This ia a provision that states that any Party receiving a notice proposing to drill a well as provided in Operating Agreement elects not to participate in the proposed operation, then in order to be entitled to the benefits of this Article, the Party or Parties electing not to participate must give notice. Drilling by the parties who choose to participate must begin within 90 days of the notice.
Mississippi Farmout by Non-Consenting Party
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A farmout is when a resource-producing property is outsourced for development to a third party or farmee. The farmee pays the owner (farmor) royalties on income generated from the outsourced activities. Farmouts are most common in natural resources exploration and extraction, such as with oil, gas, or minerals mining.
Also known as a farm-in agreement. A type of contract through which an investor (a farmee) may acquire an interest in an upstream project from an existing project participant (a farmor). It is typically used in the exploration or development stage of a project.
One example is where it is projected that the farmee will pay for 75% of the drilling costs, the parties may agree that upon meeting the earning barrier, the farmee will obtain a 75% interest in the acreage committed to the well, or even the entire contract area.
A farm out is a type of agreement where a party that has a working interest to a gas and oil lease will grant that interest to another party. The other party will then be contractually obligated to meet specific conditions, such as setting up a drill in a specific location, drilling to an agreed upon depth, etc.
While the first is the entry of companies into O&G exploration, the farm-out takes place when a business with the current concession is willing to give up part or all of its available area. Making a simpler analogy about the process, the farm-in is the buyer and the farm-out is the seller.
What Is a Farmout? A farmout is the assignment of part or all of an oil, natural gas, or mineral interest to a third party for development. The interest may be in any agreed-upon form, such as exploration blocks or drilling acreage.
out agreement, the key agreement documenting a transaction whereby a third party agrees to acquire an interest in an upstream oil and gas asset (licence or other form of concession) from one or more of the current owners in return for performing certain work obligations, such as the acquisition of seismic, the ...