Common use of Joint Venture Operating Agreement Clause in Contracts

Joint Venture Operating Agreement. On or as soon as practicable after the Earning Date the parties shall enter into an exploration joint venture operating agreement in respect of the Nation Blocks on terms customary for such an agreement in the Australian petroleum industry and under which: (a) Paltar holds the Paltar Interest and Nation holds the Nation Interest in the Nation Blocks; (b) Paltar is the operator of the joint venture; (c) Nation shall contribute 100% of the actual Work Program Expenses under the joint venture operating agreement until production licences have been issued covering each Nation Block; (d) Nation shall not be permitted to withdraw from the joint venture operating agreement until the end of the fifth Permit Year; (e) the terms set out in clause 6.1 to 6.3 (inclusive) of this Agreement will be incorporated; and (f) the terms of the Option in favour of Nation set out clauses 5.3 to 5.7 (inclusive) will be incorporated and, in the event that the Option is exercised by Nation with respect to a Production Licence, then the Production Licence will not form part of the joint venture property under the joint venture operating agreement from the date of exercise of the Option, and (g) upon entry into the joint venture operating agreement, the remaining effective clauses of this Agreement will immediately terminate with respect to the Nation Blocks, subject to any and all accrued rights and liabilities of the parties.

Joint Venture Operating Agreement. On or as soon as practicable after the Earning Date the parties shall enter into an exploration joint venture operating agreement in respect of the Nation Blocks Permit Area on terms customary for such an agreement in the Australian petroleum industry and under which: (a) Paltar holds the Paltar Interest and Nation holds the Nation Interest in the Nation BlocksPermit Area; (b) Paltar is the operator of the joint venture; (c) Nation shall contribute 100% of the actual Work Program Expenses under the joint venture operating agreement until production licences have been issued covering each Nation Blockagreement; (d) Nation shall not be permitted to withdraw from the joint venture operating agreement until the end of the fifth Permit Year; (e) the terms set out in clause 6.1 to 6.3 (inclusive) of this Agreement will be incorporated; and; (f) the terms of the Option in favour of Nation set out clauses 5.3 to 5.7 (inclusive) will be incorporated and, in the event that the Option is exercised by Nation with respect to a Production Licence, then the Production Licence will not form part of the joint venture property under the joint venture operating agreement from the date of exercise of the Option, and (g) upon entry into the joint venture operating agreement, the remaining effective clauses of this Agreement will immediately terminate with respect to the Nation BlocksPermit Area, subject to any and all accrued rights and liabilities of the parties.

Joint Venture Operating Agreement. On or as soon as practicable after the Earning Date the parties shall enter into an exploration joint venture operating agreement in respect of the Nation Blocks Permit Area on terms customary for such an agreement in the Australian petroleum industry and under which: (a) Paltar Officer holds the Paltar Officer Interest and Nation holds the Nation Interest in the Nation BlocksPermit Area; (b) Paltar Officer is the operator of the joint venture; (c) Nation shall contribute 100% of the actual Work Program Expenses under the joint venture operating agreement until production licences have been issued covering each Nation Blockagreement; (d) Nation shall not be permitted to withdraw from the joint venture operating agreement until the end of the fifth Permit Year; (e) the terms set out in clause 6.1 to 6.3 (inclusive) of this Agreement will be incorporated; and; (f) the terms of the Option in favour of Nation set out clauses 5.3 to 5.7 (inclusive) will be incorporated and, in the event that the Option is exercised by Nation with respect to a Production Licence, then the Production Licence will not form part of the joint venture property under the joint venture operating agreement from the date of exercise of the Option, and (g) upon entry into the joint venture operating agreement, the remaining effective clauses of this Agreement will immediately terminate with respect to the Nation BlocksPermit Area, subject to any and all accrued rights and liabilities of the parties.

Joint Venture Operating Agreement. On or as soon as practicable after the Earning Date the parties shall enter into an exploration joint venture operating agreement in respect of the Nation Blocks on terms customary for such an agreement in the Australian petroleum industry and under which: (a) Paltar Officer holds the Paltar Officer Interest and Nation holds the Nation Interest in the Nation Blocks; (b) Paltar Officer is the operator of the joint venture; (c) Nation shall contribute 100% of the actual Work Program Expenses under the joint venture operating agreement until production licences have been issued covering each Nation Block; (d) Nation shall not be permitted to withdraw from the joint venture operating agreement until the end of the fifth Permit Year; (e) the terms set out in clause 6.1 to 6.3 (inclusive) of this Agreement will be incorporated; and (f) the terms of the Option in favour of Nation set out clauses 5.3 to 5.7 (inclusive) will be incorporated and, in the event that the Option is exercised by Nation with respect to a Production Licence, then the Production Licence will not form part of the joint venture property under the joint venture operating agreement from the date of exercise of the Option, and (g) upon entry into the joint venture operating agreement, the remaining effective clauses of this Agreement will immediately terminate with respect to the Nation Blocks, subject to any and all accrued rights and liabilities of the parties.