Option Well definition

Option Well means the well or xxxxx, in addition to the Test Well, that the Farmee has the option to drill, pursuant to clause 6 entitled ROLLING OPTION WELL(s) of the Head Agreement, to earn a Working Interest in the Farmout Lands and/or the Option Lands, as the case may be;
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Option Well has the meaning set forth in Section 4.1;
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Option Well shall have the meaning given to such term in Section 3.1(c)(1).
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Examples of Option Well in a sentence

  • If Farmor is successful in obtaining such a third party, Farmor will use reasonable efforts to have Farmee’s costs incurred to prepare the Option Well surface location reimbursed to Farmee by such third party and facilitate assumption of associated surface documentation by such third party, if required.

  • Failure to elect by Farmee shall be deemed to be an election not to drill the Option Well.

  • In the 2019 balance a retention amount of 5 MEUR was included related to the sale of the Spectrum project.

  • In clause 8(a) Option Lands – Block I shall be included in the lands to be earned by Farmee by virtue of Farmee paying Farmor’s costs for the Option Lands – Block I, Option Lands – Block II together with fulfillment of the Option Well obligations as outlined in clause 8(a).

  • The grouping and validation provisions that apply to the Test Well in clause 3(e) herein also apply to the grouping and validation of the Option Lands – Block II and, if applicable, Option Lands – Block I by virtue of drilling the Option Well.

  • When Burlington drills to its Objective Depth and completes either the Second Unit Obligation Well or an Option Well in a section where it has not previously earned a Lease or Interest, whether as a producer or as a dry hole, the Participants will assign to Burlington 100% of their working interest and operating rights below the Base of the Fort Union Formation in all Leases covering the section in which such well was drilled, but only to the extent that such Leases cover lands in that section.

  • The said four (4) sections shall be selected with fourteen (14) days of rig release of the Option Well, which selection must conform to the Department of Energy Regulations governing lease selection from a PNG License.

  • The following chart outlines the recruitment process for Sub-council members, giving more ownership to the Sub-council Chairs while ensuring that staff and other key stakeholders are kept adequately informed.

  • In respect of each Option Well which Farmee wishes to drill, Farmee must elect to drill the next Option Well by giving notice to Farmor within 90 days of rig release of the most recently drilled Option Well.

  • In the event Farmee so elects, the Option Well shall be Spud within 30 days of Farmee's election to drill, subject to surface access and rig availability.


More Definitions of Option Well

Option Well as set forth in Section 1.1(s) of the Agreement shall be amended to mean the Hardy 3D14-17-3A3-17-4-21 Well.
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Option Well. - means a Well Drilled by the Farmee on an Option Area;
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Option Well means, if applicable, any well in addition to the Test Well that the Farmee has the option to drill pursuant to the Head Agreement to earn a Working Interest.
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Option Well means any gas well drilled under Article IX hereof as part of the Development Program.
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Option Well. - means a Well drilled by the Farmee on an Option Area;
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Related to Option Well

  • Exploration Well means a well that is not a development well, a service well or a stratigraphic test well.

  • Dry well means a type of infiltration practice that allows storm water run-off to flow directly into the ground via a bored or otherwise excavated opening in the ground surface.

  • Shallow well means a well located and constructed in such a manner that there is not a continuous layer of low permeability soil or rock (or equivalent retarding mechanism acceptable to the department) at least 5 feet thick, the top of which is located at least 25 feet below the normal ground surface and above the aquifer from which water is to be drawn.

  • Development Well means a well drilled inside the established limits of an oil or gas reservoir, or in close proximity to the edge of the reservoir, to the depth of a stratigraphic horizon known to be productive.

  • Test Well means a well constructed for the purpose of obtaining information needed to design a well prior to its construction. Test wells are cased and can be converted to observation or monitoring wells and under certain circumstances to production wells

  • Option Period means the period during which an Option may be exercised.

  • Oil well means any well capable of producing oil or oil and casinghead gas from a common source of supply as determined by the commission.

  • Deep well means a well located and constructed in such a manner that there is a continuous layer of low permeability soil or rock at least 5 feet thick located at least 25 feet below the normal ground surface and above the aquifer from which water is to be drawn.

  • Injection well means a well into which fluids are injected. (See also “underground injection”.)

  • Option means a stock option granted pursuant to the Plan.

  • Exploratory Well means a well that is not a development well, a service well or a stratigraphic test well.

  • service well means a well drilled or completed for the purpose of supporting production in an existing field. Wells in this class are drilled for the following specific purposes: gas injection (natural gas, propane, butane or flue gas), water injection, steam injection, air injection, salt water disposal, water supply for injection, observation or injection for combustion.

  • Horizontal well means a well bore drilled laterally at an angle of at least eighty (80) degrees to the vertical or with a horizontal projection exceeding one hundred (100) feet measured from the initial point of penetration into the productive formation through the terminus of the lateral in the same common source of supply.

  • Plan Area means the geographic area analyzed in the HCP/NCCP, located in the eastern portion of Contra Costa County, as depicted in Figure 1-1 of the HCP/NCCP. The Plan Area is further described in detail in Chapter 1.2.1 of the HCP/NCCP. The Plan Area is also referred to as the “Inventory Area” in the HCP/NCCP.

  • stratigraphic test well means a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Ordinarily, such wells are drilled without the intention of being completed for hydrocarbon production. They include wells for the purpose of core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic test wells are classified as (i) "exploratory type" if not drilled into a proved property; or (ii) "development type", if drilled into a proved property. Development type stratigraphic wells are also referred to as "evaluation wells".

  • Option 3 [ ] A Participant satisfies the Plan's Early Retirement Age conditions by attaining age ________ (not less than 55) and completing ________ Years of Vesting Service.

  • Option Notice has the meaning set forth in Section 5.2(a).

  • First Option has that meaning set out in Section 3.1 (a);

  • Purchase Option Period As defined in Section 9.03(a) hereof.

  • Gas well means a well producing gas or natural gas from a common source of gas supply as determined by the commission.

  • Share Option means a Nonqualified Share Option or an Incentive Share Option.

  • Option Style “Modified American”, as described under “Procedures for Exercise” below Option Type: Call Buyer: Counterparty Seller: Dealer

  • Option Contract means a standardised contract the effect of which is that a person acquires the option—

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Shoe Option means the Initial Purchasers’ option to purchase up to seventy five million dollars ($75,000,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement.