Transfer Of Operatorship Agreement

During the duration of the JOA, a party may transfer its shares in the license, the JOA and the larger project to a third party in order to realize a portion of the value of the asset. The JOA should anticipate such an event. The parties should take into account the following points: The environmental and safety aspects of oil and gas developments are governed by the regulatory authority of the Offshore Safety Directive (OSDR). The 2015 Offshore Safety Directive also requires takers to appoint a facility operator and well manager. These may be identical to the field operator or a third party may be responsible for providing the service. These appointments must be approved by the OGA and OSDR. Further information on the designation of well and facility operators under the Offshore Safety Directive can be found here. Eagle and Bumper were parties to a Joint Operating Agreement (JAA) on approximately 28 wells and a construction, ownership and operating agreement for a battery installation. The JOA was included in the Canadian Petroleum Lands Association`s operational process in 2007. The agreements gave Eagle the right to replace Bumper as an operator after its bankruptcy. The following changes are dealt with through routine licensing procedures such as licensing. One way or another, the operator`s authorization is always carried out as part of the licensing procedure, PEARS.

OgA generally expects the takers to choose the production operator among themselves and that the licensee chosen to be the representative of all licensees. The following instructions apply only to the designation of land operators in accordance with the standard clauses in the licence. Guidelines for operator activities during exploration and pipeline operations are available here: given the release of “immediate alternative provisions” in enterprise agreements and the current increased risk of further natural resource bankruptcies, non-operators should respect how and when they can apply such provisions in light of Canadian insolvency legislation. Forent was the successful bidder. The Tribunal approved the Receiver/Manager`s application for disposal and disposal of the assets, subject to the subsequent conclusion of Eagle`s application to acquire the operator, which Forent refused. Bumper`s Receiver/Manager completed a sale of the assets. Both Eagle and Forent submitted bids. In the meantime, Eagle informed the receiver/manager of his intention to take over the operator and these parties met with respect to the terms of sale.

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