Common use of Complete Withdrawal Clause in Contracts

Complete Withdrawal. (A) Within thirty (30) Days of receipt of each withdrawing Party's notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement and the Contract. Should all Working Interest Parties give notice of withdrawal, the Parties shall proceed to abandon the Field and terminate the Contract insofar as it relates to the Field and this Agreement. If less than all of the Working Interest Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract, this Agreement, and any Fields in the Contract Area on the earliest possible date and execute and deliver all necessary instruments and documents to assign their Participating Interest to the Working Interest Parties which are not withdrawing, without any compensation whatsoever, in accordance with the provisions of Section 12.6. (B) Any Party withdrawing under Section 10.2 or this Article 12, shall withdraw from the entirety of the Field, and thus abandon to the other Parties not joining in its withdrawal all its rights to Hydrocarbons produced after the effective date of such withdrawal and all rights in such associated Joint Property.