Production Unit definition
Examples of Production Unit in a sentence
In the event vacation shutdowns are scheduled in any Production Unit such shutdowns shall be of a two consecutive week period and will be within a ten (10) week period including July and August.
Upon completion of a producible exploratory well, the Development Plan, if not already provided to the Lessor, shall be submitted thirty (30) calendar days prior to any further drilling permit applications or formation of the Production Unit.
The direct and indirect production and operating expenses attributable to a Production Unit which is in the process of commencing production shall not be included in the determination of Operating Cost Per Pig, and shipments of pigs attributable to such Production Unit shall not be included in Pigs Shipped, until such Production Unit has completed one entire month of full production, shipping pigs in each week thereof.
Within fifteen (15) calendar days after the anniversary of the Lease Date when a producing well is shut-in or suspended from operation for a period greater than 180 continuous calendar days, the Lessee shall pay to the Lessor, for each acre of the leased premises located within the established oil and/or gas Production Unit, a sum equal to the rental rate applicable under the terms of C(1b).
The precise relative sensitivity coefficient of each Controlling Production Unit is specified in Appendix 1 to this Contract.