This form provides for the reassignment of interests in the event a well is required to be drilled, deepened, reworked, plugged back, sidetracked, or recompleted, or any other operation that may be required in order to (1) continue a Lease or Leases in force and effect, or (2) maintain a unitized area or any portion of it in and to any Oil and/or Gas and other interest which may be owned by a third party or which, failing in the operation, may revert to a third party, or (3) comply with an order issued by a regulatory body
Guam Provisions for JOB 82 Revised refer to specific terms and conditions outlined in the Agreement signed between operator(s) and participating entities for oil and gas exploration and production in Guam. These provisions serve as a regulatory framework to govern and manage the activities related to the Joint Operating Agreement (JOB) in the region. The JOB 82 Revised contains several key provisions that are crucial for the successful implementation of the agreement. These provisions include: 1. Operator Responsibilities: The JOB outlines the operator's obligations and duties in terms of exploration, drilling, development, and production activities. It specifies the requirements for technical expertise, safety standards, environmental protection, and financial responsibilities. 2. Decision-Making Process: The JOB 82 Revised establishes a decision-making process among the participating entities. It defines the voting rights and procedures for major decisions, such as drilling new wells, approving budgets, setting production targets, and making significant changes to the operations. 3. Costs and Reimbursements: The provisions address the cost-sharing arrangements among the participating entities. It details how costs related to exploration, development, and operating expenses will be distributed among the participants. It also covers procedures for reimbursement and invoicing. 4. Accounting and Auditing: The JOB specifies the accounting and auditing procedures to ensure transparency and accurate representation of financial transactions. It mandates regular reporting and auditing of financial statements related to the operations. 5. Default and Termination: In case of a default by any participating entity, the JOB provides mechanisms for dispute resolution and potential termination of the agreement. It outlines the consequences and procedures to be followed in the event of default or cessation of operations. Different types or versions of Guam Provisions for JOB 82 Revised may exist depending on any subsequent amendments, updates, or revisions made to the original agreement. These revisions could include changes to operational procedures, allocation of costs, voting rights, and other provisions to adapt to the evolving needs and realities of oil and gas exploration in Guam. In summary, Guam Provisions for JOB 82 Revised establish the legal and operational guidelines for oil and gas exploration and production activities in Guam. They cover various aspects such as operator responsibilities, decision-making processes, cost-sharing arrangements, accounting procedures, and default and termination protocols. It is crucial for the participating entities to thoroughly understand and adhere to these provisions to ensure successful and harmonious joint operations in Guam.
