Project JOA definition
Examples of Project JOA in a sentence
Borrower has disclosed to Agent and Lenders that Borrower and TOGA have asserted certain claims in the Tri-Star Litigation that, among other things, the Project Properties are not being operated in a good and workmanlike manner in compliance with the Project JOA and applicable laws, rules and regulations.
All costs for operations and production after the completion of the Initial Greenhorn Test Well, as well as any costs for acquisition of additional seismic data or leasehold, or for the drilling of additional ▇▇▇▇▇, shall be borne in accordance with the elections of the parties under the Project JOA.
The Program Manager shall maintain an account to provide for the Program’s future obligations under the Project JOA for its proportionate share of the costs for plugging, abandoning and reclaiming the Project W▇▇▇▇ at the end of their economic lives (the “P&A Account”).
By its acceptance of the assignments hereunder, the Program acknowledges that the Prospects are subject to the terms and conditions of the Project JOA and the oil and gas leases or farmouts covering the Project Areas, including all mineral, royalty and overriding royalty interests provided therein.
To the best of TOGA's, TOGC's and Borrower's knowledge and belief, Tri-Star as record holder of the Project Properties and as operator under the Project JOA holds all Governmental Approvals necessary under Governmental Rules for the ownership and operation of the Project in the ordinary course as well as the consummation of the transactions contemplated in the Loan Documents, except for those Governmental Approvals which are not currently required.
Lender and Agent specifically acknowledge that as of the date of this Agreement, TOGA's interest in the Project is a valid and enforceable contractual or equitable interest only under the Project JOA.
To the best of TOGA's and Borrower's knowledge and belief, Tri-Star as record holder of the Project Properties and as operator under the Project JOA holds all Governmental Approvals necessary under Governmental Rules for the ownership and operation of the Project in the ordinary course as well as the consummation of the transactions contemplated in the Loan Documents, except for those Governmental Approvals which are not currently required.
TOGA has brought proceedings in the Courts of the State of Texas against Tri- Star Petroleum Company ("Tri-Star") to remove Tri-Star as the operator of the Project and to require Tri-Star to transfer to TOGA and the other working group interest owners who are parties to the Project JOA their proportionate interests in the Authority to Prospect 526P and other property held in connection with the Project Properties.
Lender and Agent specifically acknowledge that as of the date of this Agreement, TOGA’s interest in the Project is a valid and enforceable contractual or equitable interest only under the Project JOA.
Under the Project JOA, Synergy shall have a 35.00% working interest and Vecta (and any partners of Vecta) shall have a cumulative 65.00% working interest subject to the non-consent and non-participation penalties set forth therein.