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Common use of Effect of Vote Clause in Contracts

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 shall be conclusive and binding on all the Parties, except in the following cases. (A) If pursuant to this Article 5, a Joint Operation has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Matters, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (C) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, or plugging of a well has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 an Exclusive Operation to continue such operation.

Appears in 4 contracts

Samples: Joint Operating Agreement (Bontan Corp Inc), Joint Operating Agreement (Bontan Corp Inc), Joint Operating Agreement (Geoglobal Resources Inc.)

Effect of Vote. All decisions taken by the Operating Committee Operations Management Board pursuant to this Article 5 Clause 5, shall be conclusive and binding on all the Parties, except in the following cases.that: (Aa) If pursuant to this Article Clause 5, a Joint Operation Operation, other than an operation to fulfil the Minimum Work Obligations, has been properly proposed to the Operating Committee Operations Management Board and the Operating Committee Operations Management Board has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, propose in accordance with Article Clause 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1i) For proposals related to Urgent Operational Matters, involving the use of a drilling rig that is standing by in the Contract Area,such right shall be exercisable for twenty-twenty four (24) hours after the time specified in Article 5.12(A)(1Clause 5.12(a)(i) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(DClauses 5.13(d), as applicable. (2ii) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee Operations Management Board was required to consider such proposal pursuant to Article Clauses 5.6 or Article 5.12. (3iii) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee Operations Management Board was required to consider such proposal pursuant to Article Clauses 5.6 or Article 5.12. (Bb) If a Party voted against any proposal which was approved by the Operations Management Board and which could be conducted as an Exclusive Operation pursuant to Clause 7, other than any proposal relating to Minimum Work Obligations, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or within twenty four (24) hours if the drilling rig to be used in such operation is standing by in the Contract Area) following Operations Management Board approval of such proposal. The Parties that were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operations Management Board approval, and shall conduct such operation as an Exclusive Operation under Clause 7. Any Party that gave notice of non- consent shall be a Non-Consenting Party as to such Exclusive Operation. (c) If the Consenting Parties to an Exclusive Excusive Operation under Article 5.13(AClauses 5.13(a) or Article 5.13(B5.13(b) concur, then the Operating Committee Operations Management Board may, at any time, pursuant to this Article Clause 5, reconsider and approve, decide or take action on any proposal that the Operating Committee Operations Management Board declined to approve earlier, or modify or revoke an earlier approval, decision or action. (Cd) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, Reworking or plugging of a well well, has been approved and commenced, such operation shall not be discontinued without the consent of the Operating CommitteeOperations Management Board; provided, however, that such operation may be discontinued discontinued, if: (1i) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2ii) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and after notice the Operating Committee, Operations Management Board within the period required under Article 5.12(A)(1Clause 5.12 (a)(i) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article Clause 7 an Exclusive Operation to continue such operation.

Appears in 3 contracts

Samples: Joint Operating Agreement, Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 shall be conclusive and binding on all the Parties, except in the following cases.: (A) If pursuant to this Article 5, a Joint Operation has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Matters, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article 7, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following Operating Committee approval of such proposal. If a Party exercises its right of non-consent, the Parties who were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article 7; provided, however, that any such Party who was not entitled to give or did not give notice of non-consent may, by notice provided to the other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following the notice of non-consent given by any non-consenting Party, require that the Operating Committee vote again on the proposal in question. Only the Parties which were not entitled to or have not exercised their right of non-consent with respect to the contemplated operation shall participate in such second vote of the Operating Committee, with voting rights proportional to their respective Participating Interest. If the Operating Committee approves again the contemplated operation, any Party which voted against the contemplated operation in such second vote may elect to be a Non-Consenting Party with respect to such operation, by notice of non-consent provided to all other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following the Operating Committee’s second approval of such contemplated operation. (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, or plugging of a well has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 an Exclusive Operation to continue such operation.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Hyperdynamics Corp), Operating Agreement (Hyperdynamics Corp)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 V, shall be conclusive and binding on all the Parties, except in the following cases.that: (A) If pursuant to this Article 5V, a Joint Operation Operation, other than an operation to fulfill the Minimum Work Obligations, has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, propose in accordance with Article 7VII, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12.; (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article VII, other than any proposal relating to Minimum Work Obligations, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or within twenty-four (24) hours if the drilling rig to be used in such operation is standing by in the Contract Area) following Operating Committee approval of such proposal. The Parties that were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article VII. Any Party that gave notice of non-consent shall be a Non-Consenting Party as to such Exclusive Operation. (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5V, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, RecompletingRecomputing, Reworking, Reworking or plugging of a well well, has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued discontinued, if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and after notice the Operating Committee, Committee within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 VII an Exclusive Operation to continue such operation.

Appears in 2 contracts

Samples: Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 V, shall be conclusive and binding on all the Parties, except in the following cases.that: (A) If pursuant to this Article 5V, a Joint Operation Operation, other than an operation to fulfill the Minimum Work Obligations, has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, propose in accordance with Article 7VII, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten twenty (1020) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12.; (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article VII, other than any proposal relating to Minimum Work Obligations, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right or non-consent must give notice of non-consent to all other Parties within five (5) Days (or within twenty-four (24) hours if the drilling rig to be used in such operation is standing by in the Contract Area) following Operating Committee approval of such proposal. The Parties that were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article VII. Any Party that gave notice of non-consent shall be a Non-Consenting Party as to such Exclusive Operation. (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5V, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, Reworking or plugging of a well well, has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued discontinued, if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and after notice the Operating Committee, Committee within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, foregoing and any Party shall have the right to propose in accordance with Article 7 VII an Exclusive Operation to continue such operation.

Appears in 2 contracts

Samples: Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 6, shall be conclusive and binding on all the Parties, Parties except in the following cases.that: (Aa) If pursuant to this Article 58, a Joint Operation has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, propose in accordance with Article 78, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1i) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig or seismic vessel that is standing by under contract in the Contract Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(16.12 (a) (i) has expired or after receipt of Operatorthe Chairman’s notice given to the Parties pursuant to Article 5.13(D6.12(d), as applicable.; (2ii) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 6.6 or Article 5.12.6.12; (3iii) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 6.6 or Article 5.126.12. (Bb) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article 8, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or within twenty-four (24) hours if the drilling rig or seismic vessel to be used in such operation is standing by under contract in the Contract Area) following Operating Committee approval of such proposal. The Parties that were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article 8. Any Party that gave notice of non-consent shall be a Non-Consenting Party as to such Exclusive Operation. (c) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B6.13(a) concur, then the Operating Committee may, at any time, pursuant to this Article 56, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (Cd) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, Reworking or plugging of a well well, has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued discontinued, if: (1i) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator the Service Provider causes the continuation of such operation to be impractical; or (2ii) other circumstances occur which in the reasonable judgment of Operator the Service Provider cause the continuation of such operation to be unwarranted and after notice the Operating Committee, Committee within the period required under Article 5.12(A)(16.12(a)(i) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator the Service Provider shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 8, an Exclusive Operation to continue such operation.

Appears in 2 contracts

Samples: Asset Purchase Agreement, Asset Purchase Agreement (AsherXino Corp)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 4, shall be conclusive and binding on all the Parties, except in the following cases.: (A) If pursuant to this Article 54, a Joint Operation Operation, other than an operation to fulfill the Minimum Work Obligations, has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, propose in accordance with Article 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Matters, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(14.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D4.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal at a meeting called pursuant to Article 5.6 4.6 or a vote by notice pursuant to Article 5.124.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 4.6 or Article 5.124.12. (B) If a Party voted against any proposal that was approved by the Operating Committee and that could be conducted as an Exclusive Operation pursuant to Article 7, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or twenty four (24) hours for Urgent Operational Matters) following Operating Committee approval of such proposal. If a Party exercises its right of non-consent, the Parties who were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article 7; provided, however, that any such Party who was not entitled to give or did not give notice of non-consent may, by notice provided to the other Parties within five (5) Days (or twenty four (24) hours for Urgent Operational Matters) following the notice of non-consent given by any non-consenting Party, require that the Operating Committee vote again on the proposal in question. Only the Parties that were not entitled to or have not exercised their right of non-consent with respect to the contemplated operation shall participate in such second vote of the Operating Committee, with voting rights proportional to their respective Participating Interest. If the Operating Committee approves again the contemplated operation, any Party that voted against the contemplated operation in such second vote may elect to be a Non-Consenting Party with respect to such operation, by notice of non-consent provided to all other Parties within five (5) Days (or twenty four (24) hours for Urgent Operational Matters) following the Operating Committee’s second approval of such contemplated operation. (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B4.13(A) concur, then the Operating Committee may, at any time, pursuant to this Article 54, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, Reworking or plugging of a well well, has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued discontinued, if: (1) an impenetrable substance or other condition in the hole is encountered encountered, which in the reasonable judgment of Operator Operator, causes the continuation of such operation to be impractical; or (2) other circumstances occur occur, which in the reasonable judgment of Operator Operator, cause the continuation of such operation to be unwarranted and after notice the Operating Committee, Committee within the period required under Article 5.12(A)(14.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoingunder this Article, and any Party shall have the right to propose in accordance with Article 7 an Exclusive Operation to continue such operation.

Appears in 1 contract

Samples: Joint Operating Agreement (BPZ Resources, Inc.)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 shall be conclusive and binding on all the Parties, except in the following cases. (A) If pursuant to this Article 5, a Joint Operation has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Matters, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Business Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Business Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article 7, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Business Days (or twenty-four (24) hours for Urgent Operational Matters) following Operating Committee approval of such proposal. If a Party exercises its right of non-consent, the Parties who were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article 7; provided, however, that any Consenting Party, by notice provided to the other Parties within five (5) Business Days (or twenty-four (24) hours for Urgent Operational Matters) following the notice of non-consent given by any Non-Consenting Party, require that the Operating Committee vote again on the proposal in question. Only the Consenting Parties shall participate in such second vote of the Operating Committee, with voting rights proportional to their respective Participating Interests. If the Operating Committee approves again the contemplated operation, any Party which voted against the contemplated operation in such second vote may elect to be a Non-Consenting Party with respect to such operation, by notice of non-consent provided to all other Parties within five (5) Business Days (or twenty-four (24) hours for Urgent Operational Matters) following the Operating Committee’s second approval of such contemplated operation. (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, or plugging of a well has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operationunwarranted. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 an Exclusive Operation to continue such operation.

Appears in 1 contract

Samples: International Operating Agreement (Geoglobal Resources Inc.)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 shall be conclusive and binding on all the Parties, except in the following cases. (A) If pursuant to this Article 5, a Joint Operation has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Matters, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article 7, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following Operating Committee approval of such proposal. If a Party exercises its right of non-consent, the Parties who were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article 7; provided, however, that any such Party who was not entitled to give or did not give notice of non-consent may, by notice provided to the other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following the notice of non-consent given by any non-consenting Party, require that the Operating Committee vote again on the proposal in question. Only the Parties which were not entitled to or have not exercised their right of non-consent with respect to the contemplated operation shall participate in such second vote of the Operating Committee, with voting rights proportional to their respective Participating Interest. If the Operating Committee approves again the contemplated operation, any Party which voted against the contemplated operation in such second vote may elect to be a Non-Consenting Party with respect to such operation, by notice of non-consent provided to all other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following the Operating Committee’s second approval of such contemplated operation. (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, or plugging of a well has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 an Exclusive Operation to continue such operation.

Appears in 1 contract

Samples: Joint Operating Agreement (Fortune Oil & Gas Inc)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article clause 5 shall be conclusive and binding on all the Parties, except in the following cases. (Aa) If pursuant to this Article clause 5, a Joint Operation has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article clause 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1i) For proposals related to Urgent Operational Matters, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1clause 5.13(a)(i) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(Dclause 5.14(d), as applicable. (2ii) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12the terms hereof. (3iii) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12pursuant to the terms hereof. (Bb) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to clause 7, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following Operating Committee approval of such proposal. If a Party exercises its right of non-consent, the Parties who were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under clause 7, provided, however, that any such Party who was not entitled to give or did not give notice of non-consent may, by notice provided to the other Parties within five (5) Days (or twenty four (24) hours for Urgent Operational Matters) following the notice of non-consent given by any non-consenting Party, require that the Operating Committee vote again on the proposal in question. Only the Parties which were not entitled to or have not exercised their right of non-consent with respect to the contemplated operation shall participate in such second vote of the Operating Committee, with voting rights proportional to their respective Participating Interest. If the Operating Committee approves again the contemplated operation, any Party which voted against the contemplated operation in such second vote may elect to be a Non-Consenting Party with respect to such operation, by notice of non-consent provided to all other Parties within five (5) Days (or twenty four (24) hours for Urgent Operational Matters) following the Operating Committee’s second approval of such contemplated operation. (c) If the Consenting Parties to an Exclusive Operation under Article 5.13(Aclause 5.14(a) or Article 5.13(Bclause 5.14(b) concur, then the Operating Committee may, at any time, pursuant to this Article clause 5, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (Cd) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, or plugging of a well has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued if: (1i) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2ii) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1clause 5.13(a)(i) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article clause 7 an Exclusive Operation to continue such operation. (e) Any vote made under the PSC shall be made in accordance with, and give full effect, to the decisions made by the Operating Committee under this clause 5 or the decision of a Party to conduct an Exclusive Operation under this clause 5 or clause 7. (f) A Party to this Agreement may not exercise their rights under, or cast their vote in respect of the Management Committee in a manner inconsistent with a decision of the Operating Committee.

Appears in 1 contract

Samples: Farmout Agreement (Hyperdynamics Corp)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 shall be conclusive and binding on all the Parties, except in the following cases. (A) If pursuant to this Article 5, a Joint Operation (other than an operation to fulfil the Minimum Work Obligations) has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor favour of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation.: (1) For proposals related to Urgent Operational Matters, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten thirty (1030) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article 7, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following Operating Committee approval of such proposal. If a Party exercises its right of non-consent, the Parties who were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article 7; provided, however, that any such Party who was not entitled to give or did not give notice of non-consent may, by notice provided to the other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following the notice of non-consent given by any non-consenting Party, require that the Operating Committee vote again on the proposal in question. Only the Parties which were not entitled to or have not exercised their right of non-consent with respect to the contemplated operation shall participate in such second vote of the Operating Committee, with voting rights proportional to their respective Participating Interest. If the Operating Committee approves again the contemplated operation, any Party which voted against the contemplated operation in such second vote may elect to be a Non- Consenting Party with respect to such operation, by notice of non-consent provided to all other Parties within five (5) Days (or twenty-four (24) hours for Urgent Operational Matters) following the Operating Committee’s second approval of such contemplated operation. (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, or plugging of a well has been approved and commenced, such operation shall not be discontinued without the consent approval of the Operating Committee; provided, however, that such operation may be discontinued if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1) and after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the aboveabove events, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 an Exclusive Operation to continue such operation.

Appears in 1 contract

Samples: Joint Operating Agreement

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 Article, shall be conclusive and binding on all the Parties, except in the following cases.that: (A) If pursuant to this Article 5Article, a Joint Operation Operation, other than an operation to fulfill the Minimum Work Obligations, has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, propose in accordance with Article 7VII, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(15.12(A) (1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicableexpired. (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article VII other than any proposal relating to Minimum Work Obligations, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or within twenty-four (24) hours if the drilling rig to be used in such operation is standing by in the Contract Area) following Operating Committee approval of such proposal. The Parties that were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article VII. Any Party that gave notice of non-consent shall be a Non-Consenting Party as to such Exclusive Operation. (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5Article, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (C) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, or plugging of a well has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 an Exclusive Operation to continue such operation.

Appears in 1 contract

Samples: International Joint Venture Operating Agreement (Abacan Resource Corp)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 5, shall be conclusive and binding on all the Parties, except in the following cases.that: (A) If pursuant to this Article 5V, a Joint Operation Operation, other than an operation to fulfill the Minimum Work Obligations, has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7, an Exclusive Operation involving operations essentially the same conduct such operation as those proposed for such Joint a Sole Risk Operation. (1) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig (including a completion rig) that is standing by in the Contract Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten fifteen (1015) Days after the date the secretary of the Operating Committee was required to consider has provided a record of the vote on such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider vote on such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Consenting Parties Operating Committee and which could be conducted as a Sole Risk Operation pursuant to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concurVII, other than any proposal relating to Minimum Work Obligations, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days, or within twenty-four (24) hours if the drilling rig to be used in such operation is standing by in the Contract Area, following Operating Committee approval of such proposal. If any Party exercises its right of non-consent, then the remaining Parties shall not conduct the proposed operation as a Joint Operation, but any one or more of them shall have the right to present the proposal to the Operating Committee for further action. (C) Upon consent of all Parties, the Operating Committee may, at any time, pursuant to this Article 5V, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, Workover or plugging of a well well, has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation Joint Operation may be discontinued if: (1) an impenetrable substance, hazardous substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation Joint Operation to be impracticalimpractical or dangerous; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation Joint Operation to be unwarranted and after notice the Operating Committee, within the period required under Article 5.12(A)(1) after receipt of Operator’s notice5.12(A), approves discontinuing such operationJoint Operation. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation Joint Operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 an Exclusive a Sole Risk Operation to continue such operation.

Appears in 1 contract

Samples: Joint Operating Agreement (Fx Energy Inc)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 Article, shall be conclusive and binding on all the Parties, except in the following cases.that: (A) If pursuant to this Article 5Article, a Joint Operation Operation, other than an operation to fulfil the Minimum Work Obligations, has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7VII, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by the Concession Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s 's notice given to the Parties pursuant to Article 5.13(D), as applicable.; (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12.; or (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. West Xxxxxx XXX 20F B) If a party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article VII, then such party shall have the right not to participate in the operation contemplated by such approval. Any such party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within ten (10) Days (or within twenty-four (24) hours if the drilling rig, service rig, well servicing equipment or seismic crew to be used in such operation is standing by in the Concession Area) following Operating Committee approval of such proposal. The Parties that were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article VII. Any Party that gave notice of non-consent shall be a Non-Consenting Party as to such Exclusive Operation. (BC) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5Article, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, SidetrackingSide-tracking, Plugging Back, Completing, RecompletingRecompletion, Reworking, Reworking or plugging of a well well, has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued discontinued, if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment judgement of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment judgement of Operator cause causes the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operationunwarranted. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose propose, in accordance with Article 7 VII, an Exclusive Operation to continue such operation.

Appears in 1 contract

Samples: International Joint Operating Agreement (Transatlantic Petroleum Corp)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 Article, shall be conclusive and binding on all the Parties, except in the following cases.that: (A) If pursuant to this Article 5Article, a Joint Operation Operation, other than an operation to fulfil the Minimum Work Obligations, has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7VII, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by the Concession Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s 's notice given to the Parties pursuant to Article 5.13(D), as applicable.; (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12.; or (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article VII, then such Party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within ten (B10) Days (or within twenty-four (24) hours if the drilling rig, service rig, well servicing equipment or seismic crew to be used in such operation is standing by in the Concession Area) following Operating Committee approval of such proposal. The Parties that were not entitled to give or did not give notice of non-consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article VII. Any Party that gave notice of non- consent shall be a Non-Consenting Party as to such Exclusive Operation. C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5Article, reconsider and approve, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, Testing, SidetrackingSide-tracking, Plugging Back, Completing, Recompleting, Reworking, Reworking or plugging of a well well, has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, however, that such operation may be discontinued discontinued, if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment judgement of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment judgement of Operator cause causes the continuation of such operation to be unwarranted and the Operating Committee, within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, approves discontinuing such operationunwarranted. On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose propose, in accordance with Article 7 VII, an Exclusive Operation to continue such operation.

Appears in 1 contract

Samples: Joint Operating Agreement (Drucker Industries Inc)

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 V, shall be conclusive and binding on all the Parties, except in the following cases.that: (A) If pursuant to this Article 5V, a Joint Operation Operation, other than an operation to fulfill the Minimum Work Obligations, has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favor of such proposal shall have the right for the appropriate period specified below to propose, propose in accordance with Article 7VII, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation. (1) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Concession Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A)(1) has expired or after receipt of Operator’s 's notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for ten (10) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (B) If a Party voted against any proposal which was approved by the Operating Committee and which could be conducted as an Exclusive Operation pursuant to Article VII, other than any proposal relating to Minimum Work Obligations, then such party shall have the right not to participate in the operation contemplated by such approval. Any such Party wishing to exercise its right of non-consent must give notice of non-consent to all other Parties within five (5) Days (or within twenty-four (24) hours if the drilling rig to be used in such operation is standing by in the Concession Area) following Operating Committee approval of such proposal. The Parties that were not entitled to give or did not give notice of non-Consent shall be Consenting Parties as to the operation contemplated by the Operating Committee approval, and shall conduct such operation as an Exclusive Operation under Article VII. Any Party that gave notice of non-consent shall be a Non-Consenting Party as to such Exclusive Operation. Alliance Operating Agreement - 20F (C) If the Consenting Parties to an Exclusive Operation under Article 5.13(A) or Article 5.13(B) concur, then the Operating Committee may, at any time, pursuant to this Article 5V, reconsider and approveits approval, decide or take action on any proposal that the Operating Committee declined to approve earlier, or modify or revoke an earlier approval, decision or action. (CD) Once a Joint Operation for the drilling, Deepening, . Testing, Sidetracking, Plugging Back, Completing, Recompleting, Reworking, Reworking or plugging of a well has been approved and commenced, such operation shall not be discontinued without the consent of the Operating Committee; provided, . however, that such operation may be discontinued discontinued, if: (1) an impenetrable substance or other condition in the hole is encountered which in the reasonable judgment of Operator causes the continuation of such operation to be impractical; or (2) other circumstances occur which in the reasonable judgment of Operator cause the continuation of such operation to be unwarranted [and after notice to the Operating Committee, Committee within the period required under Article 5.12(A)(1) after receipt of Operator’s notice, the Operating Committee approves discontinuing such operation. .] On the occurrence of either of the above, Operator shall promptly notify the Parties that such operation is being discontinued pursuant to the foregoing, and any Party shall have the right to propose in accordance with Article 7 VII an Exclusive Operation to continue such operation.

Appears in 1 contract

Samples: Operating Agreement (Transatlantic Petroleum Corp)