TIMELY OPERATIONS. All operations conducted pursuant to this Agreement shall be commenced within one hundred eighty (180) days following the date upon which the last applicable election may be made. If no operations are begun within such time period, the effect shall be as if the proposal had not been made. Operations shall be deemed to have commenced (a) on the date design or material procurement commences or the contract for a Platform and/or Facilities is let, if the notice involved construction of a Platform or Facilities; or (b) on the date that charges begin accruing according to the terms of the drilling contract.
Appears in 2 contracts
Sources: Offshore Operating Agreement (Ridgewood Energy L Fund LLC), Offshore Operating Agreement (Ridgewood Enengy K Fund LLC)