Examples of Substitute Well in a sentence
However, with respect to such Substitute Well, the Promote Cap applicable to the original AFE shall not be adjusted upward in the event the cumulative costs of the ITW and the Substitute Well, as the case may be, exceed the original Promote Cap.
Failure to respond within the time period allowed shall be deemed to be an election not to participate in the Substitute Well.
This Agreement shall terminate as to each Prospect Area upon (i) the mutual agreement of the Parties; (ii) failure to commence actual drilling operations on a Test Well for such Prospect Area within the time period specified in this Agreement; (iii) failure to commence the drilling of a Substitute Well for such Prospect Area within the time period specified in this Agreement; or (iv) the bankruptcy or insolvency of Ridgewood.
RIDGEWOOD shall have no obligation to participate in the Substitute Well; provided RIDGEWOOD shall have thirty (30) days, or forty-eight (48) hours in the event that a rig is on location, from receipt of the AFE for the Substitute Well to elect whether it shall participate in such Substitute Well.
Casing Point shall be defined as that point in time when the ITW (or Substitute Well therefor) has reached its Objective Depth and all open hole logs and tests have been conducted in accordance with the Approved AFE.