Casing Point Election definition

Casing Point Election means the right to elect participation in a Well Project after the information set out in Article 3.2(1) has been provided;
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Casing Point Election shall be deemed to be the time when; (i) the completion of initial logging operations, or upon completion of plugging and abandonment operations if after reaching "Casing Point" (defined below), an election is made to plug and abandon the Initial Test Well. The term "Casing Point" shall mean that point in time when (i) Logging Operations have been completed and Operator has delivered or made available on location to Participant or Participant's representative the results of the Logging Operation together with all available well information to enable Participant to make a Casing Point election, (ii) Operator has given its recommendation to Participant by telephone, telegram and /or facsimile of Operator's recommendation to either complete the well as a producing well or to plug and abandon same and (iii) a decision has been made to either attempt to complete the Initial Test Well as producing well or to plug and abandon same. Participant shall have twenty-four hours from receipt of Operator's recommendation to advise Operator of its concurrence with or disapproval of, Operator's recommendation. Participant's failure to reply within such period shall be deemed concurrence with Operator's recommendation.
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Casing Point Election. When Casing Point is reached in a Test Well, Operator shall give Farmor notice indicating whether Operator elects to participate in a completion attempt in such Test Well. Farmor shall have forty-eight (48) hours (exclusive of Saturday, Sunday and legal holidays) from receipt of notice in which to elect by delivery of notice to Operator to participate in a completion attempt for a nineteen percent (19%) working interest. If Farmor elects not to participate for a nineteen percent (19%) working interest in a completion attempt, and Operator elects to attempt a completion, all costs incurred in such completion attempt and subsequent plugging and abandoning costs, if the completion attempt is unsuccessful, shall be borne solely by Operator and Farmor's rights to the nineteen percent (19%) working interest in and to such Test Well shall terminate. However, Farmor's election not to participate in a completion attempt for the nineteen percent (19%) working interest shall not affect Farmor's six percent (6%) working interest in such Test Well. If Operator elects not to participate in a completion attempt and Farmor elects to attempt a completion, all rights under this Agreement, insofar as it affects such Test Well and the Farmout Lands under such Test Well, shall terminate and be reassigned to Farmor and Farmor shall take over such Test Well and attempt a completion. The reassigned lands shall no longer be subject to this Agreement. However, Operator shall have the right to drill Subsequent Test Well▇ ▇▇▇eunder on the Farmout Lands if a location is available and if Operator so wishes.
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Examples of Casing Point Election in a sentence

  • Should Operator make a recommendation for a completion attempt and not recommend to plug and abandon the Test Well, it is agreed and understood that Participant shall pay to Seller the sum of One Hundred Eighty Thousand Dollars ($180,000.00) within thirty (30) days of the Casing Point Election as defined in the OA, which amount shall be considered and construed to be geological and geophysical costs.

  • Clause 311 - Insurance: Alternate B Clause 604 - Marketing Fee: Alternate B (a) petroleum: $1 / m3 (b) natural gas: $1 / 103 / m3 (c) NG liquids, etc: $1 / m3 (d) sulphur: $1 /ton Clause 903 - Casing Point Election: ▇▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇ - ▇▇▇▇▇▇▇: Development well: 300% Exploratory well: 500% Clause 1010(a)(iv) - Title preserving well: 60 days Clause 2401 - Right to assign: Alternate A Clause 2404 - Recognition upon Assignment Deleted (replaced with 1993 CAPL Assignment Procedure) 101.

Related to Casing Point Election

  • Election cycle means the period beginning on the first day persons are eligible to

  • Service Switching Point (SSP) means the telephone Central Office Switch equipped with a Signaling System 7 (SS7) interface.

  • LCT Election has the meaning assigned to such term in Section 1.06.

  • Metering Point means, for meters that do not use instrument transformers, the point at which the billing meter is connected. For meters that use instrument transformers, the point at which the instrument transformers are connected.

  • Service Switching Point (SSP) is a telephone central office switch equipped with a Signaling System 7 (SS7) interface.