Production Licence Granted Sample Clauses

Production Licence Granted. (a) Paltar acknowledges and agrees that, following the Earning Date, if a Production Licence is applied for and issued in respect of any area under the Nation Blocks in accordance with the terms of this Agreement, (i) Paltar’s interest in such Production Licence will be equal to seventy-five percent (75%), insofar as it covers the Nation Block, subject to the Option granted hereunder pursuant to clause 5.3, and (ii) Nation’s interest in such Production Licence, insofar as it covers the Nation Block, will be equal to twenty-five percent (25%). (b) Upon the issue of a Production Licence for a Nation Block (or portion thereof), Paltar will be deemed to have resigned as Operator with respect to such Nation Block (or portion thereof). (c) Upon the issue of a Production Licence to Nation pursuant to this clause 6.2, each clause of this Agreement other than clauses 5.3 through 5.7 will cease to apply to the Nation Block (or portion thereof) covered by that Production Licence.
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Production Licence Granted. (a) Paltar acknowledges and agrees that, following the Earning Date, if a Production Licence is applied for and issued in respect of any area under the Permit Area in accordance with the terms of this Agreement, (i) Paltar’s undivided interest in such Production Licence will be equal to 75%, subject to the Option granted hereunder pursuant to clause 5.3, and Nation’s undivided interest in such Production Licence will be equal to 25%. (b) Upon the issue of a Production Licence, Paltar will be deemed to have resigned as Operator with respect to the Permit Area covered by the Production Licence. (c) Upon the issue of a Production Licence to Nation pursuant to this clause 6.2, each clause of this Agreement, other than clauses 5.3 through 5.7. will cease to apply to the Permit Area covered by that Production Licence.
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Production Licence Granted. (a) Upon the grant of a Production Licence for a Nation Block and the receipt of all necessary transfers to Paltar from any other party to the JVOA concerning the Nation Block, Paltar will deliver to Nation registrable transfer forms of Paltar’s entire interest in the Production Licence, insofar as it covers the Nation Block, except for the payment of stamp duty and registration fees. Nation will lodge the transfer forms, together with a notice appointing Nation or its designee as Operator of the Production Licence, with the Government for approval and registration, as required under the Petroleum Act, and promptly thereafter Nation must deliver to Paltar the duly executed transfer forms and pay the stamp duty and registration fees in the amounts determined by the Government. Paltar’s interest in the Production Licence shall be transferred to Nation free from any Encumbrance except as set out in Clause 6.2(b); provided, that, Paltar shall be entitled to reserve for itself an overriding royalty with respect to all petroleum produced from the portion of the relevant Nation Block covered by the Production Licence with such royalty being equal to the difference between 25% and the sum of the existing royalty burdens shown in Schedule 1 applicable to such portion of the relevant Nation Block such that the revenue interest of Nation in such production of petroleum, after giving effect to all of the royalty burdens described in Schedule 1, will be exactly 75%, and with the understanding that if a royalty burden set forth in Schedule 1 later increases in accordance with its terms, the additional overriding royalty in favor of Paltar will be correspondingly decreased, so that Nation’s revenue interest will remain constant at 75%. (b) Nation shall be entitled to that Nation Block and shall assume all the obligations of (and be assigned all the benefits of): (i) the Exploration Agreements that relate to that Nation Block; and (ii) the royalty burdens set forth in Appendix 1 in relation to that Nation Block; and Paltar shall execute all such agreements (including any deeds of assignment and assumption) as reasonably required by Nation and the counterparties to the above agreements to perfect the assumption of such obligations and the assignment of any benefits and the release of Paltar. (c) Upon the grant of a Production Licence for a Nation Block, Paltar will be deemed to have resigned as Operator with respect to such Nation Block. (d) Upon transfer of a Production L...
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Related to Production Licence Granted

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