STW Completion Time definition
STW Completion Time. Ridgewood's share of costs, risks, expenses and liabilities incurred after such STW Completion Time shall be an undivided eight and five one hundredths percent (8.05%) with respect to the Second Test Well, subject to the terms of this Agreement and the Operating Agreement. In the event Ridgewood disagrees with BP's Shallow Depth Estimate, Ridgewood shall provide BP with written notice of such disagreement within three (3) days of Ridgewood's receipt thereof. Upon receipt of such written notice from Ridgewood, the Parties shall enter into good faith negotiations and attempt to agree on such Shallow Depth Estimate. In the event the Parties cannot agree on a Shallow Depth Estimate within two (2) days of Ridgewood's notice, the Parties shall mutually agree on and employ a drilling consultant to resolve the matter and determine a Shallow Depth Estimate. The determination by the drilling consultant shall be conclusive and binding upon both Parties. The cost of the drilling consultant shall be borne fifty percent (50%) by Ridgewood and fifty percent (50%) by BP.