Objective Depth definition

Objective Depth means 17,370 feet measured depth, 15,100 feet true vertical depth, or to a depth sufficient to test the 12,800’ sands and the 14,800’ sands, whichever is the shallower.

Objective Depth means a depth sufficient to test the lesser of the Objective Horizon or the specific footage depth stated in the AFE and approved by the Participating Parties.

Objective Depth means a true vertical depth of at least 14,900 feet true vertical depth (15,706’ measured depth), or to a depth sufficient to test the Lentic 1 section, as defined hereinafter, whichever is deeper. For the purposes of this Agreement, the Lentic 1 section shall be deemed drilled to a sufficient depth when the IEW has been drilled to a depth sufficient to evaluate the seismic trough amplitude event observed at 4.250 seconds on Inline 1777 and Crossline 2071 of the TGS Diamond 3-D Seismic Survey. Such Lentic 1 section is also identified as the stratigraphic equivalent of the Lentic 1 section found in the Conoco OCS_G 5093 #1 well located in Green Canyon Block 142 at the interval from 14190’ to 14830’ true vertical depth.

Examples of Objective Depth in a sentence

• Any substitute well for, and all operations at Objective Depth conducted in or through the well bore of that well shall be deemed [Complete the following blank in the same manner as the previous blank in this Article 11.6, that is, with “Appraisal” or “Development.”] ____________________ Operations, and shall be proposed, approved, and conducted accordingly.

• A proposal to conduct Development Operations in a Producible Reservoir requires the unanimous agreement of the Parties, unless the proposing Party designates the Producible Reservoir as an Objective Depth or completion zone in the proposal.

• The Hydrocarbon Recoupment amount for all Exploratory Operations conducted as Non-Consent Operations, down to the Objective Depth of the first Exploratory Well is the Non-Participating Interest Share of the Costs of the Exploratory Operation multiplied by ___________ percent (____%).

• If Article 8.3 (Second Opportunity to Participate) or Article 8.4 (Participation by Fewer Than All Parties), or both, apply to any Election in Article 11.2 (Appraisal Operations at Objective Depth), then the response period in those articles shall be twenty-four (24) hours (inclusive of Saturdays, Sundays, and federal holidays) instead of forty-eight (48) hours (exclusive of Saturdays, Sundays, and federal holidays).

• If Article 8.3 (Second Opportunity to Participate) or Article 8.4 (Participation by Fewer Than All Parties), or both, apply to any Election in Article 10.2 (Exploratory Operations at Objective Depth), then the response period in those articles shall be twenty-four (24) hours (inclusive of Saturdays, Sundays, and federal holidays) instead of forty-eight (48) hours (exclusive of Saturdays, Sundays, and federal holidays).

More Definitions of Objective Depth

Objective Depth means the projected total depth of the well as defined in the drilling proposal of the party or parties proposing the drilling of such well.

Objective Depth means a depth adequate to test the Ellenburger formation anticipated to be encountered at the 8,400’ foot depth, Xxxxxx formation anticipated at the 7,700-7,900’foot depth, and the Wolfcamp formation anticipated to be encountered at approximately the 6,200’ foot depth.

Objective Depth means the total depth of an Initial Test Well or Substitute Well(s) as specified the formal drilling AFE for such well for each Prospect as shown on Exhibits "A" and "B".

Objective Depth means the objective total depth of an Initial Test Well or substitute well as specified in the AFE for such well as proposed in accordance with the provisions of this Agreement.

Objective Depth means, for any well, the shallower of the total footage to be drilled (as measured in true vertical depth) or the penetration by the drill bit of a depth sufficient to test to the stratigraphic equivalent of the base of the deepest target formation or interval. Said depth, formation or interval (together with a bottomhole location) shall be set forth in the proposed Well Plan and AFE.

Objective Depth means a depth adequate to test the Upper Clearfork & Lower Clearfork formations, anticipated to be encountered at a depth of approximately 4400’ feet, but in no event a depth greater than 5100 feet.

Objective Depth the objective depth in the ITW for the purposes of this Participation Agreement is defined as the depth at which the well encounters and sufficiently tests the Marg "A" sand, subsurface objective interval, defined as 16,517 feet total vertical depth as described in the AFE and Well Plan identified in Sections 1.1 and 1.2 above.