Minimum Earned Acreage definition

Minimum Earned Acreage means in respect of each of the First Earning Well and the Second Earning Well, the minimum area surrounding such First Earning Well or Second Earning Well (as the case may be) which CE Power may earn an interest in by paying an amount equal to the Drilling costs of such well in accordance with the terms of this Agreement.
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Examples of Minimum Earned Acreage in a sentence

  • The notice shall also include its proposal for the Minimum Earned Acreage (defined by the aerial extent of the prospect as mapped delineated by the lowest closing contour or by a defined hydrocarbon contact determined by a well penetration whichever is deeper) to be earned in connection with the Second Earning Well.

  • Promptly on request by FX after April 30, 2004, CE Resources shall transfer to FX all of CE Resources' interest under the Fences JOA and the Fences Mining Usufruct outside the GZA and outside the Minimum Earned Acreage for the First Earning Well as defined under the RFA.

  • The CE Power notice shall also include CE Power's proposal for the Minimum Earned Acreage (defined by the aerial extent of the prospect as mapped delineated by the lowest closing contour or by a defined hydrocarbon contact determined by a well penetration whichever is deeper) to be earned by CE Power in connection with the First Earning Well.

  • The GZA shall mean the geographical area detailed in Schedule 1 (excluding the Minimum Earned Acreage for the First Earning Well as defined under the RFA).

  • If CE Power has fully performed its obligations under Clauses 4 and 6, then on or before the earlier of: (a) 50 Days after the Second Earning Well has reached Total Depth, or (b) December 15, 2003 ("Due Date Two") CE Power shall give notice to FX ("Final Earning Notice") of its decision whether or not to retain its interest in the Contract Area outside the Minimum Earned Acreage surrounding the First Earning Well and the Second Earning Well.