Initial Test Well definition

Initial Test Well is set out in the Preamble as the South Timbalier 287, OCS-G 24987 #A-8 Well.

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Initial Test Well means the initial test well drilled on a proration unit within an approved Prospect Area.

Initial Test Well shall be the first Exploratory Well proposed by Chevron and drilled after the Effective Date of this Agreement on each Prospect located on an Exhibit "A" or "B" Lease, or on lands pooled or unitized with an Exhibit "A" or "B" Lease, or on a Prospect which includes all or a portion of an Exhibit "A" or "B" Lease.

Examples of Initial Test Well in a sentence

As between the Parties hereto, any Substitute Well shall require the concurrence of one (1) or more of said Parties with at least fifty percent (50%) Working Interest, proportionately reduced, and shall be drilled to target the same objective as the Initial Test Well.
Interest will continue to accumulate and be due and payable thereafter for every additional three (3) month period the Initial Test Well remains undrilled.
However, should Apache cash call Ridgewood for any portion of Ridgewood’s share of the drilling AFE on having entered into a drilling contract, and if Apache fails to spud the Initial Test Well within three (3) months of said cash call, then Apache shall owe and pay to Ridgewood interest on the cash call amount.
Drilling of the Initial Test Well shall thereafter continue in a workmanlike manner to Contract Depth with the option to drill the Initial Test Well or subsequent wells to a deeper depth.
As to the mobilization and demobilization of the rig used to drill the Initial Test Well, the interest of the Parties will be as provided in Article 2.3 above, until such time as costs for the mobilization and demobilization exceed eight million dollars ($8,000,000), at which time the interest will revert to the Ground Floor Interest.

More Definitions of Initial Test Well

Initial Test Well means any and all exploratory test wells (including any substitute wells, r▇▇▇▇▇ement wells or additional w▇▇▇▇) to identify a ▇▇▇▇pect, drilled b▇ ▇▇▇Y or in which MOXY participates, prior to the Election Point.

Initial Test Well means the first well drilled under this Agreement to test the San ▇▇▇▇▇▇ Main Pay Formation.

Initial Test Well. ITW"): shall mean the OCS-G 23744 (West Cameron 109) Well No. 1, or its Substitute Well(s), as defined in Section 3.3 below, to be drilled on the Nexen Lease to the Objective Depth as set forth in the AFE and Well Plan for said ITW.

Initial Test Well means the first well (and only the first well) drilled on a Subject Prospect pursuant to this Agreement.

Initial Test Well shall have the meaning assigned to such term at Section 2.1.

Initial Test Well. The West Delta Block 95 No. 5 ▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ this Agreement from a surface location of X:2481386, Y:92725 in West Delta Block 95, as further described in the AFE for the Initial Test Well (or any Substitute Well(s) for such Initial Test Well).

Initial Test Well shall be the first Exploratory Well proposed by McMoRan and drilled after the Effective Date of this Agreement on each Prospect located on an Exhibit A Lease, on lands pooled or unitized with an Exhibit A Lease, or on a Prospect which includes all or a portion of an Exhibit A Lease where Texaco has not previously been afforded the opportunity to elect to retain its overriding royalty or to participate as a working interest owner in said Prospect as detailed in Section 5.3, below.