Subject Well AFE definition
Subject Well AFE means, with respect to a Subject Well, an Authorization for Expenditure identifying such well as a Subject Well and setting forth AEE's best estimate of the total Costs of Drilling and Completing such Subject Well, together with a specific description of the surface location, a wellbore diagram and a calculation of the Costs of Drilling and Completing such Subject Well.
Examples of Subject Well AFE in a sentence
At the point when costs exceed 120% of any Subject Well AFE, the Parties agree that all costs shall be borne on a “heads up” basis with USG and AEE each being responsible for any additional costs incurred in proportion to their respective working interest on an after Payout basis.
The Parties agree, however, that the Subject Obligation shall not apply in the event, and to the extent, costs exceed 120% of any Subject Well AFE.
In connection with any Subject Well AFE, AEE agrees to provide any additional information regarding the Subject Well that is reasonably requested by USG.