Well Costs definition
Well Costs means the Partnership’s share of costs pursuant to any Operating Agreement for the drilling, completing, equipping, deepening or sidetracking a Well, including, without limitation: (i) the costs of surveying and staking the Well, the costs of any surface damages and the costs of clearing, coring, testing, logging and evaluating the Well; (ii) the costs of casing, cement and cement services for the Well; (iii) the cost of plugging and abandoning the Well (including standard and customary remediation activities associated therewith), if it is determined that the Well would not produce in commercial quantities and should be abandoned; (iv) all direct charges and overhead chargeable to the Partnership with respect to the Well under any applicable Operating Agreement until such time as all operations are carried out as required by applicable regulations and sound engineering practices to make such Well ready for production, including the installation and testing of wellhead equipment, or to plug and abandon a dry hole; (v) all costs incurred by the Partnership in recompleting or plugging back any Well; (vi) all costs incurred by the Partnership in reworking any Well if the rework is covered by an authority for expenditure under the applicable Operating Agreement; (vii) all costs incurred by the Partnership in locating, drilling, completing, equipping, deepening or sidetracking any enhanced recovery producer or injector Well (including the costs of all necessary surface equipment such as steam generators, compressors, water treating facilities, injection pumps, flow lines and steam lines); and (viii) the costs of constructing production facilities, pipelines and other facilities necessary to develop Partnership property acquired pursuant to the terms hereof and produce, collect, store, treat, deliver, market, sell or otherwise dispose of oil, gas and other hydrocarbons and minerals therefrom; provided, that Well Costs shall not include any Acquisition Costs.
Well Costs means CWEI’s share of costs pursuant to any Operating Agreement for the drilling, completing, equipping, deepening or sidetracking a Well, including, without limitation: (i) the costs of surveying and staking the Well, the costs of any surface damages and the costs of clearing, coring, testing, logging and evaluating the Well; (ii) the costs of casing, cement and cement services for the Well; (iii) the cost of plugging and abandoning the Well (including standard and customary remediation activities associated therewith), if it is determined that the Well would not produce in commercial quantities and should be abandoned; (iv) all direct charges and overhead chargeable to CWEI with respect to the Well under any applicable Operating Agreement until such time as all operations are carried out as required by applicable regulations and sound engineering practices to make such Well ready for production, including the installation and testing of wellhead equipment, or to plug and abandon a dry hole; (v) all costs incurred by CWEI in recompleting or plugging back any Well; (vi) all costs incurred by CWEI in reworking any Well if the rework is covered by an authority for expenditure under the applicable Operating Agreement; (vii) all costs incurred by CWEI in locating, drilling, completing, equipping, deepening or sidetracking any enhanced recovery producer or injector Well (including the costs of all necessary surface equipment such as steam generators, compressors, water treating facilities, injection pumps, flow lines and steam lines); and (viii) the costs of constructing production facilities, pipelines and other facilities necessary to develop property acquired pursuant to the terms hereof and produce, collect, store, treat, deliver, market, sell or otherwise dispose of oil, gas and other hydrocarbons and minerals therefrom; provided, that Well Costs shall not include any Acquisition Costs.
Well Costs means the costs and liabilities incurred in connection with drilling, testing and completing a well, including, but not limited to, plugging and abandoning costs if the well is completed as a dry hole and the costs of equipping the well for production if it is completed as a producer.
Examples of Well Costs in a sentence
All costs and expenses, including Acquisition Costs and Well Costs, relating to the Designated Property shall be shared as follows: (i) 100% to CWEI before Payout and (ii) 1% to CWEI and 99% to the Participants after Payout, apportioned among the Participants in proportion to the percentages listed on Exhibit A attached hereto.
For purposes of applying the provisions of this Exhibit D, contributions to the Tax Partnership (“Capital Contributions”) shall include all Acquisition Costs, Well Costs, and any other costs incurred or payments made in respect of the Designated Property pursuant to the Agreement.
For purposes of applying the provisions of this Exhibit D, contributions to the Tax Partnership ("Capital Contributions") shall include all Acquisition Costs, Well Costs, and any other costs incurred or payments made in respect of the Designated Property pursuant to the Agreement.
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.
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.
More Definitions of Well Costs
Well Costs means CWEI's share of costs pursuant to any Operating Agreement for the drilling, completing, equipping, deepening or sidetracking a Well, including, without limitation: (i) the costs of surveying and staking the Well, the costs of any surface damages and the costs of clearing, coring, testing, logging and evaluating the Well; (ii) the costs of casing, cement and cement services for the Well; (iii) the cost of plugging and abandoning the Well (including standard and customary remediation activities associated therewith), if it is determined that the Well would not produce in commercial quantities and should be abandoned;
Well Costs means all gross costs incurred to drill, evaluate, and complete (or plug and abandon, if not completed) any Well, the original estimated amounts of which have been set forth in an AFE. For purposes of this Agreement, (a) “costs to drill” a Well shall mean all costs incurred in the drilling, evaluation and completion (or plugging and abandoning) of a Well including, without limitation, the following costs: costs of acquiring, by purchase, lease or otherwise, of surface sites for drilling and completion, constructing and upgrading access roads, obtaining and preparing the location, obtaining permits and title opinions, obtaining drilling contractor services and consultants, obtaining mud chemicals, pipe and supplies and all other costs and expenses associated with or incurred in moving in, rigging up, drilling, logging and testing so that a decision can be made to either attempt to set pipe and complete such well or to plug and abandon it as a dry hole, and (b) “costs to complete” a Well shall mean all additional costs of drilling and completing the Well, including but not limited to, the costs of fracture stimulation and the drilling out of frac plugs with respect to such Well.
Well Costs means in respect of an exploration well, all direct and indirect costs incurred in the planning and drilling of the well, including but not limited to the following operations and costs:
Well Costs means all costs chargeable under the applicable accounting procedure attached to and made a part of the Operating Agreement incurred (a) Through the Tanks in drilling, deepening, sidetracking, plugging back, testing, completing, recompleting and equipping an oil, gas or other hydrocarbon well, or for the plugging and abandonment of the same in the event a well is completed as a dry hole (whether or not a completion attempt is made), or (b) through completion in drilling, completing and equipping a saltwater disposal well. “Well Costs” specifically include Drilling and Completion Costs, Fracing Costs and (i) all costs incurred in connection with operations in preparation for drilling; (ii) all costs incurred for the settlement of claims for surface damage incurred in connection with the drilling, completion of a well Through the Tanks or the plugging and abandonment of a well; (iii) costs of restoring the well site in accordance with applicable governmental and/or lease requirements following completion of drilling and completion operations; and (iv) title examination expense and title curative costs incurred in connection with drilling of a well. In no event shall “Well Costs” include any costs incurred in marketing or making the oil and gas marketable or incident to marketing oil and gas (excepting only those on-lease activities and · costs included in the definition of “Through the Tanks”).
Well Costs means the costs and expenses of all services and materials shown on the AFE and use (and associated with drilling, sidetracking, deepening and testing a well hereunder, including, but not limited t0 (the costs and expenses associated with the following items: (1) permitting with applicable government agencies (2) drill site preparation and facility modifications (including removal of existing conductors due to structural load requirements, but excluding hazard surveys, which are provided for in Section 15.2 of this Agreement); (3) actual drilling, deepening or sidetracking operations (including mobilization and demobilization of the rig to the( drill site); (4) logging, coring and testing of the well for the presence of oil and/or gas; (5) the costs of plugging and abandonment if the well is not completed for production; and (6) the cost to temporarily abandon a well. Al such costs and expenses will be determined in accordance with the accounting procedure attached to the applicable Operating Agreement.
Well Costs means all costs (including permit management, pre-planning and inventory purchase) incurred by the Operator in drilling the Kereru 1 Well but which expressly excludes the cost of purchase of the 7" casing and spool. 1.1.13 "Kereru 1 Well" means the well referred to as Kereru 1 at a location defined by the coordinates 39' 39' 40.5" south and 176' 26' 12.3" east, being Peg 216 on seismic line C91-04 to be drilled, to either a programmed depth of 1700 metres or 100 metres deeper than the Miocene/Pliocene unconformity, whichever is the lesser, or as otherwise may be agreed. 1.1.14 "Minister" means the Minister of Energy as defined in the Act who administers the approval and registration procedure under the Act. 1.1.15 "Boral Energy Participating Interest" means together the Indo-Pacific Assigned Interest and the Moondance Assigned Interest assigned to Boral Energy.
Well Costs with respect to any Subject Well, means all costs and expenses incurred in connection with the drilling, testing, completing and equipping of said Subject Well including, but not limited to, such costs as are typically set forth in authorities for expenditures, and all costs and expenses incurred in connection with the fabricating and installing of appurtenant production and marketing facilities.