Test Well definition
Examples of Test Well in a sentence
If the well is successfully completed for the production of petroleum substances, the non-participating Party shall assign to the completing Party all of its right, title and interest in and to the zone(s) so completed in the Test Well spacing unit.
Ridgewood agrees to bear a disproportionate share of drilling costs associated with the Test Well (defined in Article 4 hereinbelow) in order to earn an interest in the Contract Area, pursuant to the terms and conditions of this Agreement.
Any such substitute well drilled hereunder shall, upon its commencement, thereafter be deemed the Test Well.
Each Test Well shall be drilled to the total depth listed in the Authority for Expenditure (“AFE”) for such Test Well, or a depth sufficient to test the stratigraphic equivalent of the formation listed in AFE for such Test Well, whichever is lesser (“Objective Depth”).
The AFE for each Test Well is estimated to be as follows: $19,400,000.00 for the Redacted Test Well; and, $9,400,000.00 for the Redacted Test Well; and, $14,700,000.00 for the Redacted Test Well.