Option Well definition

Option Well means the well or xxxxx, in addition to the Test Well, that the Farmee has the option to drill, pursuant to clause 6 entitled ROLLING OPTION WELL(s) of the Head Agreement, to earn a Working Interest in the Farmout Lands and/or the Option Lands, as the case may be;
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Option Well means, if applicable, any well in addition to the Test Well that the Farmee has the option to drill pursuant to the Head Agreement to earn a Working Interest.
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Option Well shall have the meaning given to such term in Section 3.1(c)(1).
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Examples of Option Well in a sentence

  • The grouping and validation provisions that apply to the Test Well in clause 3(e) herein also apply to the grouping and validation of the Option Lands – Block II and, if applicable, Option Lands – Block I by virtue of drilling the Option Well.

  • If Farmor is successful in obtaining such a third party, Farmor will use reasonable efforts to have Farmee’s costs incurred to prepare the Option Well surface location reimbursed to Farmee by such third party and facilitate assumption of associated surface documentation by such third party, if required.

  • The said four (4) sections shall be selected with fourteen (14) days of rig release of the Option Well, which selection must conform to the Department of Energy Regulations governing lease selection from a PNG License.

  • In the 2019 balance a retention amount of 5 MEUR was included related to the sale of the Spectrum project.

  • When Burlington drills to its Objective Depth and completes either the Second Unit Obligation Well or an Option Well in a section where it has not previously earned a Lease or Interest, whether as a producer or as a dry hole, the Participants will assign to Burlington 100% of their working interest and operating rights below the Base of the Fort Union Formation in all Leases covering the section in which such well was drilled, but only to the extent that such Leases cover lands in that section.

  • Failure to elect by Farmee shall be deemed to be an election not to drill the Option Well.

  • In clause 8(a) Option Lands – Block I shall be included in the lands to be earned by Farmee by virtue of Farmee paying Farmor’s costs for the Option Lands – Block I, Option Lands – Block II together with fulfillment of the Option Well obligations as outlined in clause 8(a).

  • Alle Vertiefungen auswählen, die Proben enthalten werden, die rechte Maustaste drücken und aus dem Dropdown-Menü die Option Well Inspector wählen.

  • Seller shall provide written notice to Buyer not less than 30 days prior to the date operations are to commence upon the Option Well of its right to exercise the Option Well option.

  • The above referenced trust account payments with respect to each of the Initial and Option Well Programs are to cover estimated total dry-hole costs for each Program.


More Definitions of Option Well

Option Well as set forth in Section 1.1(s) of the Agreement shall be amended to mean the Hardy 3D14-17-3A3-17-4-21 Well.
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Option Well has the meaning set forth in Section 4.1;
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Option Well. - means a Well Drilled by the Farmee on an Option Area;
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Option Well. - means a Well drilled by the Farmee on an Option Area;
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Option Well means any gas well drilled under Article IX hereof as part of the Development Program.
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Related to Option Well

  • Exploration Well means a well that is not a development well, a service well or a stratigraphic test well.

  • Dry well means a type of infiltration practice that allows storm water run-off to flow directly into the ground via a bored or otherwise excavated opening in the ground surface.

  • Shallow well means a well located and constructed in such a manner that there is not a continuous layer of low-permeability soil or rock (or equivalent retarding mechanism acceptable to the department) at least 5 feet thick, the top of which is located at least 25 feet below the normal ground surface and above the aquifer from which water is to be drawn.

  • Development Well means a well drilled inside the established limits of an oil or gas reservoir, or in close proximity to the edge of the reservoir, to the depth of a stratigraphic horizon known to be productive.

  • Test Well means a well constructed for the purpose of obtaining information needed to design a well prior to its construction. Test wells are cased and can be converted to observation or monitoring wells and under certain circumstances to production wells

  • Option Period means the period during which an Option may be exercised.

  • Oil well means any well capable of producing oil or oil and casinghead gas from a common source of supply as determined by the commission.

  • Deep well means a well located and constructed in such a manner that there is a continuous layer of low permeability soil or rock at least 5 feet thick located at least 25 feet below the normal ground surface and above the aquifer from which water is to be drawn.

  • Injection well means a well into which fluids are injected. (See also “underground injection”.)

  • Option means a stock option granted pursuant to the Plan.

  • Exploratory Well means a well that is not a development well, a service well or a stratigraphic test well.

  • service well means a well drilled or completed for the purpose of supporting production in an existing field. Wells in this class are drilled for the following specific purposes: gas injection (natural gas, propane, butane or flue gas), water injection, steam injection, air injection, salt water disposal, water supply for injection, observation or injection for combustion.

  • Horizontal well means a well bore drilled laterally at an angle of at least eighty (80) degrees to the vertical or with a horizontal projection exceeding one hundred (100) feet measured from the initial point of penetration into the productive formation through the terminus of the lateral in the same common source of supply.

  • stratigraphic test well means a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Ordinarily, such wells are drilled without the intention of being completed for hydrocarbon production. They include wells for the purpose of core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic test wells are classified as (i) "exploratory type" if not drilled into a proved property; or (ii) "development type", if drilled into a proved property. Development type stratigraphic wells are also referred to as "evaluation wells".

  • Option 3 [ ] A Participant satisfies the Plan's Early Retirement Age conditions by attaining age ________ (not less than 55) and completing ________ Years of Vesting Service.

  • Option Notice has the meaning set forth in Section 5.2(a).

  • Gas well means a well producing gas or natural gas from a common source of gas supply as determined by the commission.

  • Share Option means a Nonqualified Share Option or an Incentive Share Option.

  • Option 1 [X] Yes, but only with respect to a Contributing Participant's Elective Deferrals.

  • Option Style “Modified American”, as described under “Procedures for Exercise” below Option Type: Call Buyer: Counterparty Seller: Dealer

  • Option Contract means a standardised contract the effect of which is that a person acquires the option—

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Shoe Option means the Initial Purchasers’ option to purchase up to seventy five million dollars ($75,000,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement.

  • Water well means an excavation that is drilled, cored, bored, augered, washed, driven, dug, jetted, or otherwise constructed for the purpose of exploring for groundwater, monitoring groundwater, utilizing the geothermal properties of the ground, or extracting water from or injecting water into the aquifer. “Water well” does not include an open ditch or drain tiles or an excavation made for obtaining or prospecting for oil, natural gas, minerals, or products mined or quarried.

  • Replacement Option means an Option that is granted when a Participant uses a Common Share held or to be acquired by the Participant to exercise an Option and/or to satisfy tax withholding requirements incident to the exercise of an Option.