Common use of WITHDRAWAL FROM THE JOINT VENTURE Clause in Contracts

WITHDRAWAL FROM THE JOINT VENTURE. 24.1 A Party may withdraw from this Agreement when the obligatory work obligation described in the Production Licence has been carried out. If a Party has acceded to a development plan, it may only withdraw when the Ministry has determined that the plan is completed. A notice of withdrawal must be submitted to the management committee at least four (4) months in advance. The other Parties shall within 30 days notify the management committee of whether they want to take over the Participating interest. A Party failing to give such notice within the expiry of the time limit, will lose his right to take over the Participating interest unless otherwise agreed by the other Parties.

WITHDRAWAL FROM THE JOINT VENTURE. 24.1 A Party may withdraw from this Agreement when the obligatory work obligation described in the Production Licence has been carried out. If a Party has acceded to a development plan, it may only withdraw when the Ministry NEA has determined that the plan is completed. A notice of withdrawal must be submitted to the management committee at least four (4) months in advance. The other Parties shall within 30 days notify the management committee of whether they want to take over the Participating interest. A Party failing to give such notice within the expiry of the time limit, will lose his right to take over the Participating interest unless otherwise agreed by the other Parties.

WITHDRAWAL FROM THE JOINT VENTURE. 24.1 A 31.1A Party may withdraw from this Agreement when the obligatory work obligation described in the Production Licence has been carried out. If a Party has acceded to a development plan, it may only withdraw when the Ministry has determined that the plan is completed. A notice of withdrawal must be submitted to the management committee at least four (4) months in advance. The other Parties shall within 30 thirty (30) days notify the management committee of whether they want to take over the Participating interest. A Party failing to give such notice within the expiry of the time limit, will lose his right to take over the Participating interest unless otherwise agreed by the other Parties.