Sole Risk Operation definition
Sole Risk Operation means an operation conducted at the sole cost, risk and expense of GNPC referred to in Article 9;
Sole Risk Operation means an operation carried out by one or more Parties within the Permit other than as JV Activities;
Sole Risk Operation means an operation conducted for only one of the Parties in accordance with the provisions of this Article XVI.
Examples of Sole Risk Operation in a sentence
If the Operator is a Sole Risk Party, it shall carry out the Sole Risk Operation.
All the provisions of this Agreement relating to the conduct of Joint Operations shall (to the extent they have application) apply mutatis mutandis, to the Sole Risk Operator and to the Sole Risk Operation.
Unless all Receiving Parties shall prior to the date of such meeting give notice to all Parties that the Sole Risk Operation may proceed the Operating Committee shall meet and consider the Sole Risk Operation Notice.
Within 30 days following the end of each calendar month during which the Operator is carrying out a Sole Risk Operation or a Non-Consent Operation or adjusting the Records and the Joint Account with respect to same the Operator shall furnish the Parties with a statement of all costs and liabilities incurred in such operation during that month and, if appropriate, a statement of the quantity and value of Petroleum produced from such operation during that month.
The Proposing Party may begin the Sole Risk Operation after the Sole Risk Interests have been settled in accordance with Clause 12.8. A Sole Risk Party shall not commence a Sole Risk Operation more than six (6) months after giving the relevant Sole Risk Operation Notice.
More Definitions of Sole Risk Operation
Sole Risk Operation means any or all of the drilling, Completing and Equipping of a well proposed by one or more of the Parties but in which less than all Parties participate; "Sole Risk Operation Notice" means the notice of intention to drill, Complete or Equip a well given by a Proposing Party in respect of a proposed Sole Risk Operation; "Sole Risk Operator" means a Party appointed as operator for a Sole Risk Operation pursuant to Clause 12.11; "Sole Risk Party" means a Party which participates in a Sole Risk Operation; 138 "Unpaid Amount" has the meaning given to that term in Clause 15.1; "Wilful Misconduct" means intentional acts and omissions done or omitted to be done, which raise the reasonable belief that they were the result of a conscious indifference to the right or welfare of those who are or may be affected by them; "Withdrawing Party" has the meaning given to that term in Clause 16.2; and "Work Obligation" means the minimum work or expenditure required to be performed or made by the registered holders of the Permit as a condition of the Permit;
Sole Risk Operation. If less than all Parties agree to participate in a Well Proposal, Proposal will be carried out as a Sole Risk Operation: Specifically for Exploration W▇▇▇▇; Testing, Extended Well Testing, Completion, Deepening, Sidetracking, Appraisal or Development Programs. Non Consent: Right of election not to participate in a Joint Operation which a Party has voted against whereby the Non Consent Penalty is 800% of the amount that the non-consenting party would have paid had it elected to participate.
Sole Risk Operation means an operation carried out by one or more Parties within the Permit other than as JV Activities; "Special Majority Vote" means a resolution of the Committee having the affirmative vote of two or more unrelated Parties having aggregate Percentage Interests exceeding 80%; "SR Costs" in relation to the Sole Risk Operation, means all costs and expenses reasonably and properly incurred by SR-Parties in carrying out the Sole Risk Operation; "SR Interest" in relation to a SR-Party and a Sole Risk Operation, means the participating interest of that party in the Sole Risk Operation; "SR Parties" in relation to a Sole Risk Operation, means the Parties participating in the Sole Risk Operation; "PSC Accounting Procedure" means the procedure set out in Exhibit-C to the Bengara-II PSC which Apex Bengara as the Operator is obliged to follow with respect to accounting for all costs incurred in the performance of Petroleum Operations pertaining to the Permit. In certain respects there are significant differences in the required PSC Accounting Procedure with respect to generally accepted accounting principles commonly practiced in the U.S.A.; "PSC Accounts" in relation specifically to the Bengara-II PSC, means all accounts and financial statements and records relating to the payment or receipt of moneys maintained by Apex Bengara as the Operator in relation to transactions entered into in the course of Petroleum Operations under the Permit and pertaining to the Permit Area together with all supporting documents including invoices, statements of expenditure, receipts and sales records; all principally for use as required by Pertamina for Cost Recovery documentation and Pertamina reporting as prescribed in the PSC Accounting Procedure and which would normally, but not necessarily, include JV Accounts. "Unanimous Vote" means a resolution of the Committee having the affirmative vote of all of the Parties to the Joint Venture taken at a meeting or in writing at which all Parties are present or are represented and cast their respective votes all having aggregate Percentage Interests totaling 100%; "Withdrawal Notice" means a notice of intention to withdraw from the Joint Venture; "Withdrawing Party" means a Party which has served, or which, under the terms of this Agreement, has been deemed to have served, a Withdrawal Notice on the other Parties; "Work Obligation" means the minimum work and expenditure requirements from time to time being conditions of grant of the Permit; a...
Sole Risk Operation means any or all of the drilling, Completing and Equipping of a well proposed by one or more of the Parties but in which less than all Parties participate;
Sole Risk Operation means those operations and activities carried out by the Sole Risk Operator, pursuant to this Agreement, the costs of which are chargeable to the account of less than all the Parties.
Sole Risk Operation means work to implement an Eligible Project or Sole Risk Development which a Sole Risk Party is having, and the Company performs at its sole cost, risk and expense pursuant to Article 9.
Sole Risk Operation means an operation in which less than all Parties 35 of 112 36 Parties' interest, shall have the sole right to take all Petroleum production allocable or attributable to the Parties and produced by means of or transported or processed by such Development Facility, determined as the outlet of the subject Development Facility, to the extent such Petroleum is allocable or attributable to the Parties shall equal (after deduction of all production taxes, operating expenses of the Development facility allocable to the Parties, the royalty of Ecopetrol, and all overriding royalties, and other burdens payable out of or measured by production) 500% of the costs (excluding the aforesaid taxes, operating expenses, royalties, overriding royalties and other burdens, but including costs incurred by the Participating Party in the acquisition, the sign, building, moving installation and security of such Development Facility) incurred by the Participating Parties in such Non-Consent Operations (such time is hereinafter referred to as "Payout"), and such receipt of Petroleum production is hereinafter referred to as "Recoupment of Costs with Premium").