Additional Xxxxx. Seller will continue to update Buyer with area developments and production statistics as requested during and the validity of this Agreement as to the Property and other opportunities made available by Seller since it is contemplated Buyer may purchase, as to additional properties beyond Exhibit A, additional Working Interests which will be priced on a per prospect basis and working interest terms and other terms as set forth herein, potentially, without guarantee, of up to $50 million in additional purchase payments to Seller. In this regard, as the parties will confirm by amendment to this Agreement, the terms hereof will apply to said additional pursuits. The potential gas xxxxx for each additional project will be discussed and agreed by both parties. Full geological reports and estimated reserve reports will be made available prior to concluding the choices. Xxxxx will be selected by Buyer from those available in the XxXxxx county area and available from Seller’s portfolio of leases containing xxxxx. Xxxxx with the highest estimates at the time will be chosen in conjunction with the recommendation from Seller in respect of ease of operation. This paragraph relates to potential future prospects.
Additional Xxxxx. After the drilling of the Test Well, Vanguard may, thereafter, continue to drill xxxxx on said land, each of which shall be drilled upon the same conditions and subject to the same requirements as the Test Well, all of which shall be drilled at locations of Vanguard’s choice upon said land.
Additional Xxxxx. 1) If the Initial Well or a Substitute Well is drilled and then plugged and abandoned as a dry hole, and you have complied with all the terms and provisions of this agreement, then you shall not earn any interests as a result of drilling such well(s), but you shall have the right to earn other farmout interests, on a well-by-well basis, by drilling an additional well(s) at a mutually agreeable, regular location on the Farmout Area, if not more than one hundred eighty (180) days elapse between the date the Initial Well or Substitute Well is plugged and abandoned as a dry hole, or the date of primary rig release, whichever is earlier, and the date you actually spud such additional well(s). The additional well(s) shall be drilled pursuant to all the terms and provisions of this agreement for the Initial Well and, if the additional well is capable of producing oil and/or gas in paying quantities, you will earn a conveyance as provided above for the Earning Well.
2) In the event you complete an Earning Well, and you have complied with all terms and provisions of this agreement, then you shall have the option to earn the balance of the Farmout Area, on a well-by-well basis, by drilling an additional well(s) at a mutually agreeable, regular location on the Farmout Area, with such additional well(s) to be commenced within one hundred eighty (180) days after the completion date of the last well drilled as reported to the applicable regulatory agency, or the date of primary rig release, whichever is earlier. Each such well shall be subject to all the terms and provisions applicable to the drilling of the Initial Well and, if the additional well is capable of producing oil and/or gas in paying quantities, you will earn a conveyance as provided above for the Earning Well.
Additional Xxxxx. Each well spudded after the Initial Well shall be referred to as an “Additional Well”. FARMEE may elect to drill Additional Xxxxx at locations of FARMEE’S choice, but until the assignment of fifty percent (50%) of FARMOR’s interest in the Leases within the Farmout Area as stated in Article IV.E., each Additional Well must be spudded not later than one-hundred twenty (120) days after the rig release of the previous well. There shall be no requirement to attempt a completion of the Initial Well or any Additional Well. Failure of FARMEE to commence any xxxxx hereunder as required shall not result in any penalty to FARMEE other than the termination of FARMEE’S right to earn additional interests in the Leases which have not been previously earned pursuant to this Agreement.
Additional Xxxxx. In the event that Buyer is required by the Department of Natural Resources or the Department of Environmental Quality of the State of Louisiana to construct or install additional water injection xxxxx with respect to its Mermentau, Bourg or Xxxxxxx Island facilities prior to December 31, 1999, Sellers shall reimburse Buyer for its reasonable and documented expenses incurred in connection with such construction or installation; including compressors or other related equipment; PROVIDED, HOWEVER, that the total of all such expenses to be reimbursed by Sellers shall not exceed $1,600,000.
Additional Xxxxx. On or before the 15th Day of each Month, Producers, if a Producer or an Affiliate of a Producer is the well operator, will provide to Gatherer a report that provides: (a) good faith estimates of the expected spud dates, rig release dates, and dates for connection to the System of Dedicated Xxxxx during the ** Month period following the Month in which the report is provided (“Additional Xxxxx”), with the understanding that if data for ** Months is not available, Producers will provide as much data as is available and will provide the additional data as soon as it is available and with the further understanding that in no event will Producers provide the required information for less than ** Months following the Month in which the report is provided; (b) the location of each of the Additional Xxxxx and their respective pads; and (c) actual dates of the commencement of operations which occurred in the immediately prior Month. Gatherer will connect such Additional Xxxxx in the manner provided in Exhibit F.
Additional Xxxxx. Any request by Producers for Gatherer to connect the pad location for an Additional Well to the System (a “Connection Request”) will be in writing and will contain Producers’ best estimate of the date of first production for such specified Additional Well. Gatherer will elect whether or not to connect the Additional Well to the System by written notice to Producers no later than ** Days after Gatherer receives a written Connection Request.
Additional Xxxxx. Save and except the operations performed on the Rosablanca - 1 Well as of the Effective Date, all additional development under the Rosablanca License, including any new completion of the Rosablanca -1 Well by the Parties shall be performed and funded in accordance to each Party’s interest in the Rosablanca License, pursuant to this Agreement.
Additional Xxxxx. The Partnership has been organized for the principal purpose of drilling, re-entering, recompleting and testing up to 18 prospects containing up to 26 well locations, as described in Exhibit A to the Offering Memorandum. TVOG, as operator, will designate areas of mutual interest ("AMI") in and around the various projects commencing with the date of formation of the Partnership and ending December 31, 2007. If TVOG or its affiliates determines that any prospect within the AMI should be developed in addition to the prospects named in Exhibit A to the Offering Memorandum, it will offer Investor Partners individually (and not as Investor Partners) the opportunity to participate in such additional operations, on the terms provided in Article VI of the joint operating agreement for each such prospect and AMI.
Additional Xxxxx. Additional xxxxx may be drilled on the Designated Unit and will be subject to the terms and conditions of this Farmout Agreement.
