Promoted Well Costs definition

Promoted Well Costs shall have the meaning given in Section 3.1.
Sample 1Sample 2
Promoted Well Costs means fifty percent (50%) of: (a) Chesapeake’s Working Interest share of all Well Costs and (b) those Well Costs assumed by Chesapeake as a result of non-consent elections, or the existence of other non-participating interests, which are subject to recoupment penalties of three hundred percent (300%) or more. In the event that Chesapeake assigns a portion of its Working Interest to a third party, Promoted Well Costs shall also include fifty percent (50%) of such assigned Working Interest share of Well Costs, IF AND ONLY IF (w.) Chesapeake does not assign to such third party Chesapeake’s rights with respect to PXP’s obligation to pay Promoted Well Costs, (x.) Chesapeake remains the operator of the affected Well, (y.) Chesapeake holds a minimum fifty-one percent (51%) Working Interest in the Joint Leases contributing acreage to the affected Well, and (z.) PXP’s benefits under the tax partnership provisions attached as Exhibit “D” are no less than if such assignment had not occurred. Solely as an example with respect to the Promoted Well Costs determination under subpart (a.) of this Section, if Chesapeake assigns another twenty percent (20%) Working Interest to a third party, meets the conditions of subparts (w.) through (z.) of this Section and thereby reduces Chesapeake’s Working Interest from eighty percent (80%) to sixty percent (60%), PXP would continue to pay Promoted Xxxxx Costs equal to fifty percent (50%) of eighty percent (80%).”
Sample 1Sample 2
Promoted Well Costs means that share of Well Costs incurred by Palace in drilling an Initial Test Well to Casing Point which are in excess of Well Costs directly attributable and chargeable to the working interest of Palace before the addition of any promotion or carry, all as determined by section 3.4 and section 3.6. Under section 3.6, Promoted Well Costs are determined by such directly attributable and chargeable Well Costs times the difference between the Applicable Drilling Cost Percentage and 100%. For example, if Palace's Participating Interest is 50%, Promoted Well Costs are an additional 42.8571429% of Well Costs chargeable to the working interest of Palace in drilling the Initial Test Well to Casing Point.
Sample 1

Examples of Promoted Well Costs in a sentence

  • Notwithstanding anything contained in this Agreement to the contrary, PXP’s obligation to pay Promoted Well Costs shall terminate at such time as the aggregate Promoted Well Costs paid by PXP equals the Promote Cap or the end of the Initial Term, whichever occurs first.

  • Participant shall pay both the Promoted Well Costs and its Proportionate Share of Well Costs for each Promoted Well no later than the applicable time period set forth in the applicable Operating Agreement or Third Party JOA (the “Payment Date”).

  • In the event that Participant fails to pay Promoted Well Costs for any Promoted Well by the respective Payment Date, Eureka may thereupon deliver to Participant a notice of Participant’s failure to pay, which notice shall set forth the amount of Promoted Well Costs that is past due and demand payment of such Promoted Well Costs within ten (10) days after Participant’s receipt of such notice.

  • For purposes of determining Promoted Well Costs for any Well, Eureka’s Working Interest in such Well shall initially be determined as of the date Participant receives the applicable AFE.

  • Participant’s obligation to pay Promoted Well Costs shall terminate at such time as the aggregate Promoted Well Costs paid by Participant equals the Carry Amount.

  • Notwithstanding anything contained in this Agreement to the contrary, the Promoted Holder’s obligation to pay Promoted Well Costs in any given Year or during the Post-Carry Period shall terminate at such time as the aggregate Promoted Well Costs paid by the Promoted Holders during all periods equals the Carry Amount.

  • If, during Year 1, Year 2 or Year 3, as applicable, the Promoted Holder pays Promoted Well Costs in excess of the Carry Amount Tranche for Year 1 or the Adjusted Carry Amount Tranche for Year 2 or Year 3, the Unadjusted Carry Amount Tranche for the next Year shall be adjusted downward in an amount equal to the amount of such excess Promoted Well Costs from the current Year.” 18 See, e.g., Rev.

  • Unless Participant has elected to be a non-consenting party in accordance with the terms hereof and the applicable Operating Agreement or Third Party JOA, in addition to the Promoted Well Costs, Participant shall pay its Proportionate Share of Well Costs for each Promoted Well.

  • PXP’s obligation to pay Promoted Well Costs shall be in addition to the Closing Payments payable by PXP to Chesapeake pursuant to the PSA.

  • With respect to Year 4, any amount of the Unadjusted Carry Amount Tranche for such Year that is not spent in such Year may, up to an amount equal to twenty-five percent (25%) of such Unadjusted Carry Amount Tranche, be carried forward to the Post-Carry Period and applied to Promoted Well Costs incurred prior to the expiration of the Post-Carry Period.


More Definitions of Promoted Well Costs

Promoted Well Costs means fifty percent (50%) of Chesapeake’s working interest share of all Well Costs attributable to periods on or before September 30, 2009 (hereinafter the “Settlement Date”).”
Sample 1

Related to Promoted Well Costs

  • 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.

  • Development Work means the conduct of preclinical and clinical trials, the compilation of the regulatory dossier concerning Licensed Products and the conduct of other work necessary or useful for obtaining Regulatory Approval of Licensed Products.

  • Production Period is the period that for winter cereal advances commences October 1, 2021 and terminates September 30, 2023; for advances on all other field crops, honey, hogs, goats, sheep and lambs commences April 1, 2022 and terminates September 30, 2023; and for advances on cattle, continuous flow cattle, and bison commences on April 1, 2022 and terminates on March 31, 2024.

  • Specified sexual activities means any of the following:

  • Power production activities means any business operation that involves a project commissioned by the government of Iran whose purpose is to facilitate power generation and delivery, including, but not limited to, establishing power-generating plants or hydroelectric dams, selling or installing components for the project, providing service contracts related to the installation or maintenance of the project, as well as facilitating such activities, including by providing supplies or services in support of such activities.

  • Commercializing means to engage in Commercialization and “Commercialized” has a corresponding meaning.

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

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

  • Development Works means the external development works and internal development works on immovable property;

  • Expected week of childbirth means the week, starting on a Sunday, during which the mother's doctor or midwife expects her to give birth.

  • Abandoned well means a well whose use has been permanently discontinued or which is in a state of disrepair such that it cannot be used for its intended purpose or for observation purposes.

  • Development Costs means costs incurred to obtain access to reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas from reserves. More specifically, development costs, including applicable operating costs of support equipment and facilities and other costs of development activities, are costs incurred to:

  • Active business operations means all business operations that are not inactive business operations.

  • Development Activity means any activity defined as Development which will necessitate a Floodplain Development Permit. This includes buildings, structures, and non-structural items, including (but not limited to) fill, bulkheads, piers, pools, docks, landings, ramps, and erosion control/stabilization measures.

  • Commercialized shall have corresponding meanings.

  • Exploration Period means the period mentioned in Article 3 during which Exploration Operations may be carried out by the Contractor as provided in Article 3 hereof.

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

  • Commercial cannabis activity means the production, cultivation,

  • Phase III Study means a human clinical trial that is prospectively designed to demonstrate statistically whether a product is safe and effective for use in humans in a manner sufficient to obtain regulatory approval to market such product in patients having the disease or condition being studied as described in 21 C.F.R. § 312.21(c) (FDCA), as amended from time to time, and the foreign equivalent thereof.

  • Development Activities means those activities which are normally undertaken for the development, construction, repair, renovation, rehabilitation or conversion of buildings for residential purposes, including the acquisition of property;

  • Proved Developed Reserves means oil and gas reserves that, in accordance with Petroleum Industry Standards, are classified as both “Proved Reserves” and one of the following: (a) “Developed Producing Reserves” or (b) “Developed Non-Producing Reserves.”

  • Compound of Concern means a contaminant that, based on generally available information, may be emitted to the atmosphere in a quantity from any source at the Facility that is significant either in comparison to the relevant Ministry Point of Impingement Limit or if a Ministry Point of Impingement Limit is not available for the compound then, based on generally available toxicological information, the compound has the potential to cause an adverse effect as defined by the EPA at a Point of Impingement.

  • member of the work-related activity group means a person who has or is treated as having limited capability for work under either—

  • licensed activities means things authorised to be done by the licence

  • Proved Developed Producing Reserves means Proved Reserves which are categorized as both “Developed” and “Producing” in the Definitions, “Proved Developed Nonproducing Reserves” means Proved Reserves which are categorized as both “Developed” and “Nonproducing” in the Definitions, and “Proved Undeveloped Reserves” means Proved Reserves which are categorized as “Undeveloped” in the Definitions.

  • Collaboration Product means a pharmaceutical product containing or comprising Compound in any dosage form alone, or in combination with, one or more other pharmaceutically active ingredients, and any and all Improvements thereto.