Carried Working Interest or “CWI” shall mean an agreement between Yuma and other participants in the well where one or more participants agree to pay a disproportionate amount of Yuma’s costs in a Seismic Project, the drilling and/or completion costs of a well(s), or a combination of both.
Carried Working Interest means that with regard to the initial two (2) xxxxx on the Sanjawi Block and the initial three (3) xxxxx on the Zamzama North Block (each known as a “Carried Well”), all of the costs attributable to concession work programs, seismic, road preparation to drillsites, drillsite pad preparation, rig and equipment mobilization, drilling and/or reworking, testing, logging, completion and governmental fees (except taxes on production) [collectively, the “Carried Costs”] shall be borne solely by Hycarbex. The burdens upon the revenues attributable to AEGG’s Carried Working Interests shall be limited to a proportionate 2-1/2% of the royalty payable to the President of Pakistan. After first Discovery in each Block (as defined in the applicable Petroleum Concession Agreement for each Block), AEGG shall also bear its proportionate part of any infrastructure cost items such as pipelines and surface facilities related to the Discovery Well, but the Carried Costs shall continue to be borne by Hycarbex until the requisite number of Carried Xxxxx have been drilled (i.e. 2 xxxxx on Sanjawi Block and 3 xxxxx on Zamzama North Block). After the required number of Carried Xxxxx have been drilled on a particular Block, all future costs incurred on that particular Block, including the drilling and completion costs as to subsequent xxxxx, shall be shared proportionately by the participating working interest owners in that Block, including AEGG, unless AEGG has converted to a royalty in a particular well as described in paragraph 2 herein. AEGG shall also bear its proportionate part of any taxes upon production obtained from the Blocks and such taxes shall not be considered Carried Costs. Hycarbex and AEGG stipulate and agree that the working interests purchased by AEGG shall apply to all xxxxx drilled on the respective Blocks, irrespective of the drilling operator, but shall only be carried as to the Carried Costs with respect to the limited number of Carried Xxxxx described above. The interests assigned to AEGG shall likewise apply to any modification of the concession Blocks involving a re-naming, re-numbering or acreage adjustment by the Government of Pakistan undertaken during the existing Concession Agreement terms. AEGG, at its election, may register its working interest with the Pakistan Government by satisfying all government imposed registration requirements, including financial bonding. Hycarbex stipulates and agrees that the transfer, in any manner, of its working inter...
Carried Working Interest means and refer to an undivided leasehold interest in a Lease Tract which shall be free of Drilling Costs and Completion Costs for all wells drilled and completed on xxxx Lease Tract for production from the Barnett Shale formation.
Examples of Carried Working Interest in a sentence
The Court understood the testimony to mean that the clerk informed Talone the Assignment of Carried Working Interest could not be filed in the real property records without this information.
The Carried Working Interest to which Royalty Holder is entitled in a Lease shall be assigned to Royalty Holder by Operator, using the form of assignment attached hereto as Exhibit B, which assignment shall be delivered to Royalty Holder within thirty days of the recording of the particular Lease in the county records of the applicable county.
Talone argues this does not affect the validity of the Assignment of Carried Working Interest, however, as Anloc already should have assigned these interests pursuant to the Sharing Agreement.
In the adversary proceeding’s amended petition, Talone only requested a declaratory judgment that it received a conveyance of equitable title to a portion of the oil and gas interests pursuant to the Sharing Agreement (not the Assignment of Carried Working Interest).
Uma Mandavgane, an Independent Director as Chairperson and Mr. Vishal Malhotra, Independent Director and Mr. Mukund Galgali Non-Executive Director as Members.
More Definitions of Carried Working Interest
Carried Working Interest means Xxxxx’s commitment to cover, pay for and be liable for one hundred percent (100%) of all Seller Costs attributable to the Seller Reserved Interest during the Carry Period. The “Carry Period” is the Effective Date of this Agreement through the date that the Seller Costs attributable to the Seller Reserved Interest total twenty-million dollars ($20,000,000.00) (the “Carry Amount”). “Seller Costs” are all capital costs, including costs relating to project exploration, appraisal, development, of drilling, completing, and equipping any and all xxxxx to the extent that such costs are chargeable to or payable by Seller under the Joint Operating Agreement attached hereto as Exhibit “B,” naming Buyer as the Operator (the “JOA”). Monthly lease operating expenses (including without limitation rental payments, lease maintenance payments and title curative expenses and payments) (“XXX”) shall not be considered Seller Costs and shall be accounted as per Exhibit “C” attached to the JOA. During the Carry Period, XXX shall be netted against revenue. In the event that there is not sufficient revenue to cover XXX during a particular month, then during the Carry Period, any negative XXX will be carried forward to the next operating month and offset against future net revenue until the cumulative negative XXX is fully offset. Buyer has the option to apply a portion or all of the negative XXX to the outstanding Carry Amount. Following expiration of the Carry Period, Seller shall be liable for all costs and expenses under the JOA attributable to its working interests.
Carried Working Interest means that the Assignor shall bear the Carried Costs (defined below) attributable to Assignee’s Wellbore Interest prior to the point of delivery of production from the Wellbore to the tanks for oil and to the first meter on the wellsite for gas. The term “Carried Costs” shall include, but are not be limited to, all costs incurred by Assignor for the drilling, completing, reworking, sidetracking, deepening, recompleting, plugging back, and equipping the Wellbore.
Carried Working Interest means a percentage of the Company’s right, title, and interest, in and to certain wellbore(s), together with all right, title and interest in and to all the personal property, fixtures, improvements, well equipment, casing, tubing, tanks, pumps, motors, machinery, appurtenant to or used in connection with such wellbore(s), it being understood that the Company shall bear, until such time as production is established, all costs incurred by the Company for the drilling, completing, reworking, sidetracking, deepening, recompleting, plugging back, and equipping such wellbore prior to the point of delivery of production from the Wellbore to the tanks for oil and to the first meter on the wellsite for gas.
Carried Working Interest through the tanks" to AFPI upon every wellbore drilled after it each said wellbore has generated $500,000.00 of revenues to the benefit of Petrogen.
Carried Working Interest shall have the meaning ascribed to such term in the Assignment.
Carried Working Interest. As to the interest being assigned from Assignor to Assignee, Assignee shall be entitled to a Carried Working Interest in the Wellbore. The term “Carried Working Interest” means that the Assignor shall bear the Carried Costs (defined below) attributable to Assignee’s Wellbore Interest prior to the point of delivery of production from the Wellbore to the tanks for oil and to the first meter on the wellsite for gas. The term “Carried Costs” shall include, but are not be limited to, all costs incurred by Assignor for the drilling, completing, reworking, sidetracking, deepening, recompleting, plugging back, and equipping the Wellbore.
Carried Working Interest. A Carried Working Interest shall not be required to bear any part of the Expenditures attributable to Seller’s Working Interest; provided, however, that Seller shall be responsible for all costs attributable to the Seller’s Working Interest that are not Expenditures. Upon the termination of the Acquisition Period, the Seller’s Working Interest shall no longer be a Carried Working Interest and shall bear its share of Expenditures as well as its share of Lease Operating Expenses, as that term is defined below.