Common use of CASING POINT ELECTION Clause in Contracts

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