Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
farmout agreement
n. Oil & gas. A transaction in which the owner of an oil-and-gas lease (the farmoutor) assigns the lease to another (the farmoutee), who agrees to drill a well on the lease. ( The farmoutor usu. retains an overriding royalty interest in the lease. - Often shortened to farmout. - Also written farm out agreement; farm-out agreement. See ASSIGNMENT.