Definition of Post-Casing Point


Post-Casing Point means such time as the Test Well for a Prospect has been drilled to the Objective Depth, logged, evaluated and tested and either (a) plugged and abandoned as a dry hole (including removal of equipment and restoration of the leased premises) or (b) completed for initial production of hydrocarbons, including setting production casing, perforating the casing, stimulating the well and conducting production tests, installing, as applicable, caissons, well protectors, platforms, flowlines, pipelines, production facilities and all other equipment and facilities necessary to obtain production of hydrocarbons from the Test Well (or any substitute therefore) and actual production of hydrocarbons has commenced.

Examples of Post-Casing Point in a sentence

Post Casing Point Payout shall not include the costs to drill, test and evaluate the Test Well.
If at Casing Point, COI, pursuant to the Operating Agreement, elects to temporarily abandon or to plug and abandon the Test Well and COE elects to participate in a different operation, COI shall not be responsible for costs and expenses attributable to COE's Carried Interest accruing thereafter to Post-Casing Point.
In the event a well is proposed subsequent to the initial Test Well but prior to Post Casing Point Payout, REX shall have the option to participate in said well with 22.5% working interest pursuant to the terms and conditions of the Operating Agreement provided in Article V.
With respect to the drilling of the Test Well, REX shall be entitled to an undivided 10% of 100%, being 10%, working interest (including record title and operating rights) free and clear of all costs and expenses associated with the Test Well until Post-Casing Point (such undivided 10% interest until Post-Casing Point is referred to hereafter as the "Carried Interest").
If at Casing Point, COI, pursuant to the Operating Agreement, elects to temporarily abandon or to plug and abandon the Test Well and REX elects to participate in a different operation, COI shall not be responsible for costs and expenses attributable to REX's Carried Interest accruing thereafter to Post-Casing Point.