Exploratory Well Sample Clauses
The 'Exploratory Well' clause defines the requirements and procedures for drilling a well intended to discover new oil or gas reserves in an unproven area. It typically outlines the criteria that must be met for a well to be classified as exploratory, such as its location outside known producing zones and the objectives of the drilling operation. This clause ensures that all parties understand when and how exploratory drilling activities are undertaken, thereby clarifying responsibilities and managing expectations regarding the risks and costs associated with searching for new resources.
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Exploratory Well. Any well proposed as an EXPLORATORY OPERATION.
Exploratory Well. A well or portion of a well proposed as an Exploratory Operation.
Exploratory Well. This is a well that shall be drilled by THE CONTRACTOR within the Contracted Area, in search of Hydrocarbon oilfields in an area that has not been proven to be Hydrocarbon producer, or in order to find oilfields additional to a Discovery, or in order to extend the limits of the known oilfields within one Discovery.
Exploratory Well. A well drilled for the purpose of discovering a new Reservoir or to determine the stratigraphy of an area, as well as the ▇▇▇▇▇ drilled in the structural culminations which are geologically separated from the part of the structure previously studied.
Exploratory Well. A well proposed and drilled as an Exploratory Operation [including, but not limited to, a substitute well for an Exploratory Well abandoned under Article 10.1.4 (AFE Overruns and Substitute Well)].
Exploratory Well. Any well proposed as an Exploratory Operation.
Exploratory Well. Any well proposed as an Exploration Operation.
Exploratory Well. This is the well that has been classified as such by THE ASSOCIATE to be drilled or deepened, sidetracked or re-entered, on its own account in the Contracted Area in search for new reservoirs, or to prove the extension of a Reservoir, or to determine the stratigraphy of an area. In order to comply with the obligations agreed in Clause 5 of this contract, the relevant Exploratory Well will be previously qualified by ECOPETROL and THE ASSOCIATE.
Exploratory Well. A. SK and ▇▇▇▇ agree that for a period of one (1) year from the date of execution of this Agreement neither party will propose the drilling of a well within the Prospects.
B. After one (1) year from the date of the execution of this Agreement, either party may propose the drilling of an initial prospect exploratory well ("Initial Prospect Exploratory Well") within the ▇▇▇▇▇▇▇▇▇▇ Area for any Prospect Area (as hereinafter defined). Should any party desire to propose such Initial Prospect Exploratory Well ("Proposing Party"), said Proposing Party shall make the proposal in writing and provide the other party the following:
(i) a structure map of the prospect to be tested at objective depths; (ii) an outline defining the Prospect Area. As a general rule, it is the intent of the parties that the Prospect Area outline shall be drawn on the nearest quarter section line outside the lowest closing contour of the structure rot be tested, or in the case of a stratigraphic trap or fault trap, the outline shall be drawn to the nearest quarter section lines outside the stratigraphic trapping boundary or the trapping fault plane.
(iii) an Authorization For Expenditure ("AFE") depicting both the cost for a dry hole and for a completed producing well.
(v) a leasehold and ownership map covering the Prospect Area. The party receiving such notice ("Electing Party") shall have thirty (30) days following the receipt of all items set forth above in which to make its election to participate in the Initial Prospect Exploratory Well pursuant to the terms hereof. The JOA will govern the operations of the Initial Prospect Exploratory Well proposed for the Prospect Area, except to the extent it does not conflict wit the provisions of this Agreement, including, but not limited to the relinquishment provision set forth herein. Failure to timely make an election to participate shall be deemed as an affirmative election not to participate in the Initial Prospect Exploratory Well for a Prospect Area. A non-participating Party in the Initial Prospect Exploratory Well for any Prospect Area will relinquish its interest to the participating party as follows:
(i) In the event the Initial Prospect Exploratory Well l is drilled to the objective formation and is capable of production in paying quantities, relinquish one hundred percent (100%) of its interest or right to earn or acquire an interest in the producing unit established for the Initial Prospect Exploratory Well, and relinquish fifty pe...
Exploratory Well. A well drilled to discover hydrocarbons reserves or to determine the stratigraphy of a exploration area.