Drilling Costs definition

Drilling Costs means all expenditures whether directly or indirectly incurred during Exploration and Development for well drilling, completing and reworking operations including, but not limited to, labour, geological design, engineering and other Subcontractors (including all fees, tariffs and charges payable to any such Subcontractors), material and equipment consumed or lost, perforation, formation testing, cementing, well-logging and transportation.

Drilling Costs means all costs incurred in connection with the drilling, deepening, reentering, sidetracking, plugging back, testing, completing, recompleting and equipping of a well and the plugging and abandoning of a well drilled as a dry hole. This term includes, but is not limited to, (i) all title examination expenses, title curative costs, surveying costs, costs of pits, roads, water wells and water disposal wells and the cost of all site construction activities; (ii) all costs incurred for the settlement of damage claims and the costs of restoring the well site in accordance with applicable governmental and/or lease requirements; and (iii) all costs (including overhead charges) that are chargeable to a working interest owner under the Accounting Procedure in connection with any of the operations or activities described above.

Drilling Costs means the actual cost, expense, risk and liability incurred or accrued in the drilling of a well to the objective depth, including all costs incurred for preparing the location, drilling operations and evaluation of a well at its total depth. Drilling Costs as used herein shall also include all plugging, abandonment and environmental mitigation costs associated with a well should the Parties elect to plug and abandon a well.

Examples of Drilling Costs in a sentence

• Intangible Drilling Costs and the Participants’ share of Tangible Costs of a well or xxxxx to be drilled and completed with the proceeds of a Partnership closing shall be charged 100% to the Participants who are admitted to the Partnership in that closing and shall not be reallocated to take into account other Partnership closings.

• Advance payments by the Partnership to the Managing General Partner and its Affiliates are prohibited except when advance payments are required to secure the tax benefits of prepaid Intangible Drilling Costs for a business purpose as set forth in the Drilling and Operating Agreement.

• Intangible Drilling Costs and Tangible Costs charged to the Participants as a group shall be allocated among the Participants, including the Managing General Partner to the extent of any optional subscription for Units under §3.03(b)(1), in the ratio of the subscription amount designated on their respective Subscription Agreements rather than the number of their respective Units.

• The Developer shall pay to Operator, in proportion to the share of the Working Interest owned by the Developer in the xxxxx, one hundred percent (100%) of the estimated Intangible Drilling Costs and Tangible Costs as those terms are defined below, for drilling and completing all initial xxxxx on execution of this Agreement.

• Excess Funds and Cost Overruns - Intangible Drilling Costs; Excess Funds and Cost Overruns - Tangible Costs..................................................................

More Definitions of Drilling Costs

Drilling Costs means all costs and expenses related to (a) the preparation for drilling and then the drilling and equipping of a well up and to Casing Point, and (b) all activities associated with plugging and abandoning a well in which Completion operations have not been attempted. Without limitation of the generality of the foregoing, Drilling Costs shall include all costs associated with (i) clearing and building a location and creating or improving access to such location (e.g., by building roads), (ii) setting surface casing, and (iii) logging and testing the well prior to the commencement of Completion operations.

Drilling Costs means and refer to the costs and expenses of conducting the drilling operations for a particular well, as such costs and expenses are determined under the Operating Agreement.

Drilling Costs with respect to a Test Well shall mean the costs of drilling up to the casing point and all pre-drilling activities associated therewith (including, without limitation, the costs of seismic data, preparing the location, title opinions as well as all other typical pre-drilling costs incurred by operators in similar circumstances).

Drilling Costs means, with respect to an Acquired Well, all costs and expenses for title opinions, surveying, staking, permitting, and preparing the well location, setting conductor pipe, setting surface casing, and drilling, testing, completing, and equipping the well through the tanks or production flow lines, or plugging and abandoning the well as a dry hole.

Drilling Costs has the meaning given to such term in the 2007 Canadian Association of Petroleum Landmen 2007 Operating Procedure.

Drilling Costs means expenditures incurred during Exploration and Development for well drilling and completing operations including, but not limited to labour, geophysical works, engineering-technical and other contractors, expenses on various materials, perforation, formation development, cementing, well-logging and transportation, also all taxes that are included in cost recovery under Georgian Law. 8.7 SHARING OF OIL PRODUCED Georgian Oil and Makoil and/or its assignees will share and be entitled to use separately the oil remaining after deducting Cost Recovery Oil and Georgian Oil's share of the Determined Production from gross annual production (hereinafter referred to as "Profit Oil") Profit Oil will be shared between Department Georgian Oil and Makoil and/or its assignees in the following manner: Georgian Oil share Makoil and/or its assignees share 70% (seventy percent) 30% (thirty percent)

Drilling Costs means all costs and expenses (including all costs and expenses associated with the procurement of an appropriate drilling or other rig and the necessary labor, equipment, materials, mud and chemicals, casing, cement, water, and fuel) incurred by Participant in connection with the performance of Drilling Operations in a Drilled Phase I Well hereunder.