No IPS or MGS. 4.5.2.1 If IPS Project Start-up has not occurred and a Major Gas Sale has not been Sanctioned by year-end 2019, the following shall occur: (1) subject to Paragraph 4.5.2.2, the Point Thomson Unit and the PTUA shall terminate Without Appeal; (2) except for leases subject to Paragraph 4.5.2.3, each WIO will immediately surrender its leases and all such acreage shall be automatically released Without Appeal to the State; (3) each WIO agrees that it will not apply to form a compulsory unit with the Alaska Oil and Gas Conservation Commission with respect to any lease formerly within the Point Thomson Unit; and (4) this Agreement shall terminate.
Appears in 4 contracts
Samples: Settlement Agreement, Settlement Agreement, Settlement Agreement
