Definition of TEA Interest

  1. TEA Interest means: (i) an undivided percentage of the rights and obligations of the Company under the TEA Agreement, and (ii) the rights and obligations under the JOA attributable to said percent, all subject to a proportionate part of the TEA Override and the Pollack Net Production Interest together with any subsequent override, profits interest, or other interest granted by Gulf in good faith to third parties in order to explore or develop the TEA Area.

Examples of TEA Interest in a sentence

  1. Upon receipt of the funds, Operator will assign Gulf within seven (7) days a five percent (5%) Block XXIV Participating Interest and a four percent (4%) TEA Interest by means of a Deed of Assignment substantially in the form of Exhibits A and B.

Definition of TEA Interest in Settlement Agreement

TEA Interest means: (i) an undivided percentage of the rights and obligations of the Company under the TEA Agreement, and (ii) the rights and obligations under the JOA attributable to said percent, all subject to a proportionate part of the TEA Override and the Pollack Net Production Interest together with any subsequent override, profits interest, or other interest granted by Gulf in good faith to third parties in order to explore or develop the TEA Area.