Casing Point definition

Casing Point means the time when a Well has been drilled to the depth or the formation or formations hereinafter designated and such tests have been conducted so that a determination can be made as to whether the Well can be further developed to completion.

Casing Point is defined as that point in time when a Test Well, or Substitute Well therefore, has been drilled to its Objective Depth, and all open-hole logs and all appropriate tests have been performed and delivered to the Parties, and a recommendation is made to (i) set casing and complete the well, (ii) plug and abandon the well, or (iii) conduct other operations as provided within the priority of operations outlined within the Operating Agreement.

Casing Point means that point in time when the IEW or its Substitute Well(s) has been drilled to Objective Depth and the partner approved open hole logs and tests have been conducted as planned pursuant to the AFE and Well Plan, and a proposal for a subsequent operation in the IEW has been tendered to all Parties in the IEW;.

Examples of Casing Point in a sentence

• Participants shall deliver to Operator Participant’s share of the Turnkey Cost to Casing Point for drilling of the first Prospect Well, and the first Program initiated from successful financing will be for the Ellenburger Prospect Well formation at approximately 8,300 foot depth, as provided for in this Agreement and listed as follows in this section II.

• Subject to the terms and conditions of this Agreement, all operations in the ITW subsequent to Casing Point, shall be conducted in accordance with the terms and provisions of the Operating Agreement and, subject to participation elections, shall be shared 15% by RIDGEWOOD and 85% by NEWFIELD et al, its co-owner, and their successors and assigns.

• Casing Point shall be defined as that point in time when the ITW (or Substitute Well therefor) has reached its Objective Depth and all open hole logs and tests have been conducted in accordance with the Approved AFE.

• The Reassignment shall not be due, and RIDGEWOOD shall be deemed to have earned its record title interest in and to Leases, when the Promote Cap has been reached or upon the ITW being drilled to Casing Point, whichever is the earliest to occur.

• RIDGEWOOD shall bear and pay thirty percent (30.0%) of the actual costs to drill and test the ITW to Casing Point ; however, if prior to reaching Casing Point the actual aggregate cost of the ITW, and any Substitute Well therefor, exceeds one hundred percent (100%) of the dry hole cost estimate provided for in the Approved AFE (“ Promote Cap”), RIDGEWOOD shall bear and pay fifteen percent (15%) of the actual costs to drill and test the ITW thereafter.

More Definitions of Casing Point

Casing Point means such time as the Test Well has been drilled to the Objective Depth, logged, evaluated and sufficient tests have been run in order that a determination may be made to either set production casing or to plug and abandon the Test Well as a dry hole.

Casing Point means the point at which determination is made either to run production string of casing and attempt a completion, or to abandon the well.

Casing Point means that point in time when the ITW has been drilled to Objective Depth and after all logs, cores and other approved tests contemplated in the AFE have been conducted which are necessary to reach the decision for further operations in the ITW, and the results thereof have been furnished to all of the Parties, along with Operator’s recommendation. Ridgewood will pay its Participating Interest in the ITW until such time as the ITW reaches Casing Point or the actual costs to drill and evaluate the ITW reaches 110% of the AFE (“Promote Cap”), whichever occurs first. Thereafter, Ridgewood’s costs in the ITW, completion, facility, pipeline, and or plugging and abandonment (if applicable) shall be based on a twenty-five percent (25%) working interest. LLOG, as Operator, shall have the right to require Ridgewood to pay advances in accordance with the terms of the XXXXX attached to the Offshore Operating Agreement described herein.

Casing Point means that point in time after the contract depth has been reached in drilling the Initial Test Well, as hereinafter defined, said well has been fully evaluated by the running of such logs and conducting such other open-hole evaluation as Apache recommends together with such other evaluations as the Parties hereto may deem appropriate, and after the results of said logs and open-hole evaluation are known and delivered to the Parties hereto, and a decision is made to attempt to complete or deepen the Initial Test Well or to plug and abandon the well. However, should the decision be to plug and abandon the well, it shall be deemed not to have reached Casing Point until all operations are complete with respect to the plugging and abandoning of the Initial Test Well.

Casing Point means the time when the well has been drilled to the objective depth stated in the initial notice, appropriate tests have been made, and the drilling operator notifies all of the participating parties of his recommendation with respect to completing or plugging and abandoning the well.

Casing Point means that point in time when the applicable ITW for Prospect has been drilled to Objective Depth (as defined on Exhibit "A-1") and after all logs, cores and other approved tests have been conducted which are necessary to reach the decision for further operations, other than plugging and abandoning, in the ITW. It is understood that Casing Point shall include plugging and abandonment costs in the event the ITW is not completed for production or temporarily abandoned in contemplation of further operations. Within five (5) business days of Ridgewood's receipt of each such AFE, Ridgewood will confirm its participation by execution of the applicable AFE. However, Ridgewood shall not be liable to LLOG or sufer any penalty for failure to approve any AFE provided. If Ridgewood does not approve an AFE as provided by LLOG then the applicable Prospect will be dropped from this Agreement and the terms and provisions of this Agreement will continue and remain in effect for the remaining undrilled Prospects. The ITW costs shall continue to be shared based on the Participating Interests until the ITW reaches Casing Point or the actual costs to drill and evaluate the applicable Prospect reaches 110% of the approved AFE ("Promote Cap"), whichever occurs first. Thereafter, all further costs of the ITW including but not limited to any sidetrack or completion, and all associated costs including but not limited to jacket, pipeline and facility costs shall be shared on a 50/50 basis by LLOG and Ridgewood. LLOG, as Operator, shall have the right to require the Parties to pay advances in accordance with the terms of the COPAS attached to the Offshore Operating Agreement ("JOA") attached xxxxxo and made a part hereof as Exhibit "C".

Casing Point means that point in time when a well has reached the Objective Depth, and all logs, cores and other tests have been completed that are sufficient to make a determination concerning the running of production casing or the plugging and abandonment of the well, and the results thereof have been furnished to all Parties.