Common use of Casing Point Clause in Contracts

Casing Point. When such Initial Prospect Well has been drilled to such Authorized Depth, EXXI shall provide each BCP Participant, Centurion and Ellora with: (a) notification of such fact; (b) copies of electric logs run through Authorized Depth in such Initial Prospect Well; and (c) an estimated statement of all costs and expenses theretofore incurred in drilling and testing such Initial Prospect Well prior to the commencement of running of a production string of casing therein, and the Initial Prospect Well will be deemed to have reached casing point (“Casing Point”). It is expressly herein understood and agreed that neither Centurion nor Ellora are required to make any elections as to their after casing point interests until Casing Point is reached in each such Initial Prospect Well.