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.
Wisconsin Farmout by Non-Consenting Party
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FAQ
Non-Consent Provision means a contractual provision contained in a third-party operating agreement, unit agreement, contract for development, farmout agreement or other similar instrument to which the Subject Interests are subject that is in effect as of the Commencement Time, or that WI Owner enters in the ordinary ...
Non-Consent Item: any action that a subject-matter Committee has forwarded to the full Council without unanimous recommendation for approval, or having a high level of public interest, or is controversial as determined by the Rules Committee.
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.
: not agreed to by one or more of the people involved : not consensual. nonconsensual sex. nonconsensually adverb.
out is, in effect, a mechanism pursuant to which the owner of a participating interest in certain oil and gas assets (the Farmor) agrees to divest a percentage of its participating interest (the Assigned Interest) under a production sharing contract (the PSC) (or another host government agreement granting rights ...
A consent agreement is an agreement or settlement to resolve a dispute between two parties. In this instance, the Board and the license holder are entering into an agreement to settle the violations found by the inspector.
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.
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.