Common use of CASING POINT ELECTION Clause in Contracts

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.