CASING POINT ELECTION Sample Clauses
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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;
(a) further log or test the well,
(b) complete the well as originally planned,
(c) plug-back and complete the well in a shallower zone in ascending order,
(d) deepen the well within a previously approved objective zone, in descending order,
(e) deepen the well below the deepest approved objective zone or zones,
(f) sidetrack the well to a new bottom hole location within the approved objective zone,
(g) other operations in the well, or
(h) plug and abandon the well. Within forty-eight (48) hours after receipt of OPERATOR'S proposal, the other PARTIES shall respond thereto by either approving it or making a counter-proposal. If a counter-proposal is made, the PARTIES shall have an additional forty-eight (48) hours to respond thereto. If all PARTIES approve a proposal or counter-proposal, OPERATOR shall conduct the operation at the PARTICIPATING PARTIES cost and risk. A proposal to complete, rework or recomplete a well at a particular depth will take precedence over proposal to complete, rework or recomplete the well above such depth, with a deeper proposal for such operations always taking precedence over a shallower proposal. Proposals for such operations at any depth will take precedence over proposals to deepen the well below its originally proposed total depth or to sidetrack the well once it has reached such depth. Proposals of the same type shall be given precedence in the order in which they are made. No action shall be required on a proposal while there is pending a proposal, with precedence being on the same well on which the parties have not acted or on which work has not been completed. If fewer than all, but one (1) or more, Parties having a Working Interest of 25% or more approve a proposal or counter-proposal made under Section 10.4 and agree to bear the cost and risk thereof, Operator shall conduct the same pursuant to Article 12.
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.
b) Any recommendation concurred to by a majority of Participating Interests shall take precedence over any other proposal. In the event no recommendation receives such majority support, then the recommendation to be followed shall be determined as follows:
1) proposals to do additional testing, coring or logging.
2) proposals to attempt completions at the initial objective depth.
3) proposals to plug back and attempt completions in ascending order.
4) proposals to deepen the well.
5) proposals to sidetrack the well to another bottom hole location no deeper than the stratigraphic equivalent of the initial objective depth.
6) proposals to perform other operations.
7) proposals to temporarily abandon the well.
8) proposals to plug and abandon the well.
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.
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
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.
CASING POINT ELECTION. General Council shall have the right, at Casing Point, to elect to participate up to a maximum of 25% working interest.