NOTIFICATION OF PROSPECT. 3.1 During the Term of this Agreement, XXX shall endeavor to identify a Prospect underlying the Lease suitable for the drilling of a test well (“Test Well”). Upon identifying such Prospect, XXX shall provide written notice to COI of same (“Prospect Notification”) and, to the extent XXX is reasonably able, the Prospect Notification shall include, among other useful information that XXX deems appropriate, the following: • a map or plat depicting the outline of the lands included in the Prospect; and • the minimum depth interval to be drilled and tested with respect to the Test Well for the Prospect (“Objective Depth”). 3.2 XXX, upon providing COI with the Prospect Notification, shall promptly thereafter execute such governmental forms as are required in order that COI is recognized by the MMS as Operator of the Lease. 3.3 COI, upon receipt from XXX of the Prospect Notification, shall promptly thereafter tender the Prospect Fee to XXX or such other party as XXX may so designate in writing.
Appears in 1 contract
