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.
Wyoming Cost Overruns for Non-Operator's Non-Consent Option
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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.
operating working interest refers to an interest in an oil and gas property that does not participate in the daytoday operations of drilling, testing, completion, and maintenance of the production or the sale of the minerals produced.
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.
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 ...
Working Interest Types Those with this interest are in charge of paying for operational costs, including paying each royalty owner. Non-operating working interest: This is an interest in the oil well, lease, or another unit of production that involves no operational duties.