Shallow Water Option definition

Shallow Water Option means the right of YFP to make a one-time election to increase its Revenue Interest in the Shallow Water Option Area pursuant to the provisions of Section 2.3.
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Examples of Shallow Water Option in a sentence

  • In the event that YFP fails to exercise its Shallow Water Option as provided within this Section 2.3, the Shallow Water Option shall expire and YFP shall have no further rights to modify its Paying Interest and Revenue Interest in OML 113.

  • Syntroleum shall give Notice to YFP that it has reached the casing point and YFP must make its written election to Syntroleum to exercise the Shallow Water Option within twenty-four hours thereafter.

  • The objective of such annual plan shall be to assist YFP in establishing itself as a fully competent Operator in the Shallow Water Option Area of the OML 113 Lease in the disciplines associated with the exploration, development and production operations, including the management of such operations, and assisting YFP in complying with the relevant regulations of the Government from time to time as such regulations may apply to the OML 113 Lease.

  • In the event that YFP elects to exercise its right granted under this Section 2.3, the Paying Interest of YFP for the Shallow Water Option Area shall be *** percent (***) thereafter and the Paying Interest of Syntroleum shall be *** percent (***) thereafter.

  • If after approval of the plan of development for the first Commercial Discovery YFP proposes an Exclusive Operation other than for YFP’s Shallow Water Option set out in Article 2.2(B), then as to such Exclusive Operation YFP’s Carried Participation shall end, and the initial presumed Capex Paying Interest and Opex Paying Interest of each Party with respect to such Exclusive Operation shall be as set out for the Opex Paying Interests in Schedule 2.1(A)(iii)(y).