This form is used in the event any part to this Agreement elects not to participate in a Horizontal Exploratory Well, the non-participating party shall, on commencement of operations for the well, relinquish to the participating party one hundred percent (100%) of its rights, title, and interests in and to that portion of the Contract Area included within the Drilling Unit for the well and one hundred percent (100%) of the party’s rights, title, and interests in and to that portion of the Contract Area.
The Guam Relinquishment Provision — Horizontal Well refers to a specific provision in the legal framework governing oil and gas exploration and production in Guam. This provision pertains to the terms and conditions surrounding the relinquishment of a horizontal well drilling operation in the territory of Guam. A horizontal well, also known as a deviated well, is a type of oil or gas well that is drilled at an angle rather than vertically. This drilling technique allows for greater access to hydrocarbon reserves and maximizes the production potential of a reservoir. The Guam Relinquishment Provision governs the relinquishment process specifically for horizontal well operations. The Guam Relinquishment Provision — Horizontal Well encompasses various aspects related to the drilling, operation, and eventual relinquishment of horizontal wells in Guam. It includes specific requirements, obligations, and guidelines to ensure responsible exploration and production activities while minimizing potential environmental impacts. One key aspect of this provision is defining the timelines and conditions for relinquishment. It outlines the minimum and maximum duration allowed for the operation of a horizontal well before it must be relinquished and the associated obligations during this phase. Furthermore, the Guam Relinquishment Provision — Horizontal Well addresses the procedures and requirements for site restoration and remediation upon relinquishment. It may specify the obligations for well plugging, surface reclamation, and environmental remediation to ensure the site is left in a safe and environmentally sound condition. Different types or variations of the Guam Relinquishment Provision — Horizontal Well may exist depending on the specific context and regulations in Guam. These variations can include provisions tailored for different geological formations, specific environmental sensitivities, or operational considerations. Overall, the Guam Relinquishment Provision — Horizontal Well ensures that horizontal well drilling operations in Guam are conducted responsibly, taking into account environmental concerns and promoting the efficient utilization of hydrocarbon resources in the territory.The Guam Relinquishment Provision — Horizontal Well refers to a specific provision in the legal framework governing oil and gas exploration and production in Guam. This provision pertains to the terms and conditions surrounding the relinquishment of a horizontal well drilling operation in the territory of Guam. A horizontal well, also known as a deviated well, is a type of oil or gas well that is drilled at an angle rather than vertically. This drilling technique allows for greater access to hydrocarbon reserves and maximizes the production potential of a reservoir. The Guam Relinquishment Provision governs the relinquishment process specifically for horizontal well operations. The Guam Relinquishment Provision — Horizontal Well encompasses various aspects related to the drilling, operation, and eventual relinquishment of horizontal wells in Guam. It includes specific requirements, obligations, and guidelines to ensure responsible exploration and production activities while minimizing potential environmental impacts. One key aspect of this provision is defining the timelines and conditions for relinquishment. It outlines the minimum and maximum duration allowed for the operation of a horizontal well before it must be relinquished and the associated obligations during this phase. Furthermore, the Guam Relinquishment Provision — Horizontal Well addresses the procedures and requirements for site restoration and remediation upon relinquishment. It may specify the obligations for well plugging, surface reclamation, and environmental remediation to ensure the site is left in a safe and environmentally sound condition. Different types or variations of the Guam Relinquishment Provision — Horizontal Well may exist depending on the specific context and regulations in Guam. These variations can include provisions tailored for different geological formations, specific environmental sensitivities, or operational considerations. Overall, the Guam Relinquishment Provision — Horizontal Well ensures that horizontal well drilling operations in Guam are conducted responsibly, taking into account environmental concerns and promoting the efficient utilization of hydrocarbon resources in the territory.
