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Simple English definitions for legal terms

dry-hole agreement

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A quick definition of dry-hole agreement:

A dry-hole agreement is a contract in the oil and gas industry where one party agrees to give money or property to another party in exchange for geological or drilling information if the well drilled turns out to be unproductive. This agreement helps to reduce the risk and cost of drilling operations for the party receiving the support, while the contributing party gets valuable information from the tests conducted.

A more thorough explanation:

A dry-hole agreement is a contract in the oil and gas industry where one party agrees to provide financial support to another party in exchange for geological or drilling information if the well drilled turns out to be unproductive. This agreement is also known as a support agreement.

Company A wants to drill a well on a lease it holds, but it is a risky venture and could result in a dry hole. Company B agrees to provide financial support to Company A in exchange for access to the geological or drilling information if the well turns out to be unproductive. This way, Company B can learn from the experience and use the information to improve its own drilling operations in the future.

This example illustrates how a dry-hole agreement can benefit both parties. Company A receives financial support to lessen the risk of drilling operations, while Company B gains valuable information that can be used to improve its own operations.

dry hole | dry-hole clause

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Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
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