Rig Release definition

Rig Release means that time when Operator provides notice to Contractor that all of the Work on the last Designated Well is ended and Operator’s Items have been offloaded from the Rig, and the Rig is underway at least one thousand feet (1000’) from the location of the last Designated Well.
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Rig Release means when the rig and other Constructional Plant has completed Lihir Gold Limited Contract No LGL-MO-0107 Provision of Geothermal Coring Services Part IV : Specification operations on a well and is deemed by the Principal’s Representative to be no longer required for operations and can be dismantled and moved away from the well pad. The time of rig release shall be entered on to the daily drilling report.
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Rig Release means the point in time at which the Parties cease incurring costs to the drilling contractor in respect of the Mariner Test Well provided that if a delineation well is drilled from the same surface location as the Test Well then in such event “Rig Release” shall mean the point in time that the repositioning of the rig ▇▇▇▇▇▇▇ occurs in order to drill such delineation well without moving the hull of the rig;
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Examples of Rig Release in a sentence

  • In order to exercise the Repurchase Option, Seller must give Buyer written notice of its exercise on the earlier to occur of (i) the date Seller gives notice of its election to participate in a Commitment Well under Section 7.3(b) or (ii) the sixtieth (60th) day after the Rig Release Date for the third Commitment Well that is commenced pursuant to the foregoing obligations or the Repurchase Option shall expire.

  • In order to exercise such option, Seller must (1) give Buyer written notice of its exercise within 60 days after receipt of notice of the Rig Release or such option shall expire and (2) simultaneously therewith exercise its Repurchase Option under Section 7.3(c).

  • The Moving Rate shall apply between Rig Release and Spud of the next drill site.

  • The assignment shall be effective on the first day of the month following the date on which Rig Release occurs (the “Option Exercise Date”) and shall be free and clear of any lien or encumbrance or any additional royalty burdens on the Leases arising after the Effective date.