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 shall have the meaning given to such term in Section 3.1(c)(1).
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Option Well has the meaning set forth in Section 4.1;
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Examples of Option Well in a sentence

  • Farmee shall continuously and diligently drill the Option Well to Contract Depth and complete, cap or abandon same at its sole cost, risk and expense.

  • Failure by Farmee to elect to drill an Option Well in accordance with the provisions of subclause (a) or (b) above shall be deemed to be an election to surrender its rights to drill an Option Well and to earn an interest in the unearned Farmout Lands and Option Lands.

  • However, policy makers are often hindered in their decision making both by the paucity of available data and because of uncertainty on how results can or should be transferred between settings1.

  • 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 respect of each Option Well which Farmee wishes to drill, Farmee must elect to drill the next Option Well by giving notice to Farmor within 90 days of rig release of the most recently drilled Option Well.

  • 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.

  • In the event that Farmee has acquired 3D Seismic data pursuant to Clause 6 of this Agreement, and notwithstanding the provisions of this Clause 5, Farmor may agree, at its sole discretion, that the Option Well be located in the Farmout Lands rather than the Option Lands.

  • If the Farmee shoots the 3D Seismic, the time to elect to drill the Option Well will be extended until 45 days after completion of field acquisition of the 3D Seismic.

  • All terms and conditions of this Agreement which apply to the Option Well shall apply, mutatis mutandis, to any additional Option Xxxxx drilled by Farmee hereunder, provided that if Farmee drills a total of 8 Option Xxxxx, it will have earned (to that point in time) a 40% undivided interest in 54 sections of the Farmout Lands.

  • In the event Farmee so elects, the Option Well shall be Spud within 30 days of Farmee's election to drill, subject to surface access and rig availability.


More Definitions of Option Well

Option Well. - means a Well drilled by the Farmee on an Option Area;
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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. - 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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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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Related to Option Well

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

  • 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).

  • Purchase Option Period As defined in Section 9.03(a) hereof.

  • 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 has the meaning ascribed thereto in Section 2.2(f);