Test Well Abandoned Sample Clauses

Test Well Abandoned. In the event the Test Well is drilled and plugged and abandoned as a dry hole, ▇▇▇ will not have had the opportunity to make an election pursuant to Section 4.3 above to increase its interest in the Leases by an additional 12.5% working interest. Therefore, ▇▇▇ shall have the opportunity to participate with 22.5% working interest on a ground floor basis, pursuant to elections made under the Operating Agreement provided in Article V below, in any future proposals subsequent to the abandonment operations of the Test Well, including but not limited to any additional drilling proposals. In the event the Test Well is successfully drilled and completed, REX’s working interest in the Leases and the Test Well will be determined pursuant to its election in Section 4.3 above whereby ▇▇▇ would own either 10% working interest or 22.5% working interest.