice delivered hereunder.