Required Well definition

Required Well means a well which is required to be drilled by the terms of any lease or other agreement affecting the lands upon which such well is to be drilled in order to earn acreage or depths from a third party or to prevent the termination or relinquishment of all or any portion of a lease. A prospective well shall be deemed a Required Well at that point in time when less than six (6) months remain in which to commence such well in order to earn or prevent termination or relinquishment of the applicable portion of the lease, or the contractual right to earn the same.
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Required Well means a well required to be Drilled by a final order of the Authorized Officer, as discussed in Article 10, but shall not include an Annual Required Well as defined above.
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Examples of Required Well in a sentence

  • The payment shall be chargeable to and borne by the Parties that would be obligated to bear the Costs of the well if the well were Drilled as a Required Well under Subdivision B of Section 10.4.

  • If the Required Well is a Subsequent Test Well, the Parties shall join in termination of the Unit Agreement in accordance with its provisions.

  • For the purpose of this Article, a well shall be deemed a Required Well if the Drilling thereof is required by a final order of the Authorized Officer.

  • If the notice is given within the period, Unit Operator shall Drill the Required Well for the account of the Party or Parties giving the notice; provided, however, if the Required Well is a Development Well, it shall not be Drilled unless it receives the Approval of the Parties within the participating area involved.

  • Within three (3) business days following Range’s receipt of the both the First and Second AFE Payment for each Required Well, Range will assign to LJM forty three and seventy-five hundredths percent (43.75%) of Range’s interest in that Required Well by executing a ▇▇▇▇ of Sale and Assignment in form substantially similar to the document attached hereto as Exhibit E.

  • If the notice is given within the period, Unit Operator shall Drill the Required Well for the account of the Party or Parties giving the notice; provided, however, if the Required Well is a Development Well, it shall not be Drilled unless it receives the Approval of the Parties within the Participating Area involved.

  • Any Party desiring to Drill, or to participate in the Drilling of, a Required Well shall give to Unit Operator notice thereof within 30 days after the order requiring the well becomes final or within such lesser time as may be required to insure compliance with the order.

  • In the event FXEN and APACHE elect to carry POGC's interest in a well in order to earn into POGC's Ciecierzyn exploitation area, whether or not such carried well is the First Phase Required Well in the Gasex Usufruct Area, the cost of such carried interest shall be borne equally by APACHE and FXEN.

  • In such event, the Required Well and the acreage earned or preserved thereby shall be excluded from the AMI, excluded from the Contract Area of the applicable JOA, and shall no longer be subject to the terms and conditions of this Agreement.

  • The AFE for each Required Well will include the Prospect Fee for that Well.