Exploration Farm In Agreements

There is the “Appraisal Farm-in”, where the work obligation is to determine the size and nature of the indicated deposit and includes the drilling of one or one or two boreholes. The main characteristic of the operating party is to become a party to the joint venture agreement, to be able to participate in any possible development and to be able to influence development through the decision-making process defined in the joint venture agreement. In many jurisdictions, such as.B. Queensland, the transfer of title to the exploration property is subject to approval by the Department. Account should also be taken of the measures that the parties will take with regard to the authorisations and consents of third parties. Rental owners may be prudent to rely on third parties to negotiate agreements with private landowners and title parties. . . .