Carried Working Interest definition
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. (hereinafter defined) in each of the Sanjawi Block and the Zamzama North Block. For purposes hereof, the term “Carried Working Interest” shall mean 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...
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.
Examples of Carried Working Interest in a sentence
This Assignment binds and inures to the benefit of Assignor and Assignee and their respective successors and assigns, including without limitation the application of the Carried Working Interest under the PSA and the Participation Agreement and the obligations of the Assignee with regard thereto.
Seller Costs relating to the Assets shall be deducted from the Carry Amount such that the total amount to be paid by USEG on behalf of Synergy as a Carried Working Interest relating to the Assets shall not exceed $20,000,000.
This Agreement shall be binding upon, and shall inure to the benefit of, the Parties, and their respective successors and assigns, including without limitation the application of the Carried Working Interest, the Cut Bank Revenue Interest and the obligations of the Buyer with regard thereto.
In the event Synergy is the Electing Party, and the acquisition takes place during the Carry Period, the costs of acquiring its percentage of the AMI Interests shall be included in the Seller Costs as defined in the PSA, subject to the Carried Working Interest.
Seller Costs relating to the Assets shall be deducted from the Carry Amount such that the total amount to be paid by Buyer on behalf of Seller as a Carried Working Interest relating to the Assets under this Agreement and under the Participation Agreement shall not exceed $20,000,000.
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 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 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.
Carried Working Interest means the undivided ten percent (10%) working interest in and to the Claims to be retained by Vendor or its assignee at Closing. The said ten percent (10%) working interest will be “carried” in all respects, meaning that the owners of the other ninety percent (90%) of the working interest shall be responsible and pay for one hundred percent (100%) of all costs associated with the development of the Claims through to the completion of a “feasibility study” (as that term is defined in National Instrument 43-101) and the public announcement (“Production Notice”) by the said owners that they intend to place the Claims into commercial production. Without limiting the generality of the foregoing, the Carried Working Interest holder will not be responsible for any costs incurred through all phases of exploration and development up to (but not including) construction costs for a full scale uranium mine. For certainty, the holder of the Carried Working Interest shall not be required to pay any amounts relating to exploration of the Claims, environmental and/or feasibility assessments and studies, obtaining mining permits, construction of a test pilot facility, testing, mine design and engineering costs and any other matters which generally occur in Canadian mining projects prior to the actual construction of a full scale mine;
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.
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 means the Issuer’s commitment to cover, pay for and be liable for 100% of all SOG Costs attributable to the Retained Working Interest during the Carry Period. The “Carry Period” will be from a June 1, 2024 effective date through the date that the SOG Costs attributable to the Retained Working Interest total $12,500,000.00 (the “Carry Amount”). “SOG Costs” are the costs relating to drilling, completing, and equipping any and all wells to the extent that such costs are chargeable to or payable by Synergy to be further described under a Joint Operating Agreement naming the Issuer as the Operator (the “JOA”). SOG Costs will not include the costs of any processing plants, facilities or pipelines. Monthly lease and well operating expenses (including without limitation lease rental payments, lease maintenance payments and title curative expenses and payments) (“LOE”) shall not be considered SOG Costs. During the Carry Period, LOE will be netted against revenue. In the event there is insufficient revenue to cover LOE during a particular month, then during the Carry Period, any negative LOE will be carried forward to the next operating month and offset against future net revenue until the cumulative negative LOE is fully offset. Prior to the receipt of first revenues, the Issuer and Synergy will have the option to apply all or any portion of the negative LOE to the outstanding Carry Amount. Following the expiration of the Carry Period, Synergy will be liable for all costs and expenses under the JOA attributable to its working interests.