Exploratory Prospect definition

Exploratory Prospect means the geographic area and appropriate ---------------------- spacing units (including the entire spacing unit in the case the Exploratory Prospect only partially covers a spacing unit) covering an SFD Anomaly including any AMI lands as defined in clause 21 hereunder, identified by Pinnacle utilizing SFD Technology and accepted by Encal in accordance with the provisions of this Agreement;
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Exploratory Prospect means the geographic area and appropriate spacing units (including entire spacing units in the case of partial spacing units) covering an SFD Anomaly identified utilizing SFD Technology and qualified in accordance with the provisions of this Agreement;
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Examples of Exploratory Prospect in a sentence

  • Should Pinnacle elect to participate in the Obligations, and if the test well to be drilled upon the Exploratory Prospect is to be drilled on such Third Party Lands, the cost, risk and expense of the Obligations and the benefit and interest earned in the Third Party Lands subject to the Farmin Agreements shall be shared by the Parties in the following proportions: Encal 60% Pinnacle 40% The provisions of clause 19(d) apply mutatis mutandis to the event of non- payment by Pinnacle of the Obligations.

  • After the end of the Evaluation Period for each Exploration Area, the corresponding Buffer Zone will be a part of such Exploration Area only to the extent that it overlaps with an Exploratory Prospect.

  • Unless and until Pinnacle elects to be a Royalty Interest owner with respect to any Exploratory Prospect, it shall be deemed to be a Working Interest owner and will pay its share of all related costs (except seismic, geophysical and geological costs and other costs described in Section 2.2(b)) pursuant to the invoicing and payment procedures set forth in the Operating Agreement as if such agreement then applied to such Exploratory Prospect.

  • Similarly, after an Exploration Area or Exploratory Prospect has been established pursuant to this Agreement, Pinnacle may not conduct an SFD Survey within such area or prospect for any Third Party.

  • Pinnacle shall convey to Encal any working interest in the entire Exploratory Prospect and Encal shall re-imburse Pinnacle any land acquisition costs previously paid by Pinnacle.

  • Once the first test well is spudded on an Exploratory Prospect or an Exploratory Prospect is rejected by Encal, such Exploratory Prospects shall no longer be included in the Minimum Prospect Inventory.

  • When the first test well is spudded on an Exploratory Prospect, such Exploratory Prospect shall no longer be included in the calculation of Minimum Prospect Inventory.

  • Neither party makes any warranty or representation to the other as to the presence or economic viability of any hydrocarbons in any SFD Anomaly or Exploratory Prospect identified or developed pursuant to this agreement.

  • If CamWest cannot secure satisfactory Petroleum and Natural Gas Rights to the Key Tract within two years from the date the Exploratory Prospect is designated a Key Tract, such Exploratory Prospect shall become a Rejected Anomaly, and the rights with respect to such Rejected Anomaly shall be governed by Section 11 of this Agreement.

  • CamWest shall make assignments to Pinnacle on an Exploratory Prospect by Exploratory Prospect basis and with respect to each Exploratory Prospect on or before the date when CamWest commences drilling of the first test well.