Intermediate Casing Point definition
Intermediate Casing Point means the time when (a) the Initial Well has been drilled to the A/B Shale, (b) all logs, tests, and evaluations have been completed and the results thereof have been furnished to the Parties, and (c) a recommendation has been made whether to continue drilling the Initial Well to the Objective Zone or to abandon the Initial Well as a dry hole.
Examples of Intermediate Casing Point in a sentence
If BP reaches Intermediate Casing Point and proposes to abandon the Initial Well as a dry hole, (i) BP shall plug and abandon the Initial Well in accordance with Section 2.7, and (ii) Company shall have no right or option to takeover the Initial Well.