Initial Additional Prospect Well Sample Clauses

Initial Additional Prospect Well. If the electing Party timely exercises its right to participate in an Additional Prospect, once the Parties have secured adequate Leasehold Assets and/or Oil and Gas Properties to proceed with the drilling of an initial well (“Initial Additional Prospect Well”) the proposing Party shall submit to the electing Party a well proposal (“Initial Additional Prospect Well Proposal”) including the proposed surface and bottom hole locations, the anticipated depth and target formation, the proposed drilling commencement date and an updated AFE setting forth the estimated total costs to drill such Initial Additional Prospect Well to casing point and to complete it into the tanks or line.