Common use of Lapse of Option Clause in Contracts

Lapse of Option. In the event that the Option is not exercised within the Option Period then the Option will lapse and the parties shall use their best endeavours to enter a production joint venture operating agreement in respect of such Production Licence under which: (a) Paltar holds the Paltar Interest and Nation holds the Nation Interest in the Production Licence; and (b) Nation is the operator of the joint venture; and which is otherwise on terms standard for the Australian petroleum industry (including provisions for dilution of interests).

Lapse of Option. In the event that the Option is not exercised within the Option Period then the Option will lapse and the parties shall use their best endeavours to enter a production joint venture operating agreement in respect of such Production Licence under which: (a) Paltar holds the Paltar Interest and Nation holds the Nation Interest in the Production Licence, insofar as it covers the Nation Block; and (b) Nation is the operator of the joint venture; and which is otherwise on terms standard for the Australian petroleum industry (including provisions for dilution of interests).

Lapse of Option. In the event that the Option is not exercised within the Option Period then the Option will lapse and the parties shall use their best endeavours to enter a production joint venture operating agreement in respect of such Production Licence under which: (a) Paltar Officer holds the Paltar Officer Interest and Nation holds the Nation Interest in the Production Licence, insofar as it covers the Nation Block; and (b) Nation is the operator of the joint venture; and which is otherwise on terms standard for the Australian petroleum industry (including provisions for dilution of interests).

Lapse of Option. In the event that the Option is not exercised within the Option Period then the Option will lapse and the parties shall use their best endeavours to enter a production joint venture operating agreement in respect of such Production Licence under which: (a) Paltar Officer holds the Paltar Officer Interest and Nation holds the Nation Interest in the Production Licence; and (b) Nation is the operator of the joint venture; and which is otherwise on terms standard for the Australian petroleum industry (including provisions for dilution of interests).