Exploratory Prospect definition
Examples of Exploratory Prospect in a sentence
Should Pinnacle elect to participate in the Obligations, and if the test well to be drilled upon the Exploratory Prospect is to be drilled on such Third Party Lands, the cost, risk and expense of the Obligations and the benefit and interest earned in the Third Party Lands subject to the Farmin Agreements shall be shared by the Parties in the following proportions: Encal 60% Pinnacle 40% The provisions of clause 19(d) apply mutatis mutandis to the event of non- payment by Pinnacle of the Obligations.
If CamWest, after reasonable efforts, cannot secure satisfactory Petroleum and Natural Gas Rights to an Exploratory Prospect then such Exploratory Prospect shall be deemed a "Key Tract" as evidenced by a written designation delivered by CamWest to Pinnacle.
Neither party makes any warranty or representation to the other as to the presence or economic viability of any hydrocarbons in any SFD Anomaly or Exploratory Prospect identified or developed pursuant to this agreement.
Similarly, after an Exploration Area or Exploratory Prospect has been established pursuant to this Agreement, Pinnacle may not conduct an SFD Survey within such area or prospect for any Third Party.
Unless otherwise agreed by the Parties and as between the Parties, all operations on an Exploratory Prospect in which Pinnacle has a Working Interest (i) shall be done pursuant to and (ii) the rights and obligations (to the extent not inconsistent with the terms and conditions of this Agreement) of the Parties shall be governed by the operating agreement, together with the exhibits attached thereto, attached hereto as Exhibit D, (the "Operating --------- Agreement").
Pinnacle shall convey to Encal any working interest in the entire Exploratory Prospect and Encal shall re-imburse Pinnacle any land acquisition costs previously paid by Pinnacle.
If CamWest cannot secure satisfactory Petroleum and Natural Gas Rights to the Key Tract within two years from the date the Exploratory Prospect is designated a Key Tract, such Exploratory Prospect shall become a Rejected Anomaly, and the rights with respect to such Rejected Anomaly shall be governed by Section 11 of this Agreement.
Once the first test well is spudded on an Exploratory Prospect or an Exploratory Prospect is rejected by Encal, such Exploratory Prospects shall no longer be included in the Minimum Prospect Inventory.
CamWest shall make assignments to Pinnacle on an Exploratory Prospect by Exploratory Prospect basis and with respect to each Exploratory Prospect on or before the date when CamWest commences drilling of the first test well.
The Parties agree that any (i) test well information and (ii) conventional oil and gas industry evaluation and analysis data not assigned to Newco shall be the property of CamWest; provided, however, -------- ------- that if Pinnacle elects to acquire a Working Interest in an Exploratory Prospect, such information and data relating to such Exploratory Prospect shall be jointly owned by the Parties.