Dune AXX XXX Sample Clauses

Dune AXX XXX. All Drilling Prospects for which the receiving Party elects to participate pursuant to Section 5.01 above shall be subject to and conducted pursuant to a separate joint operating agreement (the “JOA”) in the form attached hereto as Exhibit “B”. Each JOA shall cover only the aerial extent of the Drilling Prospect from the surface to the stratographic equivalent of the base of the formation into which a completion is made resulting in production of oil and/or gas in paying quantities. ANEC shall be designated operator under each JOA; however, ExxonMobil shall have the right, to be exercised in its sole discretion at any time, to assume operatorship of any Drilling Prospect(s), and ANEC shall remain operator of any remaining Drilling Prospects. Each JOA shall govern all operations within each Drilling Prospect, provided, however, in the event of a conflict between this Agreement, the EMDA and the JOA, and then the EMDA shall take precedence. Upon termination of this Agreement, the Operating Agreement shall remain in force.
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