Project Payout means the date or dates upon which Syntroleum’s cumulative net cash flow for the OML 113 Lease, equals (i) the cumulative total of costs incurred by Syntroleum for the delineation, drilling, producing, operating, processing (including but not limited to, costs involved in the processing of the produced natural gas using the Syntroleum GTL Process), (ii) all Capital Costs, and Operating Costs, incurred by Syntroleum with respect to the OML 113 Lease prior to any such date, and (iii) Syntroleum’s share of the Prior Costs, but (iv) excluding any Signature Bonus and any Aje Commercial Bonus.
Project Payout as used herein, is the first day of the next calendar month at the point when the net value of the total production from or attributable to the Lease (i.e., the gross income from such production, less operating expenses, lease royalties, production and/or other applicable taxes unless reimbursed to Assignee by the purchaser of such production, and less the hereinabove reserved overriding royalty to be paid by Assignee to Assignor) equals the total costs of drilling, testing and completing all Lease xxxxx for production, including but not limited to costs associated with each well's separator, line heater, dehydrator, measuring equipment, flowlines, and facilities located on the Lands and utilized with such Lease production, and other equipment individually associated with Lease xxxxx and not part of a processing plant or an existing central tank battery. Gross income shall include any prepayment from a purchaser. Total costs shall not include any costs associated with any facility which services, or is designed to service, in whole or part, off lease production. Upon Project Payout, Assignor shall have the option (the "Option") to convert all of the Overriding Royalty into an undivided twenty percent (20%) working interest in the Lease proportionately reduced to reflect that Assignor is converting less than a 2% of 8/8ths overriding royalty, together with a like interest in all personal property and equipment on the Lease lands (including platforms and pipelines to the extent then owned by Assignee) used or obtained in connection with xxxxx located thereon. At such time as Project Payout occurs, Assignee shall so notify Assignor. Notification shall be by certified mail, return receipt requested, as well as by telecopy. Assignor shall have thirty (30) days in which to exercise the Option. If Assignor exercises the Option, Assignee shall assign to Assignor the described working interest. Such assignment shall be effective as of the first day of the month next following the time in which Project Payout has occurred. The assignment shall be with warranty of title by, through and under the assignor, but not otherwise. This Assignment is made by Assignor and accepted by Assignee subject to the following:
Project Payout shall be defined as that point in time when Farmee has recouped from the value of production from all wellx xxxated on the Farmout Acreage (after deducting lessor's royalty, operating expenses, overhead, Farmor's Reserved ORRI provided for herein, as well, as any additional burdens on production, and taxes on production, including windfall profits tax, if any), the costs of drilling, deepening, sidetracking, plugging back, coring, testing, logging, completing and equipping for production all wellx xxxated on the Farmout Acreage (but excluding all costs expended prior to the effective date of the Letter Agreement), including, without limitation, all costs associated with any and all platforms, wellhead facilities, storage tanks, separators, flow lines, salt water disposal equipment, production facilities, whether located on the Farmout Acreage, or outside the Farmout Acreage, pipelines, plugging and abandoning costs, surface restoration costs and all other capital costs in connection with drilling, production, or other operations on the Farmout Acreage.
Examples of Project Payout in a sentence
By funding 100% of the well Byron can earn 100% WI and 80.33% NRI until E2 Project Payout, at which time and at the leaseholder’s election, Byron’s NRI would either adjust to 77.33% or the leaseholders can convert to a 30% WI and Byron’s interest in the project would adjust to 70% WI with an unburdened 58.33% NRI.
If Farmee earns an interest in the Farmout Acreage and Farmor elects at Project Payout to convert its Reserved ORRI to a working interest pursuant to Section 3.3, then Farmee and Farmor shall enter into a mutually agreeable AAPL Deepwater Offshore Operating Agreement ("Offshore Operating Agreement") to govern operations on the Farmout Acreage, which Offshore Operating Agreement shall name Farmee as Operator.
Project Payout is defined as the point in time when the gross proceeds from the sale of production that is attributable to the Contract Area, after the payment of all taxes, governmental royalties, and overriding royalties, including the overriding royalties retained by Junex, shall equal the total cost of drilling, testing, completing and equipping all wells in the Contract Area plus the costs of operating and maintaining said wells during the payout period.106 198.
Project Payout is defined as the point in time when the gross proceeds from the sale of production that is attributable to the Contract Area, after the payment of all taxes, governmental royalties, and overriding royalties, including the overriding royalties retained by Junex, shall equal the total cost of drilling, testing, completing and equipping all wells in the Contract Area plus the costs of operating and maintaining said wells during the payout period.109 200.
There will be a voting mechanism in the individual smart contract similar to shareholder voting outside of the blockchain, but the counting of votes and verification can be done automatically Figure 6: Asset Project Payout and remotely by signing the adjunct investor key.
More Definitions of Project Payout
Project Payout means where EnCana has elected to be in EnCana’s [***] as provided for in subclause 3.4, the first day of the month following the month in which the revenue Storm Cat has recovered from the sale of all [***] produced from the Farmout Lands [***] is equal to the [***] incurred by the Storm Cat as to all of [***] related to the Farmout Lands. Where EnCana has elected to be in EnCana’s [***] as provided for in subclause 3.4, the Project Payout Account shall be reduced as to the EnCana Facilities inventory amount, being an estimated [***] (such amount to be audited within [***] days of the Effective Date). Storm Cat shall provide an account to EnCana on a [***] as to the Project Payout (the “Project Payout Account”). Upon Project Payout as described herein, Storm Cat shall immediately provide EnCana with written notice of the same.
Project Payout has the meaning set forth in Section 4 of the Screaming Eagle Agreement.
Project Payout shall be defined as that point in time when the proceeds from the sale of production attributable to McMoRan's interest farmed in from Texaco in all successful xxxxx drilled by McMoRan on a Prospect [exclusive of a) royalties which are to be paid or delivered to Lessor under the terms of the applicable leases, b) Texaco's overriding royalty, c) any other burdens of record covering the Contract Acreage existing prior to the Effective Date of this Agreement d) transportation charges allowed under the terms of the applicable Lease(s), e) Third Party and/or Texaco processing, handling and transportation fees, and f) any production taxes], equal the sum of the total actual cost incurred by McMoRan attributable to McMoRan's interest farmed in from Texaco in the drilling, testing, completing, equipping and workover of all successful xxxxx through the installation of the wellhead equipment, including any caissons and/or other type of well protectors, any flowlines or pipelines installed, production equipment exclusively purchased for said xxxxx and/or a platform with production facilities installed to service such xxxxx and production, and the monthly operating cost allocated to the xxxxx. The determination of all Project Payout costs shall be made in accordance with the Accounting Procedure attached to the applicable Farmout Agreement or Sublease. Project Payout shall not include any costs or expenses associated in any way with any unsuccessful well(s) drilled or unsuccessful operations conducted in any well located on the Contract Acreage operated by McMoRan or in which McMoRan has an interest.
Project Payout means that point in time when the cumulative Proceeds ---------------- received by PURE from the three Subsequent Exploratory Xxxxx and any replacement or substitute xxxxx therefore, shall equal the Exploration Expenditures and Operating Costs for these xxxxx. In calculating Project Payout, as to the Exploration Expenditures expended for drilling and completing, PURE shall be limited to the costs set out in the Authority for Expenditures provided to the Parties prior to drilling the Subsequent Exploratory Xxxxx. Notwithstanding the foregoing, it is anticipated that Project Payout could occur at some point in time before all three SEW have been drilled. As an example, should Project Payout occur prior to PURE drilling the third SEW, CHAPARRAL, ET AL would be vested with a working interest in the two SEW that had been previously drilled to that point. If and when the third SEW were later drilled, CHAPARRAL, ET AL would relinquish their working interest in the SEW to PURE until Project Payout is achieved after drilling the final SEW. All revenues earned or accrued prior to relinquishing the working interest shall accrue to and remain the property of CHAPARRAL, ET AL. At any time and at their option, CHAPARRAL ET AL may buy and discharge the pay out obligation by paying PURE the accrued sum of the payout amount and thereafter be subject to the terms and provisions hereof and of the Operating Agreement in an after payout position.
Project Payout is defined as the date or dates upon which Syntroleum’s cumulative revenue from the Cost Recovery Account for the OML 113 Project exceeds Prior Costs and Syntroleum’s cumulative Capital Costs and Operating Costs for the OML 113 Project. For further clarity, it is the date or dates on which Syntroleum achieves the full recovery of all capital, operating and production marketing costs (“Capital Costs” and “Operating Costs” as such will be defined in the accounting procedure attached to the Joint Operating Agreement) incurred by Syntroleum prior to Project Payout including, but not limited to, all costs for the delineation, drilling, producing, operating, processing (including, but not limited to, costs involving the processing of the natural gas produced using the Syntroleum GTL Process), and marketing of production from the Aje Field plus the share of the Prior Costs finally allocated to Syntroleum pursuant to this Heads of Agreement. Before Project Payout occurs, the recovery of the Capital and Operating Costs and Syntroleum’s share of the Prior Costs will be from Syntroleum’s share of revenues in the Cost Recovery Account.
Project Payout has the meaning assigned to that term in Section VI of that certain
Project Payout means the first day of the month following the date on which Project Payout Account has a credit balance.