Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include the work to be performed, the location, the objectives, and estimated cost of such operation. (B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation. (1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Matters, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation. (2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty (60) Days after receipt of the notice proposing the Exclusive Operation. (3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation. (C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation. (D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence. (E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then: (1) Immediately after the expiration of the applicable notice period set out in Article 7.2(B), Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation. (2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation. (3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to: (a) only its Participating Interest as stated in Article 3.2(A); (b) a fraction, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or (c) the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis. (4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation. (5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest. (6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation. (7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement. (8) If such Exclusive Operation has not been commenced within one hundred and eighty (180) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 4 contracts
Samples: Joint Operating Agreement (Bontan Corp Inc), Joint Operating Agreement (Bontan Corp Inc), Joint Operating Agreement (Geoglobal Resources Inc.)
Procedure to Propose Exclusive Operations. (Aa) Subject to Article Clause 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(BClauses 7.4(b) or Article 7.4(F7.4(f) and have no option to reinstate such rights under Article 7.4(CClause 7.4(c). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.
(Bb) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1i) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-twenty four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2ii) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty twenty (6020) Days after receipt of the notice proposing the Exclusive Operation.
(3iii) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(Cc) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(Dd) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(Ee) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, participate then:
(1i) Immediately immediately after the expiration of the applicable notice period set out in Article 7.2(BClause 7.2(b), the Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2ii) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3iii) Within twenty-twenty four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days)notice, each Consenting Party shall respond to the Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(aA) only its Participating Interest as stated in Article 3.2(AClause 3.2(a);
(bB) a fraction, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(AClause 3.2(a) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(AClause 3.2(a); or
(cC) the The total of its Participating Interest as contemplated by Article 7.2(E)(3)(bClause 7.2(e)(iii)(B) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4iv) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(bClause 7.2(e)(iii)(B) as to the Exclusive Operation.
(5v) If, If within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-twenty four (24) hours of the expiry of the response period set out in Article 7.2(E)(3Clause 7.2(e)(iii), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6vi) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7vii) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, Clause 7.2(e)(vi) Operator (subject to Article 7.12(FClause 7.11(f)), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) viii) If such Exclusive Operation has not been commenced within one hundred and eighty (180) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article Clause 16) after the date of the notice given by Operator under Article 7.2(E)(6Clause 7.2(e)(vi), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article Clause 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 3 contracts
Samples: Joint Operating Agreement, Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.)
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Matters, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty (60) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after The Party proposing the expiration of Exclusive Operation, together with any other Consenting Parties, shall have the right exercisable for the applicable notice period set out in Article 7.2(B), to instruct Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as (subject to whether the Consenting Parties should proceed with Article 7.12(F)) to conduct the Exclusive Operation.
(2) ConcurrentlyIf the Exclusive Operation is conducted, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fractionOperation, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) , or as the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basisParties may otherwise agree.
(43) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty ninety (18090) Days (excluding (i) unreasonable failure or refusal on the Operator’s part or (ii) any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16) after the date of the notice instruction given by to Operator under Article 7.2(E)(67.2(E)(1), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Hyperdynamics Corp), Operating Agreement (Hyperdynamics Corp)
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.115.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deependeepen, Testtest, Completecomplete, Sidetracksidetrack, Plug Backplug back, Recomplete recomplete or Rework related to Urgent Operational Mattersrework involving the use of a drilling rig that is standing by in the Contract Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty twenty (6020) Days days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation Operations as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after The Party proposing the expiration of Exclusive Operation, together with any other Consenting Parties, shall have the right exercisable for the applicable notice period set out in Article 7.2(B15.2(B), to instruct Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as (subject to whether the Consenting Parties should proceed with Article 15.9(G)) to conduct the Exclusive Operation.
(2) ConcurrentlyIf the Exclusive Operation is conducted, Operator shall request the Consenting Parties to specify shall bear the Participating Interest sole liability and expense of such Exclusive Operation with each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt bearing a fraction of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fractionliability and expense, the numerator of which is such Consenting Party’s 's Participating Interest as stated in Article 3.2(A) 3.1 and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all 3.1, or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the in such other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than proportion totaling one hundred percent (100%) of such liability and expense as the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interestmay agree.
(63) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty (180) Days days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(614), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, written notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 2 contracts
Samples: Joint Operating Agreement, Joint Operating Agreement (Geoglobal Resources Inc.)
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty twenty (6020) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.;
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after The Party proposing the expiration of Exclusive Operation, together with any other Consenting Parties, shall have the right exercisable for the applicable notice period set out in Article 7.2(B), to instruct Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as (subject to whether the Consenting Parties should proceed with Article 7.10(G)) to conduct the Exclusive Operation.
(2) ConcurrentlyIf the Exclusive Operation is conducted, Operator shall request the Consenting Parties to specify shall bear the Participating Interest sole liability and expense of such Exclusive Operation, with each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt bearing a fraction of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fractionliability and expense, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) , or as the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basisParties may otherwise agree.
(43) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty ninety (18090) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16XVI) after the date of the notice instruction given by to Operator under Article 7.2(E)(67.2(E)(1), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5V, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 2 contracts
Samples: Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.)
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-twenty four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty twenty (6020) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after the expiration of the applicable notice period set out in Article 7.2(B), the Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days)notice, each Consenting Party shall respond to the Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only Only its Participating Interest as stated in Article 3.2(A);; or
(b) a A fraction, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) the The total of its Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, If within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, ) Operator (subject to Article 7.12(F7.11(F)), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such the Exclusive Operation has not been commenced within one hundred and eighty (180) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6)is conducted, the right to conduct such Exclusive Operation Consenting Parties shall terminate. If any Party still desires to conduct bear the sole liability and expense of such Exclusive Operation, notice proposing with each Consenting Party bearing a fraction of such operation must be resubmitted to liability and expense, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in accordance with Article 53.2(A), or as if no proposal to conduct an Exclusive Operation had been previously madethe Consenting Parties may otherwise agree.
Appears in 2 contracts
Samples: Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.)
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Matters, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty (60) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after the expiration of the applicable notice period set out in Article 7.2(B), Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fraction, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty (180) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C7.4(D). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.operation in accordance with the following:
(1) For proposals to Deepen, Test, Complete, SidetrackSide-track, Plug Back, Recomplete or Rework related involving the use of a drilling rig, service rig, well servicing equipment that is standing by in the Concession Area, or proposals to Urgent Operational Mattersacquire G & G Data where the seismic crew and equipment are standing by in the Concession Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.; or
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty (60) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence., provided that with respect to operations pursuant to which a
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after the expiration of the applicable notice period set out in Article 7.2(B), the Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days)notice, each Consenting Party shall respond to the Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only Only its Participating Interest as stated in Article 3.2(A);
Interest; (b) a A fraction, the numerator of which is such Consenting Party’s 's Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A)Parties; or
or (c) the The total of its Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, If within the response period set out above, the Consenting Parties subscribe for less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, Operator (subject to Article 7.12(F7.8(G)), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty One Hundred Twenty (180120) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6XVI), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, written notice proposing such operation must be resubmitted to the Parties in accordance with Article 5V, as if no proposal to conduct an Exclusive Operation had been previously made.
F) In accordance with Article 6.1(F), in the event that less than all of the Parties elect to participate in the Completion or other downhole operations referred to in Article 6.1(F), such Completion or downhole operations referred to in the election notice may be conducted as an Exclusive Operation. In anticipation of such possibility, and notwithstanding anything to the contrary in the provisions of Article 5.12, Article 5.13 and this Article VII:
1) Should the Operator, at the time it submits the election to the Parties pursuant to Article 6.1(F), be prepared to undertake such Completion or downhole operations regardless of the election of the other Parties, the Operator may, at the same time it submits the notice under Article 5.12
(A) to the other Parties, also provide a notice under Article 7.2(A) to conduct such Completion or downhole operations as an Exclusive Operation. In such a case, the time periods under Article 5.12(A) and 7.2(B) shall run concurrently and, notwithstanding Article 5.13, Operator may proceed immediately with such Completion or other downhole operations at the risk and expense of it and the other Parties who elect to participate.
2) Should a Non-Operator, at the time it makes its election pursuant to Article 6.1(F), be prepared to undertake such Completion or downhole operations regardless of the election of the other Parties, it may immediately notify the other Parties of such by providing a notice under Article 7.2(A). In such a case, the time periods under Article 5.12(A) and 7.2(B) shall run concurrently and upon receipt of such notice under Article 7.2(A), Operator may proceed immediately with such Completion or other downhole operations at risk and expense of the Party giving such notice and the other Parties electing to participate. Should less than all Parties elect to participate, then if a Party has given a notice under Article 7.2(A), it shall be deemed to have elected to bear a Participating Interest in such Exclusive Operation in accordance with Article 7.2(E)(3)(c).
Appears in 1 contract
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C7.4(D). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.. West Xxxxxx XXX 20F
(B) Any Party party entitled to receive such notice shall have the right to participate in the proposed operation.operation in accordance with the following:
(1) For proposals to Deepen, Test, Complete, SidetrackSide-track, Plug Back, Recomplete or Rework related involving the use of a drilling rig, service rig, well servicing equipment that is standing by in the Concession Area, or proposals to Urgent Operational Mattersacquire G & G Data where the seismic crew and equipment are standing by in the Concession Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.; or
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty (60) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence, provided that with respect to operations pursuant to which a party has given a notice under Article 7.2(F), the Operator may proceed with operations prior to the expiry of the applicable time period in this Article 7.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after the expiration of the applicable notice period set out in Article 7.2(B), the Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days)notice, each Consenting Party shall respond to the Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only Only its Participating Interest as stated in Article 3.2(A)Interest;
(b) a A fraction, the numerator of which is such Consenting Party’s 's Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A)Parties; or
(c) the The total of its Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.. West Xxxxxx XXX 20F
(5) If, If within the response period set out above, the Consenting Parties subscribe for less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, Operator (subject to Article 7.12(F7.8(G), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty One Hundred Twenty (180120) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6XVI), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, written notice proposing such operation must be resubmitted to the Parties in accordance with Article 5V, as if no proposal to conduct an Exclusive Operation had been previously made.
F) In accordance with Article 6.1 (F), in the event that less than all of the Parties elect to participate in the Completion or other downhole operations referred to in Article 6.1 (F), such Completion or downhole operations referred to in the election notice may be conducted as an Exclusive Operation. In anticipation of such possibility, and notwithstanding anything to the contrary in the provisions of Article 5.12, Article 5.13 and this Article VII:
1) Should the Operator, at the time it submits the election to the Parties pursuant to Article 6.1(F), be prepared to undertake such Completion or downhole operations regardless of the election of the other Parties, the Operator may, at the same time it submits the notice under Article 5.12
(A) to the other Parties, also provide a notice under Article 7.2(A) to conduct such Completion or downhole operations as an Exclusive Operation. In such a case, the time periods under Article 5.12(A) and 7.2(B) shall run concurrently and, notwithstanding Article 5.13, Operator may proceed immediately with such Completion or other downhole operations at the risk and expense of it and the other Parties who elect to participate.
2) Should a Non-Operator, at the time it makes its election pursuant to Article 6.I(F), be prepared to undertake such Completion or downhole operations regardless of the election of the other Parties, it may immediately notify the other Parties of such by providing a notice under Article 7.2(A). In such a case, the time periods under Article 5.12(A) and 7.2(B) shall run concurrently and upon receipt of such notice under Article 7.2(A), Operator may proceed immediately with such Completion or other downhole operations at risk and expense of the Party giving such notice and the other Parties electing to participate. West Xxxxxx XXX 20F Should less than all Parties elect to participate, then if a Party has given a notice under Article 7.2(A), it shall be deemed to have elected to bear a Participating Interest in such Exclusive Operation in accordance with Article 7.2(E)(3)(c).
Appears in 1 contract
Samples: International Joint Operating Agreement (Transatlantic Petroleum Corp)
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Matters, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty (60) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after the expiration of the applicable notice period set out in Article 7.2(B), Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days)notice, each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fraction, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty (180) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Samples: International Operating Agreement (Geoglobal Resources Inc.)
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Non- Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty twenty (6020) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.;
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after The Party proposing the expiration of Exclusive Operation, together with any other Consenting Parties, shall have the right exercisable for the applicable notice period set out in Article 7.2(B), to instruct Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as (subject to whether the Consenting Parties should proceed with Article 7.10(G)) to conduct the Exclusive Operation.
(2) ConcurrentlyIf the Exclusive Operation is conducted, Operator shall request the Consenting Parties to specify shall bear the Participating Interest sole liability and expense of such Exclusive Operation, with each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt bearing a fraction of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fractionliability and expense, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) , or as the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basisParties may otherwise agree.
(43) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty ninety (18090) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16XVI) after the date of the notice instruction given by to Operator under Article 7.2(E)(67.2(E)(1), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5V, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Samples: Joint Operating Agreement
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights Participating Interest in the Exploitation Area in which the proposed operation is to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C)be conducted. Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty twenty (6020) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.;
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:: Check one Alternative. [X] ALTERNATIVE NO. 1
(1) The Party proposing the Exclusive Operation, together with any other Consenting Parties, shall have the right exercisable for the applicable notice period set out in Article 7.2(B), to instruct Operator (subject to Article 7.9(G)) to conduct the Exclusive Operation.
(2) If the Exclusive Operation is conducted, the Consenting Parties shall bear the sole liability and expense of such Exclusive Operation in a fraction, the numerator of which is such Consenting Party's Participating Interest as stated in Article 3.1(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.1(A), or in such other proportion totaling one hundred percent (100%) of such liability and expense as the Consenting Parties may agree.
(3) If such Exclusive Operation has not been commenced within ______________ (180) Days (excluding any extension specifically agreed by all Parties or allowed by the force majeure provisions of Article XVI), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, written notice proposing such operation must be resubmitted to the Parties in accordance with Article V, as if no proposal to conduct an Exclusive Operation had been previously made.
(1) Immediately after the expiration of the applicable notice period set out in Article 7.2(B), the Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days)notice, each Consenting Party shall respond to the Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only Only its Participating Interest as stated in Article 3.2(A3.1(A);
(b) a A fraction, the numerator of which is such Consenting Party’s 's Participating Interest as stated in Article 3.2(A3.1(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A3.1(A); or
(c) the The total of its Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, ) Operator (subject to Article 7.12(F7.9(G)), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty ____________ (180) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6XVI), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, written notice proposing such operation must be resubmitted to the Parties in accordance with Article 5V, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Samples: International Joint Venture Operating Agreement (Abacan Resource Corp)
Procedure to Propose Exclusive Operations. (Aa) Subject to Article clause 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(Bclause 7.4(b) or Article 7.4(Fclause 7.4(f) and have no option to reinstate such rights under Article 7.4(Cclause 7.4(c). Such notice shall specify that such operation is proposed as an Exclusive Operation and include the work to be performed, the location, the objectives, and estimated cost of such operation.
(Bb) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.operation as follows:
(1i) For for proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Matters, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2ii) For for proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty ninety (6090) Days after receipt of the notice proposing the Exclusive Operation.
(3iii) For for all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten thirty (1030) Days after receipt of the notice proposing the Exclusive Operation.
(Cc) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(Dd) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(Ee) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1i) Immediately after the expiration of the applicable notice period set out in Article 7.2(Bclause 7.2(b), Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2ii) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3f) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(ai) only its Participating Interest as stated in Article 3.2(Aclause 3.2(a);
(bii) a fraction, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(Aclause 3.2(a) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(Aclause 3.2(a); or
(ciii) the Participating Interest as contemplated by Article 7.2(E)(3)(bclause 7.2(f)(ii) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party party shall be distributed to each claimant on a pro-rata basis.
(4g) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(bclause 7.2(f)(ii) as to the Exclusive Operation.
(5h) If, within the response period set out above, the Consenting Parties subscribe subscribed less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3clause 7.2(f), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6i) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests Interest in the Exclusive Operation.
(7j) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6clause 7.2(i), Operator, subject to Article 7.12(Fclause 7.12(f), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) k) If such Exclusive Operation has not been commenced within one hundred and eighty (180) Days (excluding any extension specifically agreed granted by all Parties or allowed by the Force Majeure force majeure provisions of Article clause 16) after the date of the notice given by Operator under Article 7.2(E)(6clause 7.2(i), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article clause 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Matters, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty (60) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after The Party proposing the expiration of Exclusive Operation, together with any other Consenting Parties, shall have the right exercisable for the applicable notice period set out in Article 7.2(B), to instruct Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as (subject to whether the Consenting Parties should proceed with Article 7.12(F)) to conduct the Exclusive Operation.
(2) ConcurrentlyIf the Exclusive Operation is conducted, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fractionOperation, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) , or as the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basisParties may otherwise agree.
(43) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty sixty (18060) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16) after the date of the notice instruction given by to Operator under Article 7.2(E)(67.2(E)(1), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, . Plug Back, Recomplete or Rework related involving the use of a drilling rig that is standing by in the Concession Area or proposals to Urgent Operational Mattersacquire G&G Data where the seismic crew and equipment are standing by in the Concession Area, any such Party wishing to exercise such right must so notify the proposing Party and Operator within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.. Alliance Operating Agreement - 20F
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator and the Party proposing to develop within sixty twenty (6020) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.;
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after The Party proposing the expiration of Exclusive Operation, together with any other Consenting Parties, shall have the right exercisable for the applicable notice period set out in Article 7.2(B), to instruct Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as (subject to whether the Consenting Parties should proceed with Article 7.11(F)) to conduct the Exclusive Operation.
(2) ConcurrentlyIf the Exclusive Operation is conducted, Operator shall request the Consenting Parties to specify shall bear the Participating Interest sole liability and expense of such Exclusive Operation, with each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt party bearing a fraction of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fractionliability and expense, the numerator of which is such Consenting Party’s 's Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) , or as the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basisParties may otherwise agree.
(43) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty sixty (18060) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16XVI) after the date of the notice instruction given by to Operator under Article 7.2(E)(67.2(E)(1), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5V, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Procedure to Propose Exclusive Operations. (Aa) Subject to Article 7.18.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Non- Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B8.4(b) or Article 7.4(F8.4(f) and have no option to reinstate such rights under Article 7.4(C8.4(c). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, objectives and estimated cost of such operation.
(Bb) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1i) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Mattersinvolving the use of a drilling rig or seismic vessel that is standing by in the Contract Area, any such Party wishing to exercise such right must so notify the Operating Committee and the Party proposing Party and Operator the Exclusive Operation within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2ii) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator the Operating Committee and the Party proposing to develop within sixty thirty (6030) Days after receipt of the notice proposing the Exclusive Operation.
(3iii) For all other proposals, any such Party wishing to exercise such right must so notify the Operating Committee and the Party proposing Party and Operator the Exclusive Operation within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(Cc) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(Dd) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. Operator The Joint Operating Team shall commence such Joint Operation as promptly as practicable and conduct it with due diligencediligence in accordance with this agreement.
(Ee) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1i) Immediately immediately after the expiration of the applicable notice period set out in Article 7.2(B), Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fraction, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty (180) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.8.2
Appears in 1 contract
Procedure to Propose Exclusive Operations. (Aa) Subject to Article 7.18.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Non- Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B8.4(b) or Article 7.4(F8.4(f) and have no option to reinstate such rights under Article 7.4(C8.4(c). Such notice shall specify that such operation is proposed as an Exclusive Operation and include Operation, the work to be performed, the location, the objectives, objectives and estimated cost of such operation.
(Bb) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1i) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Mattersinvolving the use of a drilling rig or seismic vessel that is standing by in the Contract Area, any such Party wishing to exercise such right must so notify the Operating Committee and the Party proposing Party and Operator the Exclusive Operation within twenty-four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2ii) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify Operator the Operating Committee and the Party proposing to develop within sixty thirty (6030) Days after receipt of the notice proposing the Exclusive Operation.
(3iii) For all other proposals, any such Party wishing to exercise such right must so notify the Operating Committee and the Party proposing Party and Operator the Exclusive Operation within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(Cc) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after the expiration of the applicable notice period set out in Article 7.2(B), Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as to whether the Consenting Parties should proceed with the Exclusive Operation.
(2) Concurrently, Operator shall request the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fraction, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basis.
(4) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred and eighty (180) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure provisions of Article 16) after the date of the notice given by Operator under Article 7.2(E)(6), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Samples: Asset Purchase Agreement
Procedure to Propose Exclusive Operations. (A) Subject to Article 7.1, if any Party proposes to conduct an Exclusive Operation, such Party shall give notice of the proposed operation to all Parties, other than Non-Consenting Parties who have relinquished their rights to participate in such operation pursuant to Article 7.4(B) or Article 7.4(F) and have no option to reinstate such rights under Article 7.4(C). Such notice shall specify that such operation is proposed as an Exclusive Operation and include the work to be performed, the location, the objectives, and estimated cost of such operation.
(B) Any Party entitled to receive such notice shall have the right to participate in the proposed operation.
(1) For proposals to Deepen, Test, Complete, Sidetrack, Plug Back, Recomplete or Rework related to Urgent Operational Matters, any such Party wishing to exercise such right must so notify the proposing Party and the Operator within twenty-twenty- four (24) hours after receipt of the notice proposing the Exclusive Operation.
(2) For proposals to develop a Discovery, any Party wishing to exercise such right must so notify the Operator and the Party proposing to develop within sixty (60) Days after receipt of the notice proposing the Exclusive Operation.
(3) For all other proposals, any such Party wishing to exercise such right must so notify the proposing Party and the Operator within ten (10) Days after receipt of the notice proposing the Exclusive Operation.
(C) Failure of a Party to whom a proposal notice is delivered to properly reply within the period specified above shall constitute an election by that Party not to participate in the proposed operation.
(D) If all Parties properly exercise their rights to participate, then the proposed operation shall be conducted as a Joint Operation. The Operator shall commence such Joint Operation as promptly as practicable and conduct it with due diligence.
(E) If less than all Parties entitled to receive such proposal notice properly exercise their rights to participate, then:
(1) Immediately after The Party proposing the expiration of Exclusive Operation, together with any other Consenting Parties, shall have the right exercisable for the applicable notice period set out in Article 7.2(B), to instruct the Operator shall notify all Parties of the names of the Consenting Parties and the recommendation of the proposing Party as (subject to whether the Consenting Parties should proceed with Article 7.11(F)) to conduct the Exclusive Operation.
(2) Concurrently, Operator shall request If the Consenting Parties to specify the Participating Interest each Consenting Party is willing to bear in proceed with the Exclusive Operation.
(3) Within twenty-four (24) hours after receipt of such notice (except for proposals under Article 7.2(B)(2) which shall be within thirty (30) Days), each Consenting Party shall respond to Operator stating that it is willing to bear a Participating Interest in such Exclusive Operation equal to:
(a) only its Participating Interest as stated in Article 3.2(A);
(b) a fractionOperation, the numerator of which is such Consenting Party’s Participating Interest as stated in Article 3.2(A) and the denominator of which is the aggregate of the Participating Interests of the Consenting Parties as stated in Article 3.2(A); or
(c) , or as the Participating Interest as contemplated by Article 7.2(E)(3)(b) plus all or any part of the difference between one hundred percent (100%) and the total of the Participating Interests subscribed by the other Consenting Parties. Any portion of such difference claimed by more than one Party shall be distributed to each claimant on a pro-rata basisParties may otherwise agree.
(43) Any Consenting Party failing to advise Operator within the response period set out above shall be deemed to have elected to bear the Participating Interest set out in Article 7.2(E)(3)(b) as to the Exclusive Operation.
(5) If, within the response period set out above, the Consenting Parties subscribe less than one hundred percent (100%) of the Participating Interest in the Exclusive Operation, the Party proposing such Exclusive Operation shall be deemed to have withdrawn its proposal for the Exclusive Operation, unless within twenty-four (24) hours of the expiry of the response period set out in Article 7.2(E)(3), the proposing Party notifies the other Consenting Parties that the proposing Party shall bear the unsubscribed Participating Interest.
(6) If one hundred percent (100%) subscription to the proposed Exclusive Operation is obtained, Operator shall promptly notify the Consenting Parties of their Participating Interests in the Exclusive Operation.
(7) As soon as any Exclusive Operation is fully subscribed pursuant to Article 7.2(E)(6), Operator, subject to Article 7.12(F), shall commence such Exclusive Operation as promptly as practicable and conduct it with due diligence in accordance with this Agreement.
(8) If such Exclusive Operation has not been commenced within one hundred One Hundred and eighty Twenty (180120) Days (excluding any extension specifically agreed by all Parties or allowed by the Force Majeure force majeure provisions of Article 16) after the date of the notice instruction given by to Operator under Article 7.2(E)(67.2(E)(1), the right to conduct such Exclusive Operation shall terminate. If any Party still desires to conduct such Exclusive Operation, notice proposing such operation must be resubmitted to the Parties in accordance with Article 5, as if no proposal to conduct an Exclusive Operation had been previously made.
Appears in 1 contract
Samples: Joint Operating Agreement
