SOLE RISK OPERATIONS Sample Clauses

SOLE RISK OPERATIONS. 1. Any party may undertake petroleum operations at sole risk (hereinafter referred to as "sole risk project") in a participation area, subject to the provisions of this Article. 2. The following types of sole risk project may be proposed- (a) the drilling of a well or the deepening, side-tracking, completing, plugging back, testing or reworking of an existing well drilled for the joint account of the parties, in order to test a formation in which no jointly-owned well has been completed as a well producing or capable of producing petroleum; (b) The installation of production and transportation facilities. 3. The conduct of a project in a development area may not be the subject of a sole risk notice under this Article until after it has been proposed in complete form to the operating committee for consideration pursuant to Article 4 hereof and has not been approved within the period therein provided. In the event that such project fails to obtain the requisite approval of the operating committee, then any party may serve notice on the other parties of its intention to carry out that project at sole risk. The other parties may give counter- notice that they wish to participate in the project within sixty (60) days after receipt thereof but, where a drilling rig is on the location and has not been released, the period is reduced to seventy-two (72) hours after receipt thereof. The periods set forth in this Article 11 (3) shall be extended for any period of time mutually agreed by the parties as necessary or desirable for acquiring or developing additional information on the sole risk project. 4. If all the other parties elect to participate in the project identified in the proposing party's notice within the period thereof provided, such project is considered as being approved by the operating committee and the provisions of Article 4 (8) of this Participation Agreement shall apply. Draft Production Sharing Contract Block L27 Ministry of Energy Page 86 5. In the event that less than all the parties elect to participate in the project, the parties which elected to participate (hereafter referred to as "sole risk parties") shall be entitled to have the sole risk project carried out. The interest of each sole risk party in a sole risk project shall be in proportion to its participation interest in this Participation Agreement, or in such other proportion as the sole risk parties may agree. Any sole risk project shall be carried out at the sole risk, cost and exp...

SOLE RISK OPERATIONS. 1. Any party may undertake petroleum operations at sole risk (hereinafter referred to as "sole risk project") in a participation area, subject to the provisions of this Article. 2. The following types of sole risk project may be proposed- (a) the drilling of a well or the deepening, side-tracking, completing, plugging back, testing or reworking of an existing well drilled for the joint account of the parties, in order to test a formation in which no jointly-owned well has been completed as a well producing or capable of producing petroleum; (b) The installation of production and transportation facilities. 3. The conduct of a project in a development area may not be the subject of a sole risk notice under this Article until after it has been proposed in complete form to the operating committee for consideration pursuant to Article 4 hereof and has not been approved within the period therein provided. In the event that such project fails to obtain the requisite approval of the operating committee, then any party may serve notice on the other parties of its intention to carry out that project at sole risk. The other parties may give counter- notice that they wish to participate in the project within sixty (60) days after receipt thereof but, where a drilling rig is on the location and has not been released, the period is reduced to seventy-two (72) hours after receipt thereof. The periods set forth in this Article 11 (3) shall be extended for any period of time mutually agreed by the parties as necessary or desirable for acquiring or developing additional information on the sole risk project. 4. If all the other parties elect to participate in the project identified in the proposing party's notice within the period thereof provided, such project is considered as being approved by the operating committee and the provisions of Article 4 (8) of this Participation Agreement shall apply. 5. In the event that less than all the parties elect to participate in the project, the parties which elected to participate (hereafter referred to as "sole risk parties") shall be entitled to have the sole risk project carried out. The interest of each sole risk party in a sole risk project shall be in proportion to its participation interest in this Participation Agreement, or in such other proportion as the sole risk parties may agree. Any sole risk project shall be carried out at the sole risk, cost and expense of the sole risk parties in the proportion of their respective int...

SOLE RISK OPERATIONS. 34 18.1 A Party may propose that a project which is not adopted by the management committee be carried out as a sole risk project. 34

SOLE RISK OPERATIONS. 24.1 Subject to the provisions of this Part, a party ("Proposing Party") may give to the other parties ("Receiving Parties") and the Operator a notice ("Sole Risk Notice") stating that party's intention to carry out a Sole Risk Operation and stating the proposed location, purpose and estimated cost of the Sole Risk Operation.

SOLE RISK OPERATIONS. Subject to Article 16.3, Sole Risk Operations shall only include and be undertaken in respect of any one or more of the following activities: (a) the deepening, side tracking or plugging back of an Exploratory Well; (b) the drilling of an Exploratory Well including testing and coring programmes; (c) the drilling of appraisal and development xxxxx and the installation of Production Facilities to develop a discovery made by a Sole Risk Exploratory Well, provided the purchase of such Facilities is not otherwise to increase or accelerate production of Petroleum from geological structures in the Deep Zones of the IMA Field other than the geological structure on which such Sole Risk Exploratory Well was Drilled; (d) any other activity or project agreed by the Parties to be undertaken as a Sole Risk Operation; and (e) any operation governed by a Work Programme and Budget or an AFE made pursuant to Articles XII, XIII, XIV or XV for which Liberty has elected not to participate in pursuant to the terms of such Articles.

SOLE RISK OPERATIONS. Charges and credits referring to sole risk operations under the Unitisation Agreement shall be recorded in separate accounts. The provisions of this Attachment 1 – Accounting Agreement shall also apply to sole risk operations.

SOLE RISK OPERATIONS shall comprehend those works for which the approval provided for in order to include them in an ANNUAL PROGRAMME was not obtained; said works may include without limitation: the drilling, completion, workover or deepening of a new well, or of any well that does not produce or which does not produce in convenient commercial quantities. The proposed SOLE RISK OPERATIONS shall not be carried out when they affect the rights of the non-participating PARTIES, disrupt the execution of JOINT OPERATIONS or affect, directly or indirectly, the proven reserves under the JOINT OPERATIONS.

SOLE RISK OPERATIONS. Charges and credits referring to sole risk operations under Article 19 of Attachment A –

SOLE RISK OPERATIONS. The provisions of this ACCOUNTING PROCEDURE shall be applicable to the Sole Risk Operations. The OPERATOR shall especially consider and comply with the following duties:

SOLE RISK OPERATIONS. 1. Any party may undertake petroleum operations at sole risk (hereinafter referred to as "sole risk project") in a participation area, subject to the provisions of this Article. 2. The following types of sole risk project may be proposed-