Rig Unavailability definition
Rig Unavailability means with respect to any Party (where relevant) that such Party has made a reasonable commercial effort but has been unable to enter into a contract for a suitable drilling rig that meets all of the following conditions: (i) designed, equipped, and staffed to operate in the environment in which it will be operating; (ii) designed to safely, effectively and efficiently drill to the minimum agreed depth of the applicable well; (iii) capable of performing such functions and other activities as may be reasonably necessary or desirable in connection with the drilling, logging and testing of such well; (iv) available to be on the well location within the Area to commence drilling operations within thirty (30) days of the date specified for the commencement of such drilling operations in the work program and budget approved in accordance with provisions of the JOA; and (v) may be leased under the generally accepted terms and conditions of an international drilling rig contract and providing for a contract lease rate which is not in excess of the prevailing rate for such rigs, including charges for mobilization and demobilization. Rules has the meaning set forth in Section 14.2.3.1.
Rig Unavailability means that Syntroleum has made a reasonable commercial effort but has been unable to enter into a contract for a suitable drilling rig by the date that is one hundred and twenty (120) days before the one year anniversary date of the Approval Date that, in accordance with good international petroleum industry practices and standards, meets all of the following conditions: (a) designed, equipped, and staffed to operate in the environment in which it will be operating; (b) designed to safely, effectively and efficiently drill to the minimum agreed depth of the Initial Well, Second Well or Additional ▇▇▇▇▇, as the case may be; (c) capable of performing such functions and other activities as may be reasonably necessary or desirable in connection with the drilling, logging and testing of the ▇▇▇▇▇; (d) available to be on the well location within the OML 113 Lease to commence drilling operations within thirty (30) days of the date specified for the commencement of such drilling operations in the work program and budget approved in accordance with provisions of the JOA; and (e) may be leased under the generally accepted terms and conditions of an international drilling rig contract and providing for a contract lease rate which is not in excess of the prevailing rate for such rigs, including charges for mobilization and demobilization.
Examples of Rig Unavailability in a sentence
The obligation of Syntroleum to commence or cause to be commenced the drilling of the Second Well may be extended by reasons of Force Majeure, Rig Unavailability or Governmental Delay.
In addition, the obligation of Syntroleum to commence or cause to be commenced the drilling of the Initial Well may be extended by reasons of Force Majeure, Rig Unavailability or Governmental Delay.
In addition, the obligation of Syntroleum and the Farmees to commence drilling the Initial Well may be extended by reasons of Force Majeure, Rig Unavailability or Governmental Delay.
The obligation of Syntroleum and the Farmees to commence the drilling of the Second Well may be extended by reasons of Force Majeure, Rig Unavailability or Governmental Delay.