Objective Depth. For each well, the shallower of the total footage to be drilled by that well (as measured in true vertical subsea depth) or the penetration by the drill bit to the base of the deepest target formation or interval in that well, as that depth or target formation or interval is stated in the AFE for the well.
Appears in 2 contracts
Sources: Ratification and Joinder of Operating Agreement (Anadarko Petroleum Corp), Operating Agreement (Anadarko Petroleum Corp)