Offshore Operating Agreements Sample Clauses

Offshore Operating Agreements. Chevron and Ridgewood shall execute an Operating Agreement, on the form set out as Exhibit "E," no later than thirty (30) Business Days before the Initial Test Well is drilled on a Prospect. A separate Operating Agreement shall be executed between the Parties for each Prospect. All Contract Acreage within the Leases and included in a Prospect shall be covered and governed by the Operating Agreement for that Prospect. Should any Prospect be expanded to include acreage not under the ownership or control of Chevron or Ridgewood, and the Third Party owner of such acreage elects to participate with the Parties in drilling an Initial Test Well on the Prospect, the Parties shall propose utilizing the Operating Agreement attached as Exhibit "E" to the Third Party for the controlling agreement covering operations on the Prospect. Should the Third Party refuse to accept the use of Exhibit "E," the Parties shall negotiate with the Third Party to enter a mutually acceptable form of operating agreement to cover the Prospect. Notwithstanding anything to the contrary herein, the terms of the applicable Operating Agreement apply to all operations with regards to a Prospect, and all payments made with respect to such Prospect under this Agreement or the applicable Operating Agreement, unless specifically in conflict with the terms of this Agreement, in which event the terms of this Agreement shall control as provided under Section 28.15 below.