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.
South Carolina Farmout by Non-Consenting Party
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The South Carolina Unclaimed Property Act requires any person who is in possession of property belonging to another; a trustee; or indebted to another on an obligation, to report unclaimed property by November 1 each year.
A farmout transaction can be structured as either an ?option farmout? or an ?obligation farmout.? Option farmouts give the farmee an option to drill, but no obligation to drill. Obligation farmouts, on the other hand, remove the choice: the farmee is required to drill a well or will be in breach of contract.
1. n. [Oil and Gas Business] The farmout agreement often stipulates that the other party must drill a well to a certain depth, at a specified location, within a certain time frame; furthermore, the well typically must be completed as a commercial producer to earn an assignment.
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 ...
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 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.
To employ another company or person to do work for you rather than doing it yourself: Factory assembly is usually the step in the manufacturing process that is farmed out to lower-cost firms.
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.