CASING POINT ELECTION Sample Clauses

CASING POINT ELECTION. After an Exploratory Well has been drilled for all Parties to the objective depth, and all authorized logging and testing has been completed, OPERATOR shall immediately notify the PARTIES of OPERATOR'S proposal to either;
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CASING POINT ELECTION. Upon reaching Casing Point in any well drilled under the provisions of this Agreement (whether commenced as an Exploratory or Development Operation), the Operator shall immediately notify the other Participating Parties in writing and delivered by personal messenger, or by fax, its recommendations as to further operations thereon. Each Participating Party, within forty-eight (48) hours after receipt of such notice and all available logs and test results, shall advise the Operator and the other Participating Parties by telephone with written confirmation sent within twenty-four (24) hours, or by fax, or in writing whether it accepts Operator's recommendation or makes additional recommendations as to further operations with respect to such well. If additional recommendations are made, the Participating Parties shall have an additional twenty-four (24) hours to respond. If all Participating Parties elect to abandon the well at that point, it shall be plugged and abandoned at their joint cost and expense. Any Party may request in writing up to forty-eight (48) hours of additional time beyond the herein specified time in order to make an election; however, all costs associated to such standby rig time shall be at the expense of the Party or Parties requesting such additional time. If less than all, but one (1) or more Participating Parties owning twenty-five percent (25%) or more in interest in the well elect to conduct a specific operation, other than plugging and abandoning the well, the Parties so electing shall conduct such operation as a Non-Consent Operation under the provisions of Article 13. If at any time there is more than one operation proposed in connection with any Well subject to this Agreement, and in the event no one proposed operation receives the approval of one (1) or more Participating Parties owning fifty percent (50%) or more in interest in the well, then unless all Participating Parties agree on the sequence of such operations, such operations shall be proposed and conducted (with no minimum party's percentage approval necessary) in the following order of priority:
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CASING POINT ELECTION. After an EXPLORATORY WELL has been drilled for all PARTIES to CASING POINT, and all authorized logging and testing has been completed, OPERATOR shall immediately notify the other PARTICIPATING PARTIES in writing of OPERATOR'S proposal for further operations thereon. Each PARTICIPATING PARTY, within forty-eight (48) hours after receipt of such notice, shall advise the OPERATOR and the other PARTICIPATING PARTIES in writing whether it accepts OPERATOR'S recommendation or makes additional recommendations as to further operations with respect to such well. If additional recommendations are made, the PARTICIPATING PARTIES shall have an additional twenty-four (24) hours to respond. If all PARTICIPATING PARTIES elect to abandon the well at that point, it shall be plugged and abandoned at their joint cost and expense. If less than all, but one (1) or more PARTICIPATING PARTIES owning at least twenty-five percent (25%) in interest in the well elect to conduct a specific operation, other than plugging and abandoning the well, the PARTIES so electing shall conduct such operation as a NON-CONSENT OPERATION under the provisions of
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CASING POINT ELECTION a) At such time as an Exploratory Well been drilled to the objective depth asset forth in the notice, and has been logged and tested and copies of the logs and results furnished to each Participating Party, but before any production pipe has been set, Operator shall notify the Participating Parties by telephone or telecopy, setting forth Operator's recommendation with respect to further operations. Each Participating Party shall, within forty-eight (48) hours after receipt of such notice, notify Operator and the other Participating Parties by telephone (promptly confirmed in writing) or telecopy whether it accepts Operator's recommendation or make additional recommendations as to further operations with respect to such well. If additional recommendations are made, the Participating Parties shall have an additional twenty-four (24) hours to respond. Any party may request additional time beyond the herein specified time, in order to make an election; however, all costs associated to such standby rig time shall be at the expense of the Party or Parties requesting such additional time. The extension of additional time shall not exceed a forty-eight (48) hours period.
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CASING POINT ELECTION. Consent to the drilling or deepening of any well in the Contract Area, including the initial well, shall not be deemed consent to the running and setting of a production string of easing therein or to the completion of said well as a producing well. After the drilling or deepening of such well to the depth or formation authorized and after appropriate testing, coring and logging have been made, Operator shall then give immediate notice to the Non-Operators participating in the drilling or deepening of such well, setting forth Operator's recommendations with respect to such attempted completion. Each such party shall within 24 hours after receipt of such notice notify Operator as to whether or not such party elects to set production casing and to participate in such completion attempt. Failure to so notify Operator shall be deemed an election not to participate. Any party electing not to participate in any operation is subject to the fotfeiture provisions of the Participation Agreement and such non-consenting party shall own no further interest in such well beyond the point at which it elects to non-consent, but shall relinquish all of such interest to the parties continuing participation in the subject well or operation. Should all parties hereto elect to so participate, Operator shall conduct such operations for the joint account of all parties. Should less than all parties elect to so participate, then such completion operations shall be conducted under the provisions of Article VI. B.2. hereof, as an operation by less than all parties. Should no party elect to attempt such completion or should the completion attempt result in a dry hate, Operator shall plug and abandon the well at the joint cost of all parties who participated in the drilling or deepening of the well.
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CASING POINT ELECTION. General Council shall have the right, at Casing Point, to elect to participate up to a maximum of 25% working interest.
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CASING POINT ELECTION. Any completion attempt in the Initial Test Well or any Substitute Test Well shall be governed by the JOA. Any Participant electing not to participate in such completion attempt in the Initial Test Well (or any Substitute Test Well in which Participant elected to participate) shall forfeit its interest in the Prospect and shall promptly furnish Operator with an assignment of its interest to Operator, to be distributed by Operator to those Participants who do elect to participate in the completion attempt.
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Related to CASING POINT ELECTION

  • Joint Election As a condition of the Units granted hereunder, you agree to accept any liability for secondary Class 1 National Insurance Contributions (the “Employer NICs”), which may be payable by the Company or your Employer with respect to the Units and/or payment of the Units and issuance of Shares pursuant to the Units, the assignment or release of the Units for consideration, or the receipt of any other benefit in connection with the Units. Without limitation to the foregoing, you agree to make an election (the “Election”), in the form specified and/or approved for such election by HMRC, that the liability for your Employer NICs payments on any such gains shall be transferred to you to the fullest extent permitted by law. You further agree to execute such other elections as may be required between you and any successor to the Company and/or your Employer. You hereby authorize the Company and your Employer to withhold such Employer NICs by any of the means set forth in Section III of the Agreement. Failure by you to enter into an Election, withdrawal of approval of the Election by HMRC or a joint revocation of the Election by you and the Company or your Employer, as applicable, shall be grounds for the forfeiture and cancellation of the Units, without any liability to the Company or your Employer.

  • Election Form The Consideration shall be payable in accordance with the election made by Contributor in the Consideration Election Form (“Election Form”) accompanying the PPM, the results of which election are set forth on Exhibit A hereto. If, pursuant to the Election Form, Contributor (A) elected all or part of Contributor’s consideration payable hereunder to be in the form of units of limited partnership interests of the Operating Partnership (“OP Units”) and (B) submitted to the Operating Partnership (x) an executed Investor Questionnaire representing and warranting to the Operating Partnership that Contributor is an “accredited investor” as defined in the Investor Questionnaire and (y) any other documentation required by the Operating Partnership, including, but not limited to, a signature page to the Partnership Agreement (as hereinafter defined), Contributor shall receive OP Units in an amount determined in the manner described on Exhibit A hereto. The portion of the Consideration, if any, payable in cash is set forth on Exhibit A. Contributor agrees that the cash payment shall be made and the OP Units shall be registered in the name of the persons or entities set forth on the Election Form. OP Units will only be delivered to Contributor if Contributor has represented to the Operating Partnership that Contributor is an “accredited investor”. No fractional OP Units will be issued and OP Units will be rounded to the nearest whole number. The Consideration payable to Contributor, whether in cash, in OP Units or a combination thereof, may be reduced by the amount the Operating Partnership reasonably determines must be withheld for tax purposes. The rights and obligations of holders of OP Units as of the Closing will be as set forth in the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership Agreement”), a draft copy of which is included as an exhibit to the PPM.

  • Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.

  • Election Period The period which begins on the first day of the Plan Year in which the Participant attains age thirty-five (35) and ends on the date of the Participant’s death. If a Participant separates from Service prior to the first day of the Plan Year in which age thirty-five (35) is attained, the Election Period shall begin on the date of separation, with respect to the account balance as of the date of separation.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Net Exercise Election The undersigned Holder elects to convert the Warrant into shares of Warrant Stock by net exercise election pursuant to Section 2.5 of the Warrant. This conversion is exercised with respect to __________ shares of Common Stock of Aura Systems, Inc. (the "Warrant Stock") covered by the Warrant.

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