This form creates an Area of Mutual Interest ( AMI ) comprising the Contract Area. During the term of this AMI, if any Party acquires all or any interest in any Oil and Gas Leases, any mineral interest, or any farmouts or other contracts which affect lands and minerals lying within the AMI, the Acquiring Party shall promptly advise each of the other Parties of the acquisition, at which time each Offeree shall have the right to acquire its proportionate interest in the Oil and Gas Interest.
The Virginia Area of Mutual Interest (AMI) refers to a specified geographic area in the state of Virginia, where parties involved share a common interest in conducting exploration, drilling, or production activities. This mutually agreed-upon area allows for potential collaboration, resource utilization, and joint operations among various stakeholders. The concept of AMI is particularly relevant in the energy industry, specifically in oil and gas exploration. By defining an AMI, companies, landowners, and government entities can establish guidelines and frameworks to coordinate efforts, minimize conflicts, and maximize resource extraction. There can be different types of AMIS based on their specific characteristics and objectives. These variations include: 1. Offshore Virginia Area of Mutual Interest: This refers to the designated offshore region of Virginia, typically extending beyond the state's coastal waters. Within this AMI, multiple parties can explore and exploit offshore oil and gas reserves or renewable energy resources, such as offshore wind. 2. Onshore Virginia Area of Mutual Interest: This type of AMI primarily focuses on land-based exploration and production activities within a specified onshore area in Virginia. It allows parties to collectively identify potential reserves, pool resources, and share knowledge and infrastructure for efficient operations. 3. Shale Gas Virginia Area of Mutual Interest: With the advent of shale gas exploration and production, this AMI concentrates on areas in Virginia known for significant shale gas potential. Parties involved here aim to jointly assess the feasibility of shale gas extraction, conduct seismic studies, and share drilling technologies and techniques. 4. Renewable Energy Virginia Area of Mutual Interest: This type of AMI concentrates on promoting collaboration and shared goals in developing renewable energy projects within Virginia. It may include areas for offshore wind farms, solar energy installations, or other forms of renewable energy generation, encouraging knowledge sharing, technology transfer, and joint investment for sustainable energy development. 5. Research and Development Virginia Area of Mutual Interest: This AMI focuses on the development and implementation of research and development projects related to energy and natural resources within Virginia. The parties involved aim to share knowledge, conduct joint studies, and explore innovative solutions to meet future energy demands while minimizing environmental impacts. Overall, the Virginia Area of Mutual Interest offers a platform for various stakeholders to coordinate their activities, optimize resource use, and leverage collective expertise in the pursuit of energy development and sustainable growth in the region.
