Definition of TEA Interest


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.
Sample 1

Examples of TEA Interest in a sentence

Upon receipt of the funds, Operator will assign Gulf within seven (7) days a two and one-half percent (2.5%) Block XXIV Participating Interest and a two percent (2%) TEA Interest by means of a Deed of Assignment substantially in the form of Exhibits A and B.
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.
This termination and voiding does not permit or entitle Gulf to the return of any funds transferred to Operator pursuant to the Agreement and Gulf stipulates and agrees that Upland may retain those funds in return for the Retained Block XXIV Participating Interest and the Retained TEA Interest and the consideration given herein.