Common use of Well Proposal Clause in Contracts

Well Proposal. a. Within thirty (30) days of full execution of this Option Agreement, Newfield shall hold a technical review meeting in its offices and provide Apache a prospect presentation, detailing Newfield's geological/geophysical evaluation of the Contract Area, including any prospect Newfield has identified and whether or not Newfield plans to drill same on the Contract Area. Said presentation shall include a review of Newfield's licensed seismic data which shall be subject to any restrictions imposed on the data to be shown to Apache by any applicable confidentiality, license or other agreement, under the terms of the Confidentiality Agreement attached hereto as Exhibit "A". b. Within thirty (30) days following the technical review, and after due consultation with Apache, Newfield may propose to Apache the drilling and evaluating of a well (the "Initial Test Well") at a location of its choice on the Contract Area to a minimum depth of 12,000' TVD, or a depth sufficient to test the equivalent shale interval as seen in the El 346 OCS-G 14482 No. 1 ST-1