This form provides that when Operator, in good faith, believes or determines that the actual costs for any Drilling, Reworking, Sidetracking, Deepening, or Plugging Back operation conducted under this Agreement will exceed a designated of the costs estimated for the operation on the approved AFE, the Operator will give prompt notice by telephone to the other Parties participating in the operation, as well as delivering a supplemental AFE estimating the costs necessary to complete the operation. Each Party receiving the supplemental AFE shall have forty-eight from receipt of the notice to elect to approve Operators recommendation or propose an alternative operation.
Colorado Cost Overruns for Non-Operator's Non-Consent Option
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US-OG-700
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FAQ
1 Meaning of Sole Risk Broadly speaking, a sole risk clause enables one party to proceed with exploration, or certain other work, at its own risk, when the other parties elect not to participate. The sole risk party carries out the exploration, or other work, at its own cost.
Sole Risk means an operation conducted at the sole cost, risk, expense, and liability of GNPC referred to in 11; Sample 1. Sole Risk means an operation conducted at the sole cost, risk and expense of GNPC referred to in Article 9; Sample 1. Sole Risk .
Overview. Non-Consent Interest. Is an affirmative election by a working interest owner not to participate with his/her working interest in the drilling, re-working, or plugging of a well. Under most JOAs, the working interest owner will have 100% of his/her interest re-instated after a penalty has been met.
The sole risk or exclusive operations clause is theoretically aimed at conducting authorised petroleum operations when pass mark regarding particular projects is not reached.
Joint operating agreements are contractual agreements between one party identified as the operator and at least one other party known as a non-operator which requires the operator to drill the initial obligatory well, and the non-operator to pay its proportionate share of the operating expenses.