SHARING WITH GMX Sample Clauses

SHARING WITH GMX. If PVOG engages an additional rig for drilling in Part B with the concurrence of GMX, PVOG shall: (1) declare one of the drilling rigs to be the "Second Rig" under the terms of the Agreement, as amended, and (2) make the Second Rig available for use by GMX for drilling operations in Phase III on a one to one basis, i.e. for every well that PVOG uses the Second Rig for drilling operations under the terms of the Agreement, if GMX is ready, able and willing to use the Second Rig, it may make use of the Second Rig for the drilling of one well in Phase III. Five (5) days prior to reaching total depth on the well preceding GMX's option to use the Second Rig, GMX shall: (1) give PVOG written notice of its election to use the second rig and (2) enter into a single well or a multiple well (if GMX has elected to bank locations as provided below) drilling contract with the rig contractor on terms acceptable to both GMX and the rig contractor, which terms shall be no less favorable to GMX than the terms available to PVOG, save and except any financial requirements prescribed by the rig contractor. During the time a rig is used by GMX, PVOG will have no financial or other responsibility to the rig contractor for such utilization. Both PVOG and GMX shall have the right to bank up to three (3) well locations to be drilled with the Second Rig at a later date if either party elects to do so.
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Related to SHARING WITH GMX

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