dry hole clause

dry-hole clause. Oil & gas. A provision in an oil-and-gas lease specifying what a lessee must do to maintain the lease for the remainder of the primary term after drilling an unproductive well. • A dry-hole clause is intended to make clear that the lessee may maintain the lease by paying delay rentals for the remainder of the primary term.

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词条贡献者

双语律师Virginia，国内知名法学院民商法专业，擅长翻译各类与公司与并购相关的法律文件。