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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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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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