On-off tool and method of using thereof

Abstract

A setting and unsetting downhole tool with rotary and non-rotary functionalities, and methods of using thereof, for use in downhole operations with packers, hangers, plugs, catch tools, or a combination thereof, and various other types of anchoring devices for use in downhole operations, generally. Specifically, the present on / off tool is utilized for setting / activating and unsetting / deactivating various downhole tools and comprises a stinger component and an overshot component with a series of angled and interconnected deflection profile-aided channels and removable lugs integral for efficient and effective downhole tool deployment and retrieval.

Description

[0001]In the United States Patent Office TITLE On-off Tool and Method of Using Thereof INVENTORS John Daniels Michael David Mike Still CROSS-REFERENCE TO RELATED APPLICATIONS Non-Applicable FEDERALLY SPONSORED RESEARCH OR DEVELOPMENT Non-Applicable SPECIFICATION Field of the Invention The present invention relates to the technical field of oil and gas well operations, and particularly, is pertinent to devices used for setting and unsetting downhole tools with rotary and non-rotary functionalities, as well as methods of using thereof, for use in operations with packers, hangers, plugs, catch tools, or a combination thereof, and various other types of tools for use in downhole operations. Background The term downhole equipment should be understood as any downhole tool, tubular hanger, tubing, casing, liner, tubular, crossover, tubular subs, or a combination of thereof. A means for connection between two downhole components may be any part engineered for enabling mechanical connections between such downhole components including but not limited to a threaded element, sub of a clamp-type connection, bolted sub, flanged sub, nipple sub, a hummer union, non-pressure seal thread (NPST) sub and / or other downhole elements. Numerous well operations require deployment of various downhole tools which need to be set, secured or activated downhole. Non-limiting examples of such downhole tools include, but are not limited to, packers, bridge plugs, casing, liner hangers, junction tools, crossovers and the like. Frequently such downhole tools are connected to the bottom section of setting tools and are deployed downhole using deployment strings such as tubing, drill pipe, wire line, slick line, liners and other downhole tools. Such deployment strings may also comprise any downhole equipment and tools such as crossovers, subs, disconnection subs, packers, extension joints, rotational compensators and other types of downhole equipment known to those skilled in the art. Once deployed, the downhole tools may be set using such setting tools. Examples of tool setting operations include, but are not limited to, anchoring in a casing or wellbore, sealing the space between the body of the downhole tool and the casing or wellbore, and / or expansion of certain elements of the downhole tool. Setting of downhole tools may be accomplished using clockwise or counterclockwise rotation, applying a pushing and / or pulling force, increasing hydraulic pressure in the deployment string, using an electrical signal or signals and other various methods effectuating tool setting or settings. After setting the downhole tool, the component of the setting tool responsible for setting may be disconnected from other components of the assembly comprising the downhole tool. The architecture of such disconnection depends on the construction of the setting tool and is typically triggered by pulling the setting tool to break shear screws and / or shear pins inside the setting tool, which hold parts of the setting tool together, rotating the setting tool in the clockwise or counterclockwise direction, thereby followed by the use of electrically actuatable disconnection means as one disclosed method. Subsequent to setting and shearing, the disconnected component of a setting tool is pulled out of the wellbore allowing other downhole operations and procedures to be performed in the well. If the downhole tool is resettable or removable, an “unsetting” tool may further be used to remove the installed downhole tool from its location. Various unsetting tools are well known in the art and typically comprise a latching element that “latches” or connects to the top of the remaining component of the setting tool (located on the top (side) of the installed downhole tool) which enables strong mechanical contact between the installed downhole tool and the unsetting tool for ultimate connection and retrieval of the downhole tool. The unsetting tool may be deployed downhole for retrieval using the same types of deployment string(s) as described earlier for deployment of the setting tool. At a next stage, after setting and use, the downhole tool may be unset using one of various unsetting methods depending on the construction of the downhole tool. Some examples of these methods of unsetting include applying a pulling force on the downhole tool, to break shear pins and / or shear screws in the downhole tool, which hold the downhole tool in the set position and thereafter applying clockwise or counterclockwise rotation for unsetting and eventual retrieval of a downhole tool. After unsetting the downhole tool with the remaining component of the setting tool, the unsetting tool may then be pulled out of (retrieved from) the well or moved to a different location within the same well. Examples of well operations include, but are not limited to, workover operations, reservoir stimulation operations, drilling operations, production operations, well intervention operations, well testing operations, and other operations known to those skilled in downhole operations. One primary issue existing with the unsetting of downhole tools is in the insufficient mechanical stability of latching components of these tools. This commonly results in destruction of these latching components during the unsetting of downhole tools. The issue arises from a relatively low contact area between the latching components of the unsetting tools and the latched parts of the downhole tools as well as a relatively low cross-sectional areas of these elements. As a result, the attempts of unsetting downhole packers by applying pulling force on a latched unsetting tool frequently result in premature destruction of the latching elements of the unsetting tools themselves without shearing of the shear pins which hold downhole tools in a set position. In the context of this invention, the term "on / off tool" is defined by the inventors as a downhole tool which may be used for both setting / activating and unsetting / deactivating various downhole tools. Specifically, the on / off tool that is the present invention comprises a component that may be detached from an assembly comprising the set / activated downhole tool, after its setting or activation, and may also be used for unsetting or deactivating the downhole tool. Such an “on / off tool” may be made of any materials with mechanical characteristics that allow using such materials in downhole conditions including meeting requirements for strength, durability, stability at elevated temperature, pressure and chemical composition of the downhole fluids. Some possible examples of such materials include steel, stainless steel, various alloys, bronze, rubber, cast iron, Teflon, glass-filled resin, Textolite, plastics, and other suitable materials or a combination thereof. While strides have been made to overcome the inadequacies of proper methods and devices used for setting and unsetting downhole tools with rotary and non-rotary functionalities, for use in operations with downhole tools and assemblies, it remains evident that considerable failings remain in downhole tool setting in the field of oil and gas production. It is in light of the above shortcomings, inventors seek to remediate the deficiencies of previous failed attempts to address the long felt need for improving retrieval in downhole tool operations, as well as improvements in methods of effectuating same, that adequately serves the need of downhole operators across the industry. While inventors have set forth the best mode or modes contemplated for carrying out the present invention which are known to the inventor, such to enable a person skilled in the art to practice the present invention, these certain preferred embodiments are, however, not intended to be limiting, but, on the contrary, are included in a non-limiting sense apt to alterations and modifications, based on particular operations, within the scope and spirit of the present disclosure and within the broadest interpretations of the appended claims in light of the present specification. SUMMARY OF THE INVENTION In the present invention inventors disclose an “on / off” downhole tool comprising a stinger component and an overshot component, and methods of use thereof, wherein a stinger component, comprises a top sub connected to a top portion of a profile sub whose bottom portion is connected to a top portion of a splined sub having at least one longitudinal groove. The stinger component also comprises a spinner sleeve positioned around at least a portion of the profile sub so that the sleeve may spin around a portion of the profile sub and cannot be moved out of the profile sub without disconnection of the profile sub from at least one of the top sub or the splined sub where the external diameter of the spinner sleeve is larger than the diameter of at least a portion of the profile sub. The splined sub itself is located below the spinner sleeve, wherein the spinner sleeve has a guiding slot, or plurality of slots, grooves or channels, comprising at least one sequence of “guiding grooves”, together with deflection profiles, made up of an entry point into a first longitudinal groove which is open at the “bottom” portion of the spinner sleeve (i.e., facing the bottom portion of the profile sub) and which has the first deflection profile tilted toward the “top” of the spinner sleeve at the upper end of this guiding groove. The second longitudinal guiding groove, which is connected to a first deflection profile, wherein the upper end of this groove traverses the length of said spinner sleeve and extends toward the “top” of the spinner sleeve and beyond the axial location of the first deflection profile, wherein the lower end of the second longitudinal groove extends toward the bottom of said spinner sleeve. Next, the second deflection profile is tilted toward the bottom of the spinner sleeve at the lower end of this second longitudinal groove whereby a third longitudinal groove, which is in communication with the second longitudinal grove and is under the direction of a deflection profile (with the lower end of this groove extending toward the bottom of the spinner sleeve and beyond the axial location of the second deflection profile), has an upper end of this third longitudinal groove extending toward the top of the spinner sleeve. Thereby, a third deflection profile is tilted toward the top of the spinner sleeve at the upper end of this third longitudinal groove and is made to communicate with a fourth longitudinal groove, which has an upper end of this groove extended toward the “top” of said spinner sleeve, beyond the axial location of the third deflection profile, and with the lower portion of this groove extending toward the “bottom” part of the spinner sleeve. A fourth deflection profile is tilted toward the “bottom” of the spinner sleeve at the lower end of this fourth longitudinal groove wherein the fourth deflection profile is connected to an entry longitudinal groove of the same or the next sequence of grooves and deflection profiles wherein the spinner sleeve also comprises at least one dead hole or a through hole designed for installation of a shear pin and / or a shear screw. The bottom portion of the spinner sleeve also comprises an external deflection profile located across each sequence of grooves and deflection points wherein said external deflection profile may have uniform, symmetrical, tilted, angled, leading-edge, spear-type geometry, or any other inclined geometry, that would functionally deflect any object (e.g., a lug) of any geometry ( e.g. circular, oblong, angular or a combination thereof), moving on the surface of the stinger component from the “bottom” (entry point) of the stinger component to the “top” of the stinger component and into one of the aforementioned longitudinal grooves and along a dedicated pathway. The stinger component also comprises at least one axial sealing element installed around the profile sub or the splined sub, or between the profile sub and the splined sub, wherein the overshot component comprises the following: (a) a top guide sub wherein a top end has a reverse conical profile so that the internal diameter of the top guide sub, at its top, is close to the external diameter of the top guide sub and (b) an internal diameter gradually reducing along some portion of the top guide sub, and which bottom portion is connected and partially “rolled over” an overshot top sub. Said overshot top sub thereby has at least one slot or hole for installation of an upper removable lug, wherein the location of said slot or hole, for installation of the upper removable (and / or replaceable) lug, is located at the portion of the overshot top sub which is enclosed in the top guide sub upon installation of the top guide sub on the overshot top sub and wherein a bottom portion of the overshot top sub is connected to a top of an overshot bottom sub. Said top portion of the overshot bottom sub having at least one slot, orifice or hole for installation of a lower removable and replaceable lug and may also comprise a radial groove for installation of a securing screw and / or pin between the overshot top sub and the overshot bottom sub. The bottom portion of the overshot bottom sub provides a means for connection with a downhole tool or any other downhole equipment wherein the upper removable lug and the lower removable lug have pin-like geometries, or mushroom-type geometry, with the lengths of the removable lugs being the same or larger than the width of the removable lugs and the total height of the upper removable lug being larger than the thickness of the overshot top sub at the location of the slot or the hole for installation of the upper removable lug and wherein the total height of the lower removable lug may be larger than the thickness of the overshot bottom sub at the location of the slot or the hole for installation of the lower removable lug. Such geometry of an upper removable lug enables substantially higher mechanical strength of upper removable lugs when compared to lugs of round or rounded geometries or lugs having uniform diameters of lesser lengths and widths. The disclosed lugs’ geometry of the present invention allows for the application of significantly higher forces, such as those exerted by a pulling or a pushing force, on lugs with minimized risk of destruction, and thus, the lugs of the present invention enable significant improvement in reliability and ability to apply higher forces through the on / off tool while deploying, pulling, setting and unsetting various downhole tools connected to the on / off tool with such lugs. Also, such geometry of a lower removable lug enables higher contact area between a stinger and overshot components of the on / off tool and higher cross-sectional area of the lug when compared to lugs of round geometries or lugs having lesser comparable lengths and widths. These lugs yield the ability of applying higher torque through the on / off tool when compared to standard on / off tool at a greatly lowered risk of destruction of such lugs which in turn extends the torque operational range of the disclosed on / off tool, improves reliability and robustness. What is more, the ability to remove and replace said lugs provides an extended utility and lifespan to the present invention wherein lugs, having been sheered or otherwise damaged, may easily be removed, replaced and / or modified (with a lugs of different shapes or materials, for example) without having to retool or rebuild the operational components (including lugs and lug seats) relied upon for proper and efficient functioning of the present invention. This improvement allows for a modularization unrecognized and unutilized in the prior art. In a specific embodiment of the present invention, at least one upper lug, at least one lower lug, or both, has / have a width of 2-5mm, 5-10mm, 10-25mm, 25-100mm, or 100-500mm wherein each lugs’ length is larger than its width by 0-5%, by 5-10%, by 10-50%, by 50-500%, or by 500- 10,000%. In another specific embodiment of the present invention the cross-sectional area of at least one upper lug, at least one lower lug, or both is / are in the range of 0.1-1cm2, or 1-5cm2, or 5- 20cm2, or 20-100cm2, or 100-1000cm2. In yet another embodiment of the present invention the width and the length of at least one upper lug may be chosen to enable its mechanical stability to the load applied along its length of no less than 5 kN (kilonewton),.no less than 20 kN, no less than 50 kN, no less than 100 kN,, no less than 250 kN, no less than 1MN (meganewton), no less than 10 MN, or no less than 100MN. In yet another embodiment of the present invention the width and the length of at least one lower lug may be chosen to enable its mechanical stability to the torque applied perpendicular to its length of no less than 100 N^m, no less than 1 kN^m, no less than 10 kN^m, no less than 100 kN^m, or no less than 1,000 kN^m. Slots or holes for installation of the upper and lower removable lugs may have various geometries and may comprise a blind hole with an inner through hole, or a through slot, or a blind groove with an inner through slot wherein the length of the inner through slot or diameter of the inner through hole is smaller than the length of the blind groove, or the diameter of the blind hole, and wherein the width of the inner through slot is smaller than the width of the blind groove or diameter of the blind hole. The overshot top sub also comprises at least one hole or threaded hole for installation of a shear pin and / or a shear screw wherein the positioning of this hole over the hole for installation of a shear pin or shear screw on the spinner sleeve results in positioning of the slot or hole for installation of an upper removable lug on the overshot top sub over one of the longitudinal grooves of the guiding slot on the spinner sleeve. In a separate embodiment of the present invention, at least one deflection profile of at least one sequence of guiding grooves and deflection profiles of the guiding slot on the spinner sleeve may comprise two to a plurality of angled or curved guiding surfaces positioned at opposite sides of said deflection profile wherein both said guiding surfaces are tilted toward the “top” end of the spinner sleeve, or both said guiding surfaces are tilted toward the “bottom” end of the spinner sleeve. The advantage of said geometry of deflection profiles allows for upper lugs to return to the previous longitudinal groove of the corresponding sequence of guiding grooves and deflection profiles of the guiding slot during the longitudinal shift of the stinger component and overshot component of the on / off tool in relation to each other, in the case that such shift does not result in complete transition of said upper lugs into the next longitudinal groove during said shift as is described above. Inventors advance that such functionality enables higher reliability of the on / off tool and reduces the risk of unplanned transitions out of designated and desired longitudinal grooves of the upper lugs through the guiding slots due to operational movements and vibrations or untoward or accidental tool movements and vibrations. In another embodiment of the present invention the first and third deflection profiles of a sequence of guiding grooves and deflection profiles of a guiding slot are angled toward a “top” end of a spinner sleeve and the second and fourth deflection profiles are angled toward a “bottom” end of a spinner sleeve. In yet another embodiment of the present invention the first and third deflection profiles of a sequence of guiding grooves and deflection profiles of a guiding slot are angled toward a “bottom” end of a spinner sleeve and the second and fourth deflection profiles are angled toward a “top” end of a spinner sleeve. In a another embodiment of this invention, an overshot component of an on / off tool may comprise a valve such as a flapper valve, a double flapper valve, a check valve, or any other valve that may be opened upon engagement of the stinger component and the overshot component of the on / off tool. In one specific embodiment of the present invention, said valve may be located in the overshot bottom sub or overshot top sub, or between the overshot bottom sub and overshot top sub, or at any other location of the on / off tool. In yet another specific embodiment of the present invention, said valve may opened by the introduction of the splined sub or any other component of the stinger component of the on / off tool into the body of the valve. In yet another specific embodiment of present invention, said valve may be closed by removal of the splined sub (or any other component of the stinger component of the on / off tool) from the body of the valve. Yet another specific embodiment of the present invention comprises a method of using the on / off tool comprising the described valve wherein disengagement of a stinger and / or overshot component of the on / off tool results in closing said valve, which results in stopping fluid communication through the overshot component of the on / off tool, or the fluid communication from the bottom of the overshot tool to the top of the overshot tool, or the fluid communication from the top of the overshot tool to the bottom of the overshot tool. In opposite, yet another specific embodiment of the present invention comprises a method of using a stinger component of the on / off tool for engaging with the overshot component of the on / off tool positioned in the wellbore wherein the engagement of a stinger and overshot component of the on / off tool results in opening said valve, which results in enabling fluid communication through the on / off tool. In a separate embodiment of the present invention, said valve may be installed below the overshot bottom sub and be opened by any of the components of the stinger component of the on / off tool including the splined sub of the stinger component of the on / off tool that may have the length sufficient for reaching said valve upon installation of the stinger component of the on / off tool into the overshot component of the on / off tool. In yet another embodiment of the present invention the position of the longitudinal grove on the splined sub and the position of the lower lug on the overshot component of the on / off tool may be used for indexing the position of the overshot component and the stinger component of the on / off tool in relation to each other upon inserting the stinger component of the on / off tool into the overshot component of the on / off tool. For example, insertion of the lower lug into the longitudinal groove of the splined sub can be used for merging certain areas or components of the stinger component of the on / off tool with certain areas of the overshot component of the on / off tool, which can be used for transmitting electrical signals, hydraulic pressure, electromagnetic signals, light and other forms of energy through the on / off tool. And wherein various and variable methods may be employed, and several of said methods are envisioned and / or employed within, singly or in combination, inventors describe herein those preferred methods known as to enable those utilizing the present invention to practice the same utilizing an of the aforementioned features, means, combination of features or combination of means. BRIEF DESCRIPTION OF THE DRAWINGS A clear understanding of the key features of the invention summarized above may be had by reference to the appended drawings and claims, which illustrate the method and system of the invention, although it will be understood that such drawings depict preferred embodiments of the invention and, therefore, are not to be considered as limiting its scope regarding other embodiments which the invention is capable of contemplating. FIG.1A-1B show cross-sectional assembly views of the on / off tool; FIG.2 illustrates a side-view of the stinger component of an on / off tool; FIG.3 displays a perspective view of a splined sub; FIG.4 illustrates a side-view of a splined sub; FIGS.5 and 8 display a splined sub with a uniform entry profile; FIGS.6 and 9 show a splined sub with right-angled splines; FIGS.7 and 10 illustrate a splined sub with left-angled splines; FIG.11 displays a profile sub featuring threaded male and female connections; FIG.12 displays a cross-sectional view of a profile sub featuring threaded male and female connections; FIG.13 depicts a guiding slot profile; FIGS.14 - 16 show a spinner sleeve with a guiding slot; FIGS.17A–17D illustrate various geometries of the external deflection profiles and the various deflection profiles of the guiding slot of FIGS.14-16; FIG.18 is an overshot component of the on / off tool; FIG.19 shows a top guide sub featuring a through hole for installation of a securing screw; FIG.20 shows a cross-sectional view of a top guide sub featuring a through hole for installation of a securing screw; FIG.21 displays an overshot top sub with a slot for installation of the upper removable lug; FIG.22 shows a cross-sectional view of an overshot top sub featuring diametrically opposite slots or holes for installation of upper removable lugs; FIG.23 provides an overshot bottom sub with a slot for installation of the lower removable lug and a radial grove for installation of a securing screw or pin between the overshot top sub and the overshot bottom sub; FIG.24 shows a cross-sectional view of an overshot bottom sub featuring diametrically opposite slots or holes for installation of lower removable lugs and a radial grove for installation of a securing screw or pin between the overshot top sub and the overshot bottom sub; FIG.25 shows a representational design of a removable lug; FIG.26 depicts a front view of the removable lug of FIG.25; FIG.27 is a side view of the removable lug of FIGS.25 and 26; FIG.28 is a top view of the removable lug of FIGS.25-27; FIG.29A-B displays a potential position of holes or threaded holes on an overshot top sub and a spinner sleeve for installation of a shear pin or shear screw for positioning of an upper removable lug; FIG.30 shows an exploded assembly view of an example of a rotational angle compensator; and FIG.31 illustrates the installation of a flapper valve inside a flapper sub connected to an overshot bottom sub. It should, however, be understood that the above figures and summary are not intended to be limiting to the present invention or to any particular embodiment disclosed, but on the contrary, the invention disclosure is intended to cover all modifications, alternatives and equivalents falling within the spirit and scope of the invention as defined within each claim’s broadest reasonable interpretation consistent with the specification. NOMENCLATURE The following detailed description is merely exemplary in nature and is not intended to limit the described embodiments or the application of these embodiments and uses of the described embodiments to only those disclosed and described. As used herein, the word “exemplary” or “illustrative” means 'serving as an example, instance, or illustration.’ Any implementation described herein as “exemplary” or “illustrative” is necessarily non-limiting and is not to be construed as preferred or advantageous over other implementations. All of the implementations described below are exemplary implementations provided to enable those persons skilled in the art to practice the present invention and are not intended to limit the scope of the appended claims. Moreover, the illustrative embodiments described herein are not to be considered exhaustive and embodiments or implementations other than those which are described herein, and which fall within the scope of the appended claims, are possible. Furthermore, there is no intention to be bound by any expressed or implied theory presented in the preceding technical field, background, brief summary of the following detailed description. Relative terms such as “upper”, “lower”, “above”, “below”, “top”, “bottom”, “horizontal” and “vertical” as used herein are intended for descriptive purposes only and are not necessarily intended to be construed in a limiting sense. The term “side” of an object may be used interchangeably with term “end” of an object and the term “end” may be used interchangeably with the term “side” of an object. The word “hole”, “receptacle” or “orifice” should be understood as any hole of round, square, rectangular or any other regular or irregular geometry, while such a hole may be through or blind. The size and the geometry of the hole may vary along the depth of such hole. The word “slot” should be understood as a hole which length is larger than its width; The word “groove” should be understood as a blind slot which length is larger than its width; The word “upward” should be understood as the direction along a wellbore toward a wellhead. The word “downward” should be understood as the direction along a wellbore from a “wellhead”. The axial angle between two elements located on or in proximity to a cylindrical or substantially cylindrical object is defined as an angle between two planes that contain a central line of such cylindrical or substantially cylindrical object and which go through the middle of such elements so that one plane goes through the middle of one element and another plane goes through the middle of another element. The term “axial distance” between two elements positioned on or in proximity to a cylindrical or substantially cylindrical object is defined as an axial angle between these two elements. The term “axial element” is defined as an element positioned around a cylindrical or substantially cylindrical object. The angle between two longitudinal grooves, or the axial angle between two longitudinal grooves, on a tubular or on a sleeve is defined as the angle between two planes that contain a central line of such tubular or such sleeve and go through middle of such longitudinal grooves so that one plane goes through the middle of one groove and another plane goes through the middle of another groove. Terms “axial position” and “axial location” of an element positioned on or in proximity to a cylindrical or substantially cylindrical object are defined as an axial angle between this element and another element positioned on or in proximity to the same cylindrical or substantially cylindrical object, or as an angle between the plane that contains a central line of such cylindrical or substantially cylindrical object and go through the middle of said element and any other plane. The term “axial movement” of an element is defined as a change in its axial position / location. The term "guiding slot" refers to a series of interconnected grooves or slots arranged in a specific manner, intended for the guidance of an external element, typically a pin or a lug, through this sequence. The term "guiding slot" refers to a series of interconnected guiding grooves or slots, or a sequence of guiding grooves and deflection profiles that interconnect these guiding grooves, arranged in a specific manner, intended for the guidance of an external element, typically a pin or a lug, through a sequence of guiding grooves. Guiding grooves may be longitudinal grooves positioned along a “slot”, at an angle to the longitudinal direction of a tool or the slot, or a combination thereof. The first guiding groove of each series of interconnected grooves and / or slots, or a sequence of guiding grooves and deflection profiles, may comprise an open end designed for an external element, typically a pin or a lug, to enter this first guiding groove. Said eternal element, which may be removable and replaceable, may have a width smaller or slightly smaller than the width of a corresponding groove. The last guiding groove of each series of interconnected grooves or slots, or a sequence of guiding grooves and deflection profiles, is defined as a groove of this series of interconnected grooves or slots, or a sequence of guiding grooves and deflection profiles, positioned at a largest axial distance from the first guiding grove of the same series of interconnected grooves or slots, or a sequence of guiding grooves and deflection profiles. The area between the first and last guiding grooves may have any number of interconnected guiding grooves through which an external element may traverse, stopping and starting transitorily during the operation of the present invention. Deflection profiles themselves are defined as “channels” positioned at an angle in relation to the longitudinal direction of the guiding slot, or any side or end of a guiding slot (such as a top end of the guiding slot or a bottom end of the guiding slot) positioned in between two sequential guiding grooves thereby interconnecting these guiding grooves and guiding the external element between these sequential groves. Walls of such channels are called guiding surfaces of corresponding deflection profiles. Each deflection profile may comprise a top guiding surface, positioned closer to the top end of the guiding slot, and a bottom guiding surface, positioned closer to the bottom end of the guiding slot. A guiding surface of a deflection profile may exhibit one, two or more angled surfaces thereby angled / tilted toward any side of the guiding slot, such as a top end of the guiding slot or a bottom end of the guiding slot as to guide the external element within a longitudinal groove and along a deflection profile for movement along a dedicated path of a spinner sleeve. A guiding surface of a deflection profile is defined being angled / tilted toward the top end of the guiding slot if any external element, typically a pin or a lug, is approaching the top end of the guiding slot while moving in contact with this guiding surface axially from the first guiding groove to the last guiding groove of the same series of interconnected guiding grooves or slots, or through the same sequence or series of guiding grooves and deflection profiles of the guiding slot. A guiding surface of a deflection profile may further be angled / tilted toward the bottom end of the guiding slot if any external element, typically a pin or a lug, is approaching the bottom end of the guiding slot while moving in contact with this guiding surfaces axially from the first guiding groove to the last guiding groove of the same series of interconnected guiding grooves or slots, or through the same sequence or series of guiding grooves and deflection profiles of the guiding slot. If all guiding surfaces of a deflection profile are angled / tilted toward the top end of a guiding slot then said deflection profile is defined as a deflection profile angled / tilted toward the top end of the guiding slot. If all guiding surfaces of a deflection profile are angled / tilted toward the bottom side of the guiding slot then said deflection profile is defined as a deflection profile angled / tilted toward the bottom side of the guiding slot. METHODS OF USE While various methods of utilizing the present inventive technology are described herein, it should be appreciated that the embodiments described herein encompass many practical implementations that may be embodied in a wide variety of contexts. Moreover, in the interest of economy, not all features of exemplary uses and methods are described exhaustively which may nonetheless achieve the stated goals provided herein from one method to another or between enumerated methods. It will, however, be a routine undertaking for persons having requisite skill in the art, having the benefit of the present disclosure, to observe that the disclosed steps provide the novel and non-obvious features required to use the present on / off tool and practice the present invention’s various implementation and uses. Inventors herein thereby further describe certain methods of use of the present invention that is the on / off tool including the following: a method of using the described invention in relation to a stinger and an overshot component, wherein the “on / off tool” is in a “normal” position and the upper lug is in the second groove, comprising the steps of: having an on / off tool comprising two components: a stinger component and a receiving overshot component wherein said stinger component is inserted into the overshot component so that at least one lower lug is inserted in at least one longitudinal groove of the splined sub, wherein: said stinger component is secured to the overshot component by a shear pin or a shear screw installed in at least one hole or threaded hole for installation of a shear pin or a shear screw on the overshot top sub and at least one hole exhibited for installation of a shear pin or shear screw on the spinner sleeve wherein positioning of said hole or threaded hole for installation of a shear pin or a shear screw on the overshot top sub over the said hole exhibited for installation of a shear pin or shear screw on the spinner sleeve positions the upper lug in the upper end section of the second groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot; connecting the bottom end of the overshot component of the on / off tool to a downhole tool; connecting the upper end of the stinger component of the on / off tool to a deployment string; running said on / off tool with a downhole tool in a well on said deployment string; positioning the downhole tool at the location where said downhole tool is planned to be set; setting the downhole tool by increasing pressure inside the deployment string, and / or by rotating the on / off tool in the clockwise or counterclockwise direction; shearing at least one shear pin or shear screw connecting the stinger component of the on / off tool and the overshot component of the on / off tool by applying a pulling force on the stinger component of the on / off tool; optionally verifying that the downhole tool is set by applying a pulling force on the stinger component of the on / off tool; moving the stinger component of the on / off tool downhole for a distance sufficient for repositioning at least one upper lug from one longitudinal groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot to another longitudinal grove of the same sequence of guiding grooves and deflection profiles of the guiding slot; retrieving the stinger component of the on / off tool above the overshot component of the on / off tool; guiding said lug along and within said groove to an exit from the groove by applying a pulling force on the stinger component of the on / off tool; pulling (i.e., retrieving) the stinger component of the on / off tool out of the well or moving it to another wellbore location; performing a well operation on such well. Additionally, the above method may further comprise the steps of: having a stinger component of the on / off tool with its upper end connected to a deployment string; running the stinger component of the on / off tool on the deployment string downhole; tagging the overshot component of the on / off tool with the stinger component of the on / off tool; running within at least one groove on the splined sub of the stinger component of the on / off tool at least one lower lug of the overshot component of the on / off tool by the mean of pushing the stinger component of the on / off tool down or by pushing down and rotating the stinger component of the on / off tool; latching with the stinger component of the on / off tool in the overshot component of the on / off tool by positioning at least one upper lug of the overshot component of the on / off tool in at least one longitudinal groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot; pulling the stinger component of the on / off tool upward for a distance sufficient for repositioning at least one upper lug from one groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot to another groove of the same or different sequence of guiding grooves and deflection profiles of the guiding slot of the spinner sleeve; unsetting the downhole tool by applying a pulling force on the downhole tool through the on / off tool, or by rotating the on / off tool in the clockwise or counterclockwise direction; and pulling the downhole tool connected to the on / off tool out of the well or moving it to another wellbore location. Another method of using the described tool further exists in a deployment string, wherein the “on / off tool” is inverted (i.e., in an upside-down position) and the upper lug is positioned in the second groove, comprising the steps of: having an on / off tool comprising the stinger component and the overshot component with the stinger component inserted into the receiving overshot component so that at least one (lower) lug is inserted in at least one longitudinal groove of the splined sub wherein: a stinger component is secured to an overshot component by a shear pin or a shear screw installed in at least one hole or threaded hole for installation of a shear pin or a shear screw on the top portion of the overshot top sub and at least one hole exhibited for installation of a shear pin or shear screw on the spinner sleeve, wherein positioning of such hole or threaded hole for installation of a shear pin or a shear screw on the top part of the overshot top sub over the hole exhibited for installation of a shear pin or shear screw on the spinner sleeve positions the upper lug in the top section of the second groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot; connecting a bottom end of the overshot component of the on / off tool to a deployment string; connecting the upper end of a stinger component of the on / off tool to a downhole tool; running the on / off tool with the downhole tool in a well on a deployment string; positioning the downhole tool at the location where the said downhole is planned to be set; setting the downhole tool by increasing pressure inside the deployment string, or by rotating the on / off tool in the clockwise or counterclockwise direction; shearing at least one shear pin or shear screw connecting the stinger component of the on / off tool and the overshot component of the on / off tool by applying a pulling force on the overshot component of the on / off tool; optionally verifying that the downhole tool is set by applying a pulling force on the overshot component of the on / off tool; moving the overshot component of the on / off tool downhole for a distance sufficient for repositioning at least one upper lug from one longitudinal groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot to another longitudinal groove of the same sequence of guiding grooves and deflection profiles of the guiding slot; guiding said upper lug along and within said groove to an exit from the groove by applying a pulling force on the overshot component of the on / off tool; pulling out (i.e., retrieving) the overshot component of the on / off tool above the stinger component of the on / off tool; pulling the overshot component of the on / off tool out of the well or moving it to another wellbore location; and performing a well operation on such well. Additionally, the above method may further comprise the steps of: having an overshot component of the on / off tool with its lower end connected to a deployment string; running the overshot component of the on / off tool on the deployment string downhole; tagging the stinger component of an on / off tool with the overshot component of the on / off tool by running at least one (lower) lug of the overshot component of the on / off tool into at least one longitudinal groove on the splined sub of the stinger component of the on / off tool by means of pushing the overshot component of the on / off tool down or by pushing down and rotating the overshot component of the on / off tool; latching with the overshot component of the on / off tool on the stinger component of the on / off tool) further comprising positioning at least one (upper) lug of the overshot component of the on / off tool in at least one longitudinal guiding groove of at least one sequence of guiding grooves and deflection profiles of a guiding slot or series of slots of a spinner sleeve; pulling the overshot component of the on / off tool upward for a distance sufficient for repositioning at least one upper lug from one groove of the of at least one sequence of guiding grooves and deflection profiles of the guiding slot to another contiguous groove of the same or different sequence of guiding grooves and deflection profiles of the guiding slot; unsetting the downhole tool by applying a pulling force on the downhole tool through the on / off tool, or by rotating the on / off tool in the clockwise or counterclockwise direction; and pulling the downhole tool connected to the on / off tool out of the well or moving it to another wellbore location. Yet another method of the present invention utilizing the described downhole tool, wherein the “on / off tool” is in the “normal position” (when the top part of the stinger component is facing the wellhead and the bottom part of the overshot component is facing the bottom of the well upon running the on / off tool in the well) and the upper lug is in the third groove, comprising the steps of: having an on / off tool comprising: a stinger component and the overshot component wherein said stinger component is inserted into the receiving overshot component so that at least one (lower) lug is inserted in at least one groove of the splined sub, wherein further: the stinger component is secured to the overshot component by a shear pin or a shear screw, installed in at least one hole or threaded hole for installation of a shear pin or a shear screw on the top portion of the overshot top sub and at least one hole exhibited for installation of a shear pin or shear screw on the spinner sleeve, wherein positioning such hole or threaded hole is for installation of a shear pin or a shear screw on the top portion of the overshot top sub and over the hole exhibited for installation of a shear pin or shear screw and whereby the spinner sleeve positions the (upper) lug in said third longitudinal groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot; connecting a bottom end of the overshot component of the on / off tool to downhole tool; connecting the upper end of a stinger component of the on / off tool to a deployment string; running the on / off tool with the downhole tool in a well on a deployment string; positioning the downhole tool at the location, where said downhole is planned to be set; setting the downhole tool by increasing pressure inside the deployment string or by rotating the on / off tool in the clockwise or counterclockwise direction; shearing at least one shear pin or shear screw connecting the stinger component of the on / off tool and the overshot component of the on / off tool by applying a pushing force on the stinger component of the on / off tool; moving the stinger component of the on / off tool upward for a distance sufficient for repositioning at least one upper lug from one groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot to another groove of the same sequence of guiding grooves and deflection profiles of the guiding slot; guiding said lug along and within said groove to an exit from the groove by applying a pulling force on the stinger component of the on / off tool; pulling out the stinger component of the on / off tool above the overshot component of the on / off tool; pulling the stinger component of the on / off tool out of the well or moving it to another wellbore location; and performing a well operation on such well. Yet another method of the present invention, whereby the stinger is used to unset a previously set downhole tool, utilizing the stinger of said on / off tool comprising the steps of: having a stinger component of an on / off tool with its upper end connected to a deployment string and an overshot component of the on / off tool positioned in a well with its upper end, facing upward, and with the overshot component’s lower end connected to a set downhole tool; running said stinger component of the on / off tool on the deployment string downhole; “tagging” the overshot component of the on / off tool with the stinger component of the on / off tool; running at least one lower lug on the overshot component through the accepting channel of a longitudinal groove of the splined sub of the stinger component of the on / off tool by pushing the stinger component of the on / off tool downward or by pushing downward and rotating the stinger component of the on / off tool; latching, with the stinger component, on at least one upper lug of the overshot component by positioning such upper lug in at least one longitudinal groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot; pulling the stinger component of the on / off tool upward for a distance sufficient for repositioning of at least one upper lug from one groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot to another communicating groove of the same sequence of guiding grooves and deflection profiles of the guiding slot to a terminus; unsetting the downhole tool by applying a pulling force on the downhole tool through the on / off tool or by rotating the on / off tool in the clockwise or counterclockwise direction; and pulling the downhole tool connected to the on / off tool out of the well or moving it to another wellbore location. In yet another method of the present invention utilizing the described on / off tool, the “on / off tool” is inverted (i.e., in an upside-down position, (when the top part of the stinger component is facing the bottom of the well and the bottom part of the overshot component is facing the wellhead upon running the on / off tool in the well) where the upper lug is in the third groove, comprising the steps of: having an on / off tool comprising the stinger component and the overshot component with the stinger component inserted into the overshot component so that at least one lower lug is inserted in one groove of a splined sub, and wherein: said stinger component is secured to the overshot component by a shear pin or a shear screw, installed in at least one hole or threaded hole for installation of a shear pin or a shear screw on the top portion of the overshot top sub and at least one hole exhibited for installation of a shear pin or shear screw on the spinner sleeve wherein positioning such hole or threaded hole for installation of a shear pin or a shear screw on the top portion of the overshot top sub over the hole exhibited for installation of a shear pin or shear screw on the spinner sleeve positions the upper lug in said third longitudinal groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot; connecting the bottom end of the overshot component of the on / off tool to a deployment string; connecting the upper end of the stinger component of the on / off tool to a downhole tool; running the on / off tool with the downhole tool in a well on a deployment string; positioning the downhole tool at the location where it needs to be set or activated; setting the downhole tool by increasing pressure inside the deployment string or by rotating the on / off tool in the clockwise or counterclockwise direction; shearing at least one shear pin or the shear screw connecting the stinger component of the on / off tool and the overshot component of the on / off tool by applying a pushing force on the overshot component of the on / off tool; moving the overshot component of the on / off tool upward for a distance sufficient for repositioning at least one upper lug from one groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot to another groove of the same sequence of guiding grooves and deflection profiles of the guiding slot; guiding said lug along and within said groove to an exit from the groove by applying a pulling force on the overshot component of the on / off tool; pulling out (i.e., retrieving) the overshot component of the on / off tool above the stinger component of the on / off tool; pulling the overshot component of the on / off tool out of the well or moving it to another wellbore location; and performing a well operation on such well. Yet still another method of the present invention utilizing the described “on / off” downhole tool by running an overshot tool to unset a downhole tool with a stinger component, comprising the steps of: having an overshot component of the on / off tool with its bottom end connected to a deployment string and a stinger component of the on / off tool positioned in a well with its lower end facing upward and with its upper end connected to a set downhole tool; running the overshot component of the on / off tool on the deployment string downhole; “tagging” the stinger component of the on / off tool with the overshot component of the on / off tool; running at least one (lower) lug of the overshot component of the on / off tool into at least one groove of a splined sub of the stinger component of the on / off tool by the mean of pushing the overshot component of the on / off tool down or by pushing down and rotating the overshot component of the on / off tool; latching with the overshot component of the on / off tool on the stinger component of the on / off tool with positioning at least one upper lug of the overshot component of the on / off tool in at least one longitudinal groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot; pulling the overshot component of the on / off tool upward for a distance sufficient for repositioning of at least one upper lug from one groove of at least one sequence of guiding grooves and deflection profiles of the guiding slot to another communicating grove of the same sequence of guiding grooves and deflection profiles of the guiding slot; unsetting the downhole tool by applying a pulling force on the downhole tool through the on / off tool or by rotating the on / off tool in the clockwise or counterclockwise direction; and pulling the downhole tool connected to the on / off tool out of the well or moving it to another wellbore location. In yet another embodiment of the present invention the downhole tool in the described above operation may comprise an anchoring device such as a packer, a retrievable packer, a bridge plug, a swellable packer, a tubing anchor, or any other downhole tool designed for anchoring in a wellbore wherein setting said downhole tool comprises setting said anchoring device and unsetting said downhole tool comprises unsetting said anchoring device. In yet another embodiment of the present invention the pulling or pushing force applied on either a stinger component or overshot component of the on / off tool to shear the shear screw or shear pin installed in at least one hole or threaded hole for installation of a shear pin or a shear screw on the top portion of the overshot top sub and at least one hole exhibited for installation of a shear pin or shear screw on the spinner sleeve during the described above operations is less than the pulling or pushing force required for unsetting the downhole tool connected to the on / off tool or the anchoring device that said downhole tool comprises. In another specific embodiment of the present invention the pulling or pushing force applied on either a stinger component or overshot component of the on / off tool to shear the shear screw or shear pin installed in at least one hole or threaded hole for installation of a shear pin or a shear screw on the top portion of the overshot top sub and at least one hole exhibited for installation of a shear pin or shear screw on the spinner sleeve during the described above operations may be ^ less than 5 kN wherein the pulling or pushing force required for unsetting the downhole tool connected to the on / off tool or the anchoring device that said downhole tool comprises is more than 5 kN, more than 25kN, more than 50kN, more than 100kN, or more than 1,000 kN; ^ or less than 25 kN wherein the pulling or pushing force required for unsetting the downhole tool connected to the on / off tool or the anchoring device that said downhole tool comprises is more than 25kN, more than 50kN, more than 100kN, or more than 1,000 kN; ^ or less than 50 kN wherein the pulling or pushing force required for unsetting the downhole tool connected to the on / off tool or the anchoring device that said downhole tool comprises is more than 50kN, more than 100kN, more than 1,000 kN; ^ or less than 100 kN wherein the pulling or pushing force required for unsetting the downhole tool connected to the on / off tool or the anchoring device that said downhole tool comprises is more than 100kN, or more than 1,000 kN. DETAILED DESCRIPTION The present invention can be better understood via the following descriptive features, above summarized, of the preferred embodiments of the present invention as is provided in greater detail in following Detailed Description and accompanying Figures. Yet, the appended illustrations, together with numbered feature designations, provide only those embodiments envisioned to provide inventor’s most exemplary and or illustrative embodiments contemplated, which may provide enabling examples for those having skill in the art, but not necessarily every permutation or iteration that may be derived therefrom. The diagrams, features and descriptive elements are therefore for demonstrative purposes and not to be taken as limiting the scope of the invention as described and detailed. FIGS. 1-31 provide an example of the present invention that is an “on-off tool” 10 with the characteristics and features described above and provided in further detail below. Stinger component 11 (FIG. 2) evidences top sub 15, comprising a first end 15a and a second end 15b, connected to a first end 25a of profile sub 25, wherein the second end 25b of profile sub 25 is connected to a top portion (first end 30a) of splined sub 30, wherein the bottom portion (second end 30b) of splined sub 30 has at least one longitudinal groove 40, wherein stinger component 11 also comprises spinner sleeve 20 positioned around and exterior to at least a portion of profile sub 25 so said spinner sleeve 20 is configured and positioned to spin around an external portion of profile sub 25, coaxially, and cannot be moved out of profile sub 25 without disconnection of profile sub 25 from at least one of top sub 15 or splined sub 30. Said spinner sleeve having a first end 20a and a second end 20b. As provided, the external diameter of spinner sleeve 20 is designed to be larger than the external diameter of all portions of profile sub 25 enclosed within spinner sleeve 20 as well as the external diameter of splined sub 30 located below profile sub 25 (See FIGS.1-12). Profile sub 25 also may have a threaded through hole 70 for installation of a securing screw 71 between profile sub 25 and splined sub 30, wherein stinger component 11 also comprises at least one axial sealing element 35, installed at the connection of profile sub 25 with splined sub 30, wherein said spinner sleeve 20 further has a guiding slot 21, wherein guiding slot 21 comprises a sequence or series of guiding longitudinal grooves and deflection profiles 22 (See FIGS. 13 - 16), beginning with an entry point A and comprising a first entry longitudinal groove 3 (defined by AB) wherein, at a lower end, entry point A is open at the “bottom” portion of spinner sleeve 20 (facing the bottom portion of profile sub 25) and which has the first deflection profile BC tilted toward the top of the spinner sleeve at the upper end of this groove B wherein said first deflection profile BC comprises top angled guiding surface 260 and bottom angled guiding surface 261 which are each tilted toward the top end of the spinner sleeve 20 for guidance of upper lug 67 through groove sequences A-M. Sequentially, the second longitudinal groove 5 (defined by DF), which is in communication with the first deflection profile BC, whereby the upper end of groove D extends toward the “top” of the spinner sleeve beyond the axial location of the first deflection profile BC, and with a lower end of this groove, point F, extending toward the “bottom” portion of the spinner sleeve with the second deflection profile FG tilted toward the “bottom” of the spinner sleeve at the lower end of groove F wherein further said second deflection profile FG comprises top angled guiding surface 262 and bottom angled guiding surface 263 where each tilt toward the bottom end of the spinner sleeve 20 for deflection and guidance into a next sequential groove HI (See FIGS. 17A-17D). The third longitudinal groove 7 (defined by HI), which side is in communication with the second deflection profile FG with the lower end of this groove H extended toward the “bottom” of the spinner sleeve beyond the axial location of the second deflection profile FG, and with upper end of this groove I extending toward the “top” of the spinner sleeve with the third deflection profile IJ tilted toward the top of the spinner sleeve at the upper end of this groove I wherein the fourth longitudinal groove 9 (defined by KL) is in communication with the third deflection profile IJ with the upper end of this groove K extended toward the “top” of the spinner sleeve beyond the axial location of the third deflection profile IJ and wherein said third deflection profile IJ comprises top angled guiding surface 264 and bottom angled guiding surface 265 each tilted toward the top end of the spinner sleeve 20 for guided deflection into and out of position K. The lower of this groove L extends toward the “bottom” part of the spinner sleeve with the fourth deflection profile LM tilted toward the bottom of the spinner sleeve at the lower end of this groove L wherein said fourth deflection profile LM comprises top angled guiding surface 266 and bottom angled guiding surface 267 each tilted toward the bottom end of the spinner sleeve and wherein said fourth deflection profile LM is connected to an entry longitudinal groove of the same or the next sequence of grooves and deflection profiles wherein spinner sleeve 20 may also comprise at least one upper sleeve hole 80 for installation of a shear pin or a shear screw 60 (See, FIGS.2 and 13 – 17d). Said upper sleeve hole 80 may be a dead hole or a through hole located between the “top” end of the second longitudinal groove 5, adjacent to point D, and the top of the spinner sleeve. Spinner sleeve 20 may also comprise at least one lower sleeve hole 85 for installation of a shear pin or a shear screw or pin 60, which can be a dead hole or a through hole, located between the bottom end of the third longitudinal groove 7, adjacent to point H, and the bottom of spinner sleeve 20, wherein the lower part of guiding slot 21 on spinner sleeve 20 also comprises an external defection profiles 75 located across each sequence of grooves and deflection profiles 22 (See FIGS.17A-D). Said external deflection profiles 75 may have spear-type geometry (See FIGS.13 - 16), or any other inclined geometry (See FIGS. 17A-17D), that would deflect any object (e.g., lug) moving along the surface of stinger component 11 from the bottom of the stinger to the top of the stinger component 11 of the on / off tool 10 into one of any entry longitudinal grooves. FIGS. 17A-17D also show some examples of deflection profiles comprising a pair of guiding surfaces 260 and 261, 262 and 263, 264 and 265, 266 and 267 which in each said pair is each tilted toward the top end of the spinner sleeve (260 and 261, 264 and 265) or toward the bottom end of the spinner sleeve (262 and 263, 266 and 267), respectfully, as to guide upper lug 67 to each next sequential longitudinal groove. Splined sub 30 may have various shapes that enable better latching of the longitudinal groove 40 on splined sub 30 and lower lug(s) 65, during positioning of stinger component 11 of on / off tool 10 into the overshot component 12 of on / off tool 10 (FIG.18). Some examples of such shapes of splined sub 30 are shown in FIGS.3-10 wherein design of overshoot tool 12 comprises a top guide sub 45 which top end has an internal reverse conical profile so that the internal diameter of the top guide sub 45 at its “top” is slightly larger than the external diameter of the top guide sub 45 wherein the internal diameter gradually reduces along a portion or length of the top guide sub 45 (see FIGS.18-20), which may also comprise a threaded through hole 90 for installation of a securing screw 91 between top guide sub 45 and overshot top sub 50, and which bottom part is connected and partially “rolled over” and within an overshot top sub 50, which top part has at least one slot or a hole for installation of an upper removable lug 95 (See FIGS. 21-22) with at least one upper removable lug 67 installed therethrough. The top of overshot top sub 50 also comprises at least one of threaded or unthreaded upper overshot top sub holes 100, located between the upper end of overshot top sub 50 and slot or hole for installation of an upper removable lug 95 (with its axial location on overshot top sub 50 being aligned with axial location of slot or a hole for installation of an upper removable lug 95 on overshot top sub 50) or / and at least one threaded or unthreaded lower overshot top sub hole 110 located between the lower end of overshot top sub 50 and the slot or a hole for installation of an upper removable lug 95 with its axial location on overshot top sub 50 being aligned with axial location of the slot or a hole for installation of an upper removable lug 95 on overshot top sub 50. These holes 100 and 110 are designed for installation of a shear screw or shear pin 60, wherein the slot or hole for installation of an upper removable lug 95 is located at the portion of overshot top sub 50 which is enclosed into the top guide sub 45 upon its installation on overshot top sub 50, and which bottom part having a threaded through hole 92 for installation of a securing screw 93 between overshot top sub 50 and overshot bottom sub 55, and which is connected to a top of an overshot bottom sub 55 which top portion has at least one slot or a hole for installation of a lower removable lug 96, having at least one lower removable lug 65 installed in it, and which may also comprise a radial groove 130 for installation of a securing screw 93 between overshot top sub 50 and overshot bottom sub 55. A bottom portion of overshot bottom sub 55 may be threaded, or may provide any other mean for connection with a downhole tool or any other downhole equipment, wherein removable lugs, expressly the upper removable lug 67 and the lower removable lug 65, may have pin-like geometries (See FIG. 26-28) with the length 140 of at least one removable lug (65 or 67) being the same or larger than the width 135 of the said removable lug (65 or 67) and a height 150 of upper removable lug 67 being larger than the thickness of overshot top sub 50 at the location of the slot or the hole for installation of the upper removable lug 95 and the height 150 of lower removable lug 65 being larger than the thickness of overshot bottom sub 55 at the location of the slot or the hole for installation of the lower removable lug 65. The slots or holes for installation of upper and lower removable lugs 95, 96 comprise a “blind” hole or groove 151, 153 and an inner through slot or through hole 152, 154 wherein the length of the inner through slot 152, 154 or diameter of the inner through hole 152, 154 is smaller than the length of the blind groove 151, 153 or the diameter of the blind hole 151, 153 and wherein the width of the inner through slot 152, 154 is smaller than the width of the blind groove 151, 153 or diameter of the blind hole 151, 153, wherein the installation of the shear screw or shear pin 60 in upper overshot top sub hole 100 on overshot top sub 50 and upper sleeve hole 80 of spinner sleeve 20 upon the assembly of on / off tool 10 (see FIG.1A) results in positioning the upper removable lug 67 in the upper part of the second longitudinal groove 5 (defined by DF) of the A-M sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (see FIG.13) whereas installation of shear screw or shear pin 60 in the lower overshot top sub hole 110 on overshot top sub 50 and lower sleeve hole 85 of spinner sleeve 20 upon the assembly of on / off tool 10 (see FIG. 1B) results in positioning of upper removable lug 67 in the lower end of the third longitudinal groove 7 defined by HI of one of the sequences of guiding grooves and deflection profiles 22 of guiding slot 21. A method of using the above described “on / off” tool, wherein the “on / off” tool is in the normal / regular position and the upper lug resides in the second groove 5, further comprising: having an “on / off tool” 10 comprising a stinger component 11 and an overshot component 12 with stinger component 11 positioned in overshot component 12 and stinger component 11 connected with overshot component 12 by at least one shear pin or shear screw or pin 60 installed simultaneously in upper overshot top sub hole 100 and upper sleeve hole 80 with positioning of at least one upper removable lug 67 in a slot or a hole for installation of an upper removable lug 95 on overshot top sub 50 and in the upper end D of the second longitudinal groove DF of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 on spinner sleeve 20 (see FIG. 13) and positioning of at least one lower removable lug 65 in a slot or a hole for installation of a lower removable lug 96 on overshot bottom sub 55 and in at least one longitudinal groove 40 of splined sub 30 thereby connecting the bottom end of overshot component 12 of “on / off tool” 10 to a downhole tool and connecting the upper end of stinger component 11 of “on / off tool” 10 to a deployment string and running on / off tool 10 with the downhole tool in a well on a deployment string. Thereafter positioning the downhole tool at the location for setting the downhole tool and setting the downhole tool by increasing pressure inside the deployment string, or by rotating on / off tool 10 in the clockwise or counterclockwise direction, and then shearing at least one shear screw or shear pin 60, connecting stinger component 11 and overshot component 12 of on / off tool 10, by applying a pulling force on stinger component 11 of on / off tool 10, which results in shifting upward all components of stinger component 11 of on / off tool 10 with traveling of at least one upper removable lug 67 from the upper end D of second longitudinal groove 5 (defined by DF) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (See FIGS. 13 - 16) on spinner sleeve 20 to the lower end F of the second longitudinal groove 5, followed by spinning of the spinner sleeve 20 to the angle equal to the angle between the second longitudinal groove 5 and the third longitudinal groove 7 (defined by HI) (i.e., 45 degrees for geometries of the guiding slot in FIG.13-17C) with simultaneous travel of the upper removable lug 67 along the second deflection profile FG from point F to point G. This is followed by the travel of the upper removable lug 67 along the third longitudinal groove 7 from point G to point H (See FIGS.13, 15 and 16) wherein the lower removable lug 65 slides along longitudinal groove 40 of splined sub 30 without exiting it. Then moving stinger component 11 of on / off tool 10 downhole for a distance sufficient for repositioning at least one upper removable lug 67 from the lower end H of third longitudinal groove 7 of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (See FIGS.13-16) on the spinner sleeve 20 to the upper end K of the fourth longitudinal groove 9 of the same sequence of guiding grooves and deflection profiles 22 of guiding slot 21 wherein moving stinger component 11 of on / off tool 10 downhole resulting in traveling of at least one upper removable lug 67 from the lower end H of third longitudinal groove 7 of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 on spinner sleeve 20 to the upper end I of the third longitudinal groove 7, followed by spinning of spinner sleeve 20 to the angle equal to the angle between the third longitudinal groove 7 and fourth longitudinal groove 9 (i.e., 45 degrees for the geometries of the guiding slot shown in FIG. 13-17C) with simultaneous travel of upper removable lug 67 along the third deflection profile IJ from point I to point J which is followed by the travelling of the upper removable lug 67 along the fourth longitudinal groove 9 from point J to point K (see FIG. 13), and wherein lower removable lug 65 slides along longitudinal groove 40 of splined sub 30 without exiting it. Then pulling out stinger component 11 of on / off tool 10 from overshot component 12 of on / off tool 10, wherein pulling stinger component 11 of on / off tool 10 results in traveling of at least one upper removable lug 67 from the upper end K of fourth longitudinal groove 9 of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (see FIG. 13) on spinner sleeve 20 to the lower end L of fourth longitudinal groove 9 which is followed by spinning of spinner sleeve 20 to the angle equal to the angle between the fourth longitudinal groove 9 and the next longitudinal grove comprising point M (i.e., 45 degrees for the geometries of the guiding slot shown in FIG.13-17C) with simultaneous travel of upper removable lug 67 along the fourth deflection profile LM from point L to point M which is followed by the travelling of the upper removable lug 67 from point M to a position located out of guiding slot 21 (see FIG.13) on spinner sleeve 20, wherein the lower removable lug 65 travels out of longitudinal groove 40 of splined sub 30. Thereas the next step results in pulling stinger component 11 of on / off tool 10 out of the well and / or moving it to another wellbore location for performing a well operation on such well. The following steps may comprise performing another well operation on such well having a stinger component 11 of on / off tool 10 with its top portion connected to a deployment string which can be the same stinger component 11 of on / off tool 10 used for setting the downhole tool in the wellbore, or a different stinger component 11 of a similar on / off tool 10, running stinger component 11 of on / off tool 10 on the deployment string downhole and tagging overshot component 12 of on / off tool 10 connected to the set downhole tool with stinger component 11 of on / off tool 10. Thereafter pushing down stinger component 11 of on / off tool 10 resulting in engaging at least one lower lug 65 of overshot component 12 of on / off tool 10 into at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 wherein, if the axial position of lower lug 65 is not aligned with axial position of groove 40 on splined sub 30 before stinger component 11 of on / off tool 10 enters overshot component 12 of on / off tool 10, longitudinal groove 40 can be pushed onto lower lug 65 and it can slide along the provided groove by the mean of rotational deformation of the deployment string above stinger component 11 of on / off tool 10 caused by interaction of the lower lug 65 with the entry profile of the longitudinal groove 40 on splined sub 30 during positioning of stinger component 11 of on / off tool 10 into overshot component 12 of on / off tool 10, or, the axial position of the longitudinal groove 40 on splined sub 30 can be aligned with the axial position of lower lug 65 during positioning stinger component 11 of on / off tool 10 into overshot component 12 of on / off tool 10 by the means of using a rotational compensation device in the deployment string above stinger component 11 of on / off tool 10 or by pushing down and rotating stinger component 11 of on / off tool 10 to enable alignment of at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 with at least one lower removable lug 65 of overshot component 12 of on / off tool 10. Thereafter sliding of such longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 on such lower lug 65 of overshot component 12 of on / off tool 10 and latching with stinger component 11 of on / off tool 10 on at least one removable upper lug 67 of overshot component 12 of on / off tool 10, wherein such at least one removable upper lug 67 is guided into entry point A of longitudinal groove 3 (defined by AB) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (See FIGS. 13-16) on spinner sleeve 20 by the mean of spinning spinner sleeve 20 upon the interaction between external defection profile 75 of guiding slot 21 and such removable upper lug 67 during the travel of stinger component 11 of on / off tool 10 into overshot component 12 of on / off tool 10. Thereafter sliding said one removable upper lug 67 along entry point A leading into longitudinal groove 3 of the present sequence of guiding grooves and deflection profiles 22 of guiding slot 21 from entry point A to point B located at the upper part of the first longitudinal groove 3 followed by spinning of spinner sleeve 20 to the angle equal to the angle between the longitudinal groove 3 and the second longitudinal groove 5 (i.e., 45 degrees for the geometries of the guiding slot shown in FIG.13-17C) with simultaneous travel of the upper removable lug 67 along the first deflection profile BC from point B to point C followed by the travel of upper removable lug 67 along the second longitudinal groove 5 from point C to point D located at the upper end of the second longitudinal groove 5 (See FIG. 13). Thereafter, stinger component 11 of on / off tool 10 is pulled out of the well for a distance sufficient for repositioning said upper removable lug 67 from the upper end D of the second longitudinal groove 5 to the lower end H of the third longitudinal groove 7 wherein such pulling of stinger component 11 of on / off tool 10 results in traveling of at least one upper removable lug 67 from the upper end D of the second longitudinal groove 5 of the sequence of guiding grooves and deflection profiles 22 of guiding slot 21 on spinner sleeve 20 to the lower end F of the second longitudinal groove 5, followed by spinning of spinner sleeve 20 to the angle equal to the angle between the second longitudinal groove 5 and third longitudinal groove 7 (i.e., 45 degrees for the geometries of the guiding slot shown in FIG.13-17C) with simultaneous travel of the upper removable lug 67 along the second deflection profile FG from point F to point G followed by the travel of the upper removable lug 67 along the third longitudinal groove 7 from point G to point H (see FIG. 13). Thereafter optionally applying a pulling force on stinger component 11 of on / off tool 10 to verify its connection with overshot component 12 of on / off tool 10, and unsetting the downhole tool by applying a pulling force on the downhole tool through stinger component 11 of on / off tool 10, connected with overshot component 12 of on / off tool 10, sufficient for unsetting the downhole tool, or by rotating stinger component 11 of on / off tool 10, connected with overshot component 12 of on / off tool 10 in the clockwise or counterclockwise direction. In a final step, the downhole tool connected to on / off tool 10 is retrieved out of the well and / or moved to another wellbore location. Another method of using the described “on / off” tool, wherein the tool is inverted (i.e., in an upside-down position) whereby the upper lug is in the second groove, comprising: having on / off tool 10 with a stinger component 11 and overshot component 12 where stinger component 11 is positioned within overshot component 12 and stinger component 11 being connected with overshot component 12 by at least one shear screw or shear pin 60 installed simultaneously in upper overshot top sub hole 100 and upper sleeve hole 80 with positioning of at least one upper removable lug 67 in a slot or a hole for installation of an upper removable lug 95 on overshot top sub 50 and in the upper end D of the second longitudinal groove 5 of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 on spinner sleeve 20 (see FIGS. 13-16) and positioning of at least one lower removable lug 65 in a slot or a hole for installation of a lower removable lug 96 on overshot bottom sub 55 and in at least one longitudinal groove 40 of splined sub 30 thereby connecting the upper end of stinger component 11 of on / off tool 10 to a downhole tool, connecting the bottom end of overshot component 12 of on / off tool 10 to a deployment string, and running on / off tool 10 with the downhole tool in a well on a deployment string. Thereafter positioning the downhole tool at the location for setting the downhole tool and setting the downhole tool by increasing pressure inside the deployment string, or by rotating on / off tool 10 in the clockwise or counterclockwise direction, and then shearing at least one shear screw or shear pin 60, connecting stinger component 11 and overshot component 12 of on / off tool 10, by applying a pulling force on overshot component 12 of on / off tool 10 which results in shifting upward all components of overshot component 12 of on / off tool 10 with traveling of at least one upper removable lug 67 from the upper end D of the second longitudinal groove 5 (defined by DF) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (See FIGS.13 - 16) on spinner sleeve 20 to the lower end F of second longitudinal groove 5, followed by spinning of spinner sleeve 20 to the angle equal to the angle between the second longitudinal groove 5 and the third longitudinal groove 7 (defined by HI) (i.e., 45 degrees for geometries of the guiding slot in FIG.13-17C) . with simultaneous travel of upper removable lug 67 along the second deflection profile FG from point F to point G. This is followed by the travel of the upper removable lug 67 along the third longitudinal groove 7 from point G to point H (See FIGS. 13, 15 and 16) wherein lower removable lug 65 slides along longitudinal groove 40 of splined sub 30 without exiting it. Then moving stinger component 11 of on / off tool 10 downhole for a distance sufficient for repositioning at least one upper removable lug 67 from the lower end H of the third longitudinal groove 7 of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (See FIGS.13-16) on spinner sleeve 20 to the upper end K of the fourth longitudinal groove 9 of the same sequence of guiding grooves and deflection profiles 22 of guiding slot 21 wherein moving overshot component 12 of on / off tool 10 downhole resulting in traveling of at least one upper removable lug 67 from the lower end H of the third longitudinal groove 7 of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 on spinner sleeve 20 to the upper end I of the third longitudinal groove 7, followed by spinning of spinner sleeve 20 to the angle equal to the angle between the third longitudinal groove 7 and the fourth longitudinal groove 9 (i.e., 45 degrees for the geometries of the guiding slot shown in FIG. 13-17C) with simultaneous travel of the upper removable lug 67 along the third deflection profile IJ from point I to point J which is followed by the travelling of the upper removable lug 67 along fourth longitudinal groove 9 from point J to point K (see FIG.13), and wherein lower removable lug 65 slides along longitudinal groove 40 of splined sub 30 without exiting it. Then pulling out overshot component 12 of on / off tool 10 from stinger component 11 of on / off tool 10, wherein pulling overshot component 12 of on / off tool 10 results in traveling of at least one upper removable lug 67 from the upper end K of the fourth longitudinal groove 9 of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (see FIG. 13) on spinner sleeve 20 to the lower end L of the fourth longitudinal groove 9 which is followed by spinning of spinner sleeve 20 to the angle equal to the angle between fourth longitudinal groove 9 and the next longitudinal grove comprising point M (i.e., 45 degrees for the geometries of the guiding slot shown in FIG. 13-17C) with simultaneous travel of the upper removable lug 67 along the fourth deflection profile LM from point L to point M which is followed by the travelling of the upper removable lug 67 from point M to a position located out of guiding slot 21 (see FIG. 13) on spinner sleeve 20, wherein lower removable lug 65 travels out of longitudinal groove 40 of splined sub 30. Thereas the next step results in pulling stinger component 11 of on / off tool 10 out of the well and / or moving it to another wellbore location for performing a well operation on said well. The following steps may comprise performing another well operation on such well having an overshot component 12 of on / off tool 10 with its bottom portion connected to a deployment string which can be the same overshot component 12 of on / off tool 10 used for setting the downhole tool in the wellbore, or a different overshot component 12 of a similar on / off tool 10, running overshot component 12 of on / off tool 10 on the deployment string downhole and tagging stinger component 11 of on / off tool 10 connected to the set downhole tool with overshot component 12 of on / off tool 10. Thereafter pushing down overshot component 12 of on / off tool 10 resulting in engaging at least one lower lug 65 of overshot component 12 of on / off tool 10 into at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 wherein, if the axial position of lower lug 65 is not aligned with the axial position of groove 40 on splined sub 30 before overshot component 12 of on / off tool 10 runs over stinger component 11 of on / off tool 10, lower lug 65 can be pushed into longitudinal groove 40 and can slide along it by the mean of rotational deformation of the deployment string above overshot component 12 of on / off tool 10 caused by interaction of the lower lug 65 with the entry profile of the longitudinal groove 40 on splined sub 30 during pushing overshot component 12 of on / off tool 10 onto stinger component 11 of on / off tool 10, or the axial position of the longitudinal groove 40 on splined sub 30 can be aligned with the axial position of the lower lug 65 during running overshot component 12 of on / off tool 10 onto stinger component 11 of on / off tool 10 by the means of using a rotational compensation device in the deployment string above overshot component 12 of on / off tool 10, or by pushing down and rotating overshot component 12 of on / off tool 10 to enable alignment of at least one lower removable lug 65 of overshot component 12 of on / off tool 10 with at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10. Thereafter sliding lower lug 65 of overshot component 12 of on / off tool 10 along the engaged longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 and latching with at least one removable upper lug 67 of overshot component 12 of on / off tool 10 on stinger component 11 of on / off tool 10, wherein such at least one removable upper lug 67 is guided into entry point A of longitudinal groove 3 (defined by AB) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (See FIGS. 13-16) on spinner sleeve 20 by the mean of spinning spinner sleeve 20 upon the interaction between the external defection profile 75 of guiding slot 21 and such removable upper lug 67 during the travel of overshot component 12 of on / off tool 10 over stinger component 12 of on / off tool 10. Thereafter sliding said one removable upper lug 67 along entry point A leading into longitudinal groove 3 of the present sequence of guiding grooves and deflection profiles 22 of guiding slot 21 from entry point A to point B located at the upper part of the first longitudinal groove 3 followed by spinning of spinner sleeve 20 to the angle equal to the angle between longitudinal groove 3 and second longitudinal groove 5 (i.e., 45 degrees for the geometries of the guiding slot shown in FIG. 13-17C) with simultaneous travel of the upper removable lug 67 along the first deflection profile BC from point B to point C followed by the travel of the upper removable lug 67 along the second longitudinal groove 5 from point C to point D located at the upper end of the second longitudinal groove 5 (See FIG.13). Thereafter, overshot component 12 of on / off tool 10 is pulled out of the well for a distance sufficient for repositioning said upper removable lug 67 from the upper end D of the second longitudinal groove 5 to the lower end H of the third longitudinal groove 7 wherein such pulling of overshot component 12 of on / off tool 10 results in traveling of at least one upper removable lug 67 from the upper end D of the second longitudinal groove 5 of a sequence of guiding grooves and deflection profiles 22 of guiding slot 21 on spinner sleeve 20 to the lower end F of the second longitudinal groove 5, followed by spinning of spinner sleeve 20 to the angle equal to the angle between the second longitudinal groove 5 and the third longitudinal groove 7 (i.e., 45 degrees for the geometries of the guiding slot shown in FIG.13-17C) with simultaneous travel of upper removable lug 67 along the second deflection profile FG from point F to point G followed by the travel of upper removable lug 67 along the third longitudinal groove 7 from point G to point H (see FIG. 13). Thereafter optionally applying a pulling force on overshot component 12 of on / off tool 10 to verify its connection with stinger component 11 of on / off tool 10, and unsetting the downhole tool by applying a pulling force on the downhole tool through overshot component 12 of on / off tool 10, connected with stinger component 11 of on / off tool 10, sufficient for unsetting the downhole tool, or by rotating overshot component 12 of on / off tool 10, connected with stinger component 11 of on / off tool 10, in the clockwise or counterclockwise direction. In a final step, the downhole tool connected to on / off tool 10 is retrieved out of the well and / or moved to another wellbore location. Another method of using the described tool, wherein the upper removable lug is in the third groove, comprising: Having an on / off tool 10 comprising stinger component 11 and overshot component 12 with the stinger component 11 positioned in overshot component 12 and stinger component 11 is connected with overshot component 12 by at least one shear screw or shear pin 60 installed simultaneously in lower overshot top sub hole 110 and lower sleeve hole 85 with positioning of at least one upper removable lug 67 in a slot or a hole for installation of an upper removable lug 95 on overshot top sub 50 and in the lower end H of the third longitudinal groove 7 ( defined by HI) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 on spinner sleeve 20 (see FIG.13, 15, 16) thereby positioning of at least one lower removable lug 65 in a slot or a hole for installation of lower removable lug 96 on overshot bottom sub 55 and in at least one longitudinal groove 40 of splined sub 30, connecting the bottom end of overshot component 12 of on / off tool 10 to a downhole tool, connecting the upper end of stinger component 11 of on / off tool 10 to a deployment string, and running on / off tool 10 with the downhole tool in a well on a deployment string. Thereafter positioning the downhole tool at the location for setting the downhole tool and setting the downhole tool by increasing pressure inside the deployment string or by rotating on / off tool 10 in the clockwise or counterclockwise direction followed by shearing at least one shear screw or shear pin 60, connecting stinger component 11 of on / off tool 10 and overshot component 12 of on / off tool 10, by applying a pushing force on stinger component 11 of on / off tool 10 wherein, upon shearing shear screw or shear pin 60, stinger component 11 of on / off tool 10, with all its components, shifts downward resulting in traveling of at least one upper removable lug 67 from the lower end H of the third longitudinal groove 7 (defined by HI) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (see FIG.13) on spinner sleeve 20 to the upper end I of the third longitudinal groove 7. This is followed by spinning of the sleeve 20 to the angle equal to the angle between the third longitudinal groove 7 and the fourth longitudinal groove 9 (i.e., 45 degrees for the geometries of the guiding slot shown in FIGS. 13-17C) with simultaneous travel of the upper removable lug 67 along the third deflection profile IJ from point I to point J which is followed by the travel of the upper removable lug 95 along the fourth longitudinal groove 9 (defined by KL) from point J to point K located at the top end of the fourth longitudinal groove 9 (see FIG. 13) wherein lower removable lug 65 slides along longitudinal groove 40 of splined sub 30 without exiting it. Then pulling out stinger component 11 of on / off tool 10 from overshot component 12 of on / off tool 10, wherein pulling of stinger component 11 of on / off tool 10 results in traveling of at least one upper removable lug 67 from the upper end K of the fourth longitudinal groove 9 (defined by KL) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (see FIG.13) on spinner sleeve 20 to the lower end L of fourth longitudinal groove 9 which is followed by spinning of spinner sleeve 20 to the angle equal to the angle between the fourth longitudinal groove 9 and the next longitudinal grove comprising point M (i.e., 45 degrees for the geometries of the guiding slot shown in FIGS. 13-17C) with simultaneous travel of upper removable lug 67 along the fourth deflection profile LM from point L to point M which is followed by the travelling of the upper removable lug 67 from point M to a position located out of guiding slot 21 (see FIG.13) on spinner sleeve 20, wherein the lower removable lug 65 travels out of longitudinal groove 40 of splined sub 30. Thereas the next step results in pulling the stinger component 11 of on / off tool 10 out of the well and / or moving it to another wellbore location for performing a well operation on such well. Another method of using the described tool, wherein the stinger component is at the surface and overshot component is connected to a downhole tool, comprising: Having a stinger component 11 of on / off 10 tool at surface thereby a top part of said stinger component is connected to a deployment string and an overshot component 12 of on / off tool 10 in the wellbore thereby the top of overshot component 12 of on / off tool 10 facing upward and the bottom of overshot component 12 of on / off tool 10 is connected to a set downhole tool, running stinger component 11 of on / off tool 10 on the deployment string downhole, and tagging overshot component 12 of on / off tool 10 connected to a set downhole tool with stinger component 11 of on / off tool 10. Thereafter pushing down stinger component 11 of on / off tool 10 resulting in engaging at least one lower removable lug 65 of overshot component 12 of on / off tool 10 into at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 wherein, if the axial position of the lower removable lug 65 is not aligned with the axial position of groove 40 on splined sub 30 before stinger component 11 of on / off tool 10 enters overshot component 12 of on / off tool 10, longitudinal groove 40 can be pushed onto lower removable lug 65 and it can slide along the provided groove by the mean of rotational deformation of the deployment string above stinger component 11 of on / off tool 10 caused by interaction of lower removable lug 65 with the entry profile of longitudinal groove 40 on splined sub 30 during positioning of stinger component 11 of on / off tool 10 into overshot component12 of on / off tool 10, or the axial position of longitudinal groove 40 on splined sub 30 can be aligned with the axial position of lower removable lug 65 during positioning stinger component 11 of on / off tool 10 into overshot component 12 of on / off tool 10 by the means of using a rotational compensation device in the deployment string above stinger component 11 of on / off tool 10, or by pushing down and rotating stinger component 11 of on / off tool 10 to enable alignment of at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 with at least one lower removable lug 65 of overshot component 12 of on / off tool 10. Thereafter sliding of such longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 on such lower removable lug 65 of overshot component 12 of on / off tool 10 and latching with stinger component 11 of on / off tool 10 on at least one upper removable lug 67 of overshot component 12 of on / off tool 10, wherein such at least one upper removable lug 67 is guided into entry point A of longitudinal groove 3 (defined by AB) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (See FIGS. 13-16) on spinner sleeve 20 by the mean of spinning spinner sleeve 20 upon the interaction between the external defection profile 75 of guiding slot 21 and said upper removable lug 67 during the travel of stinger component 11 of on / off tool 10 into overshot component 12 of on / off tool 10. Sliding of said one upper removable lug 67 along entry point A leading into longitudinal groove 3 of the present sequence of guiding grooves and deflection profiles 22 of guiding slot 21 from entry point A to point B located at the upper part of the first longitudinal groove 3 followed by spinning of spinner sleeve 20 to the angle equal to the angle between the longitudinal groove 3 and the second longitudinal groove 5 (i.e., 45 degrees for the geometries of the guiding slot shown in FIGS. 13-17C) with simultaneous travel of upper removable lug 67 along the first deflection profile BC from point B to point C followed by the travel of upper removable lug 67 along the second longitudinal groove 5 from point C to point D located at the upper end of the second longitudinal groove 5 (See FIG. 13). Thereafter, stinger component 11 of on / off tool 10 is pulled out of the well for a distance sufficient for repositioning such upper removable lug 67 from the upper end D of the second longitudinal groove 5 to the lower end H of the third longitudinal groove 7 wherein such pulling of stinger component 11 of on / off tool 10 results in traveling of at least one upper removable lug 67 from the upper end D of the second longitudinal groove 5 of the sequence of guiding grooves and deflection profiles 22 of guiding slot 21 on spinner sleeve 20 to the lower end F of the second longitudinal groove 5, followed by spinning of spinner sleeve 20 to the angle equal to the angle between the second longitudinal groove 5 and third longitudinal groove 7 (i.e., 45 degrees for the geometries of the guiding slot shown in FIGS. 13-17C) with simultaneous travel of the upper removable lug 67 along the second deflection profile FG from point F to point G followed by the travel of the upper removable lug 67 along the third longitudinal groove 7 from point G to point H (see FIG. 13). Thereafter optionally applying a pulling force on stinger component 11 of on / off tool 10 to verify its connection with overshot component 12 of on / off tool 10, and unsetting the downhole tool by applying a pulling force on the downhole tool through stinger component 11 of on / off tool 10, connected with overshot component 12 of on / off tool 10, sufficient for unsetting the downhole tool, or by rotating stinger component 11 of on / off tool 10, connected with overshot component 12 of on / off tool 10 in the clockwise or counterclockwise direction. In a final step, the downhole tool connected to on / off tool 10 is retrieved out of the well and / or moved to another wellbore location. Yet another method of using the described tool, wherein on / off tool is in “upside-down” position, the upper removable lug is in the third groove 7, comprising: having an on / off tool 10 comprising stinger component 11 and overshot component 12 with stinger component 11 positioned in overshot component and stinger component 11 is connected with overshot component by at least one shear screw or shear pin 60 installed simultaneously in lower overshot top sub hole 110 and lower sleeve hole 85 with positioning of at least one upper removable lug 67 in a slot or a hole for installation of an upper removable lug 95 on overshot top sub 50 and in the lower end H of the third longitudinal groove 7 (defined by HI) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (see FIG.13) on spinner sleeve 20, and positioning of at least one lower removable lug 65 in a slot or a hole for installation of a lower removable lug 96 on overshot bottom sub 55 and in at least one longitudinal groove 40 of splined sub 30 thereby connecting the upper end of stinger component 11 of on / off tool 10 to a downhole tool and connecting the bottom end of overshot component 12 of on / off tool 10 to a deployment string, running on / off tool 10 with the downhole tool in a well on a deployment string and positioning the downhole tool at the location for setting the downhole tool. Thereafter setting the downhole tool at the location for setting the downhole tool by increasing pressure inside the deployment string or by rotating on / off tool 10 in the clockwise or counterclockwise direction, and then shearing at least one shear screw or shear pin 60, connecting stinger component 11 and overshot component 12 of on / off tool 10, by applying a pushing force on overshot component 12 of on / off tool 10 which results in shifting downward all components of overshot component 12 of on / off tool 10 with traveling of at least one upper removable lug 67 from the lower end H of the third longitudinal groove 7 (defined by HI) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (see FIG.13) on spinner sleeve 20 to the upper end I of the third longitudinal groove 7, followed by spinning of sleeve 20 to the angle equal to the angle between the third longitudinal groove 7 and the fourth longitudinal groove 9 (defined by KL) (i.e., 45 degrees for geometries of the guiding slot in FIG. 13-17C) with simultaneous travel of the upper removable lug 67 along the third deflection profile IJ from point I to point J followed by the travel of the upper removable lug 67 along the fourth longitudinal groove 9 from point J to point K located at the top end of the fourth longitudinal groove 9 (see FIG. 13) wherein lower removable lug 65 slides along longitudinal groove 40 of splined sub 30 without exiting it. Then pulling overshot component 12 of on / off tool 10 from stinger component 11 of on / off tool 10, wherein pulling overshot component 12 of on / off tool 10 results in traveling of at least one upper removable lug 67 from the upper end K of the fourth longitudinal groove 9 of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (see FIG.13) on spinner sleeve 20 to the lower end L of the fourth longitudinal groove 9, which is followed by spinning of spinner sleeve 20 to the angle equal to the angle between the fourth longitudinal groove 9 and the next longitudinal grove comprising point M (i.e., 45 degrees for the geometries of the guiding slot shown in FIGS. 13-17C) with simultaneous travel of upper removable lug 67 along the fourth deflection profile LM from point L to point M which is followed by the travelling of upper removable lug 67 from point M to a position located out of guiding slot 21 (see FIG.13) on spinner sleeve 20 wherein the lower removable lug 65 travels out of the longitudinal groove 40 of splined sub 30. Thereas the next step results in pulling overshot component 12 of on / off tool 10 out of the well and / or moving it to another wellbore location for performing a well operation on such well. Another method of using the described tool, whereby the overshot component is at the surface and the stinger component is downhole (connected to a downhole tool), comprising: having overshot component 12 of on / off 10 tool at surface thereby a bottom part of said overshot component 12 of on / off tool 10 is connected to a deployment string and stinger component 11 of on / off tool 10 in the wellbore thereby the bottom of stinger component 11 of on / off tool 10 facing upward and the top of stinger component 11 of on / off tool 10 is connected to a set downhole tool, running overshot component 12 of on / off tool 10 on the deployment string downhole and tagging stinger component 11 of on / off tool 10 connected to a set downhole tool with overshot component 12 of on / off tool 10. Thereafter pushing down overshot component 12 of on / off tool 10 resulting in engaging at least one lower removable lug 65 of overshot component 12 of on / off tool 10 into at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 wherein, if the axial position of lower removable lug 65 is not aligned with the axial position of groove 40 on splined sub 30 before overshot component 12 of on / off tool 10 runs over stinger component 11 of on / off tool 10, lower removable lug 65 can be pushed into the longitudinal groove 40 and can slide along it by the mean of rotational deformation of the deployment string above overshot component 12 of on / off tool 10 caused by the interaction of lower removable lug 65 with the entry profile of longitudinal groove 40 on splined sub 30 during pushing overshot component 12 of on / off tool 10 onto stinger component 11 of on / off tool 10, or the axial position of longitudinal groove 40 on splined sub 30 can be aligned with the axial position of lower removable lug 65 during running overshot component 12 of on / off tool 10 onto stinger component 11 of on / off tool 10 by the mean of using a rotational compensation device in the deployment string above overshot component 12 of on / off tool 10, or by pushing down and rotating overshot component 12 of on / off tool 10 to enable alignment of at least one lower removable lug 65 of overshot component 12 of on / off tool 10 with at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10. Thereafter sliding lower removable lug 65 of overshot component 12 of on / off tool 10 along the engaged longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 and latching with at least one upper removable lug 67 of overshot component 12 of on / off tool 10 on stinger component 11 of on / off tool 10, wherein said at least one upper removable lug 67 is guided into entry point A of longitudinal groove 3 (defined by AB) of at least one sequence of guiding grooves and deflection profiles 22 of guiding slot 21 (See FIGS.13-16) on spinner sleeve 20 by the mean of spinning spinner sleeve 20 upon the interaction between the external defection profile 75 of guiding slot 21 and said upper removable lug 67 during the travel of overshot component 12 of on / off tool 10 over stinger component 12 of on / off tool 10. Sliding of said upper removable lug 67 along entry point A leading into longitudinal groove 3 of the present sequence of guiding grooves and deflection profiles 22 of guiding slot 21 from entry point A to point B located at the upper part of first longitudinal groove 3 followed by spinning of spinner sleeve 20 to the angle equal to the angle between longitudinal groove 3 and second longitudinal groove 5 (i.e., 45 degrees for the geometries of the guiding slot shown in FIGS.13-17C) with simultaneous travel of upper removable lug 67 along deflection profile BC from point B to point C followed by the travel of upper removable lug 67 along second longitudinal groove 5 from point C to point D located at the upper end of second longitudinal groove 5 (See FIG.13). Thereafter, overshot component 12 of on / off tool 10 is pulled out of the well for a distance sufficient for repositioning said upper removable lug 67 from the upper end D of the second longitudinal groove 5 to the lower end H of the third longitudinal groove 7 wherein such pulling of overshot component 12 of on / off tool 10 results in traveling of at least one upper removable lug 67 from the upper end D of second longitudinal groove 5 of a sequence of guiding grooves and deflection 21 on spinner sleeve 20 to the lower end F of second longitudinal groove 5, followed by spinning of spinner sleeve 20 to the angle equal to the angle between the 5 and third longitudinal groove 7 (i.e., 45 degrees for the geometries of the 17C) with simultaneous travel of upper removable lug 67 along second deflection profile FG from point F to point G followed by the travel of upper removable lug 67 along third longitudinal groove 7 from point G to point H (see FIG.13). Thereafter optionally applying a pulling force on overshot component 12 of on / off tool 10 to verify its connection with stinger component 11 of on / off tool 10, and unsetting the downhole tool by applying a pulling force on the downhole tool through overshot component 12 of on / off tool 10, connected with stinger component 11 of on / off tool 10, sufficient for unsetting the downhole tool, or by rotating overshot component 12 of on / off tool 10, connected with stinger component 11 of on / off tool 10, in the clockwise or counterclockwise direction. In a final step, the downhole tool connected to on / off tool 10 is retrieved out of the well and / or moved to another wellbore location. In a certain embodiment of this invention the location of at least one hole or a threaded hole for installation of a shear pin or a shear screw on the overshot top sub and the location of at least one hole for installation the shear pin or a shear screw on spinner sleeve can be engineered to enable positioning of at least one upper removable lug within the second longitudinal groove 5 or the third longitudinal groove 7 of at least one sequence of guiding grooves and deflection profiles of the guiding slot. For instance, angular position of these holes can be defined using the following equations: For positioning of an upper removable lug in the second groove 12^^ 2^^ ^^ ൌ ^^ ^^ ^^ 4 ^^ ^^ For positioning of an upper removable lug in the third groove 1 2^^ 2^^ ^^ ൌ ^^ ^ 2^ ^^ 4 ^^ ^^ Where α is the angle between the slot or the hole for installation of an upper removable lug and a hole or a threaded hole for installation of a shear pin or a shear screw on the overshot top sub (see FIGS. 29a-29b), β is the angle between the entry longitudinal groove of the first sequence of guiding grooves and deflection profiles of the guiding slot and the hole on spinner sleeve for installation of a shear pin or a shear screw on spinner sleeve (see FIGS.29a-29b), N is the number of the sequences of guiding grooves and deflection profiles in the guiding slot on spinner sleeve, and k is an integer number from 0 to N-1. The angle α 165 (see FIG.29A) is defined as the angle between plane 155 (defined by A’) containing the central line of overshot top sub 162 and the center of the slot or the hole for installation of upper removable lug 95 and plane 160 (defined by B’) containing the central line of overshot top sub 162 and the center of the hole or a threaded hole (depicted as 62) for installation of a shear screw or a shear pin 60 which can be located on overshot top sub either above a slot or the hole for installation of upper removable lug 95 such as hole or a threaded hole for installation of a shear screw or a shear pin 100 (see FIG. 21) or which can be located below the slot or the hole for installation of upper removable lug 95 such as a hole or a threaded hole for installation of a shear screw or a shear pin 110 (see FIG.21). The angle β (see FIG.29B) is defined as the angle between the plane 167 (defined by C’) containing the central line of spinner sleeve 170 and the center of the entry groove 3 of the first sequence of guiding grooves and deflection profiles 22 of guiding slot 21 and plane 169 (defined by D’) containing the central line of spinner sleeve 170 and the center of the hole on spinner sleeve for installation of a shear pin or a shear screw ( depicted as 63) which can be located either at the upper part of spinner sleeve 20 such as upper sleeve hole 80 (see FIGS.13-17C) or at the lower part of the spinner sleeve 20 such as lower sleeve hole 85 (see FIGS.13-17C). In another embodiment of the present invention on / off tool 10 or stinger component 11 of on / off tool 10 or overshot component 12 of on / off tool 10 can be deployed downhole on a deployment string that comprises a rotational compensation device. Said rotational compensation device may be used for enabling alignment of at least one longitudinal groove 40 on splined sub 30 of stinger component 11 of on / off tool 10 with at least one lower removable lug 65 installed in overshot bottom sub 55 of overshot component 12 of on / off tool 10 during positioning of stinger component 11 of on / off tool 10 into overshot component 12 of on / off tool 10. Said rotational compensation devices are well known to those skilled in the art and include but not limited to swivel subs, ratchet subs, rotational angle compensator, torque compensators and other devices. Swivel subs enable rotation between lower and upper connections to the angle of 360 deg and more in both clockwise and counterclockwise directions. Ratchet subs enable rotation between lower and upper connections to the angle of 360 degrees and more either in the clockwise direction with complete blockage of the rotation in the counterclockwise directions or in the counterclockwise direction with complete blockage of the rotation in the clockwise directions. Rotational angle compensators enable rotation between lower and upper connection to a certain angle which is typically less than 360deg. FIG. 30 shows an example of an assembly view of a rotational angle compensator 200 (RAC). Such compensator consists of upper sub 205 with connected lugs 215 with O-rings 220 located around the exterior of the lower portion of upper sub 205 and the interior of the upper portion of lower sub 210 and with springs 225 installed between lugs 215 and the extension parts of lower sub 210. Upon the assembly, upper sub 205 and lower sub 210 with all connected components are enclosed into housing 230 and hold together by nut 240 which also encloses the bearing assembly 235. Lugs 215, housing 230 and lower sub 210 are connected and hold together by the mean of bolts 250. Such rotation angle compensator can be installed in the deployment string above stinger component 11 of on / off tool 10 prior the deployment of such stinger component of on / off tool 10 for latching on overshot component 12 of on / off tool 10 as described above, or, such rotation angle compensator can be installed in the deployment string above overshot component 12 of on / off tool 10 prior the deployment of such overshot component 12 of on / off tool 10 for latching on stinger component 11 of on / off tool 10 as described above. During the latching operation upper sub 205 of said rotational angle compensator 200 may spin inside lower sub 210 of the same rotational angle compensator 200 until lugs 215 get in contact with the extension parts of lower sub 210. Such spinning will result in self-alignment of the longitudinal groove 40 of stinger component 11 of on / off tool 10 with lower removable lug 65 of overshot component 12 of on / off tool 10. Having such rotational angle compensator 200 in the deployment string also allows using string rotation for setting and unsetting a downhole tool connected to on / off tool 10 if the deployment string or a part of the deployment string is connected to the rotation angle compensator 200 and if said deployment string or the part of the deployment string is rotated to the angle sufficient for bringing at least one of lugs 215 in contact with at least one extension part of the lower sub 210 of said rotation angle compensator 200. Said rotational angle compensator may also be used multiple times during the same wellbore operation comprising multiple engagement / disengagement cycles between stinger component 11 of on / off tool 10 and overshot component 12 of on / off tool 10 whereby each disengagement between said stinger component 11 of on / off tool 10 and overshot component 12 of on / off tool 10 results in return of all components of said rotational angle compensator 200 to their initial position because of spinning upper sub 205 inside lower sub 210 during the return of springs 215 to their initial state. In a separate embodiment of the present invention, an overshot component of an on / off tool may comprise a valve feature such as a flapper valve, a double flapper valve, a check valve, or any other valve that may be opened upon engagement of stinger component 11 and overshot component 12 of the on / off tool. In a specific embodiment of the present invention, said valve may be located in overshot bottom sub 55 or overshot top sub 50, or between overshot bottom sub 55 and overshot top sub 50, or at any other location of the on / off tool, or be connected to overshot bottom sub 55. In yet another specific embodiment of the present invention, said valve may opened by the introduction of the splined sub 30, or extended splined sub, or any other component of stinger component 11 of the on / off tool into the body of said valve and in yet another specific embodiment of present invention, said valve may be closed by removal of splined sub 30, or an extended splined sub, or any other component of stinger component 11 of the on / off tool from the body of said valve. Yet another specific embodiment of the present invention comprises a method of using the on / off tool comprising said described valve wherein disengagement of stinger component 11 and overshot component 12 of the on / off tool from each other results in closing said valve, which results in stopping fluid communication through overshot component 12 of the on / off tool, or the fluid communication from the bottom of overshot tool 12 to the top of overshot tool 12 without stopping the fluid communication from the top of overshot tool 12 to the bottom of overshot tool 12, or the fluid communication from the top of overshot tool 12 to the bottom of overshot tool 12 without stopping the fluid communication from the bottom of overshot tool 12 to the top of overshot tool 12. Yet another specific embodiment of the present invention comprises a method of using stinger component 11 of the on / off tool for engaging with overshot component 12 of the on / off tool positioned in the wellbore wherein the engagement of stinger component 11 and overshot component 12 of the on / off tool results in opening said valve, which results in enabling fluid communication through the on / off tool. FIG 31 shows an example of installing said flapper valve 271 inside flapper sub 270 connected to overshot bottom sub 55. Said valve may be opened by an extended splined sub of stinger component 11 of the on / off tool that may have the length sufficient for reaching said valve upon engagement of at least one upper removable lug 67 into at least one longitudinal groove of at least of sequence of guiding grooves and deflection profiles 22 of guiding slot 21 of stinger component 11 of the on / off tool. In a specific embodiment of the present invention, coating may be applied to at least one component of the on / off tool. In one embodiment a friction-reducing coating may be applied to the outer surface of the profile sub or to the inner surface of spinner sleeve or to both said surfaces to enable easier rotation of the spinner sleeve around the overshot top sub. In another embodiment of the present invention, a friction-reducing coating may be applied to at least one longitudinal groove of splined sub. In another embodiment of the present invention, a friction-reducing coating may be applied to at least one groove or at least one sequence of guiding grooves and deflection profile of the guiding slot on the spinner sleeve. In another embodiment of the present invention a friction-reducing coating may be applied to at least one upper removable lug or at least one lower removable lug. Some non-limited examples of friction-reducing coatings include polytetrafluoroethylene coating or Teflon coating, tungsten disulfide coating, sapphire coating, boron nitride coating, titanium nitride coating, chromium nitride coating, and other coatings known to those skilled in the art. In a specific embodiment of the present invention some parts of the on / off tool, or the entire on / off tool, may be made of composite, degradable or drillable materials or combinations thereof. For example, some components of the stinger component or the entire stinger component can be made of composite, degradable or drillable materials, or some components of the overshot component or the entire overshot component can be made of composite, degradable or drillable materials, or the entire on / off tool cans be made of composite, degradable or drillable materials. Example of drillable materials include plastic materials, fiber-reinforced resin, Textolite, soft metals and their alloys such as aluminum and its alloys, magnesium, brass and other materials known to those skilled in the art. Examples of materials that can degrade downhole include polyesters such as polylactic acid polyglycolic acid, PET, aluminum and its alloys, magnesium, and its alloys, and other materials known to those skilled in the art. Further examples of composite materials include but not limited to fiber-reinforced resin, fiber-reinforced plastics, Textolite and other materials known to those skilled in the art. One potential method of using the described on / off tool wherein at least some components of the on / off tool are made of composite, degradable or drillable materials may comprise the steps of (1) running the described on / off tool downhole with a bottomhole assembly comprising a composite, degradable, or drillable downhole anchoring or isolation devise such as a packer or a bridge plug or any other anchoring devise wherein the part of the on / off tool such as the overshot component of the on / off tool or the stinger component of the on / off tool, connected to said composite, degradable, or drillable downhole anchoring or isolation devise, is made of composite, degradable, or drillable material, wherein such bottomhole assembly may also comprise an openable isolation devise such as a burst diaphragm, or a burst disk, or a valve, or a ceramic disk or any other openable isolation devise known to those skilled in the art, wherein running said on / off tool with the said bottomhole assembly downhole can be performed using wireline, slick-line, coiled tubing, jointed tubing, drill- pipe or any other deployment string and may comprise pumping action, for example when said on / off tool connected to said bottomhole assembly may be propelled downhole by pumped fluid. (2) setting said composite, degradable, or drillable downhole anchoring or isolation devise; (3) disconnecting a part of the on / off tool such as the stinger component or the overshot component from another part of the on / off tool connected to said bottomhole assembly such as the overshot component or the stinger component, and retrieving it from the well; (4) deploying downhole a completion string which bottom end comprise the same or similar part of the on / off tool that was retrieved from the well, wherein the completion string may be a tubing, a drill pipe, a coiled tubing or any other completion string and wherein said completion string may comprise at least one artificial lift equipment component, or at least one gas injection valve, or at least one swellable packer, or at least one retrievable swellable packer, or any other type of downhole equipment that can be deployed on a completion string; (5) latching with said part of the on / off tool such as a stinger component of the on / off tool or the overshot component of the on / off tool, that is connected to the completion string, on the part of the on / off tool, that is connected to the said bottomhole assembly ,such as the overshot component of the on / off tool or the stinger component of the on / off tool; (6) opening the openable isolation devise, for example by increasing pressure in the completion string to burst the burst diaphragm or the ceramic disk; (7) performing a well operation on said well wherein said operation comprises the use of the deployed completion string, for example a gas lift operation, or fluid injection operation, or water flooding operation or any other operation comprising injection, or pumping, or production of any fluid though said completion string;

Claims

(8) disconnecting a part of the on / off tool such as the stinger component of the on / off tool or the overshot component of the on / off tool from another part of the on / off tool connected to said bottomhole assembly such as the overshot component of the on / off tool or the stinger component of the on / off tool, and retrieving it from the well with the previously deployed completion string; repeating steps 4-8 or 4, 5, 7, and 8 at least once, and performing a milling operation on the well to drill-out the part of the on / off tool connected to said bottomhole assembly comprising a downhole anchoring or isolation device. In a specific embodiment of the present invention such composite, degradable, or drillable downhole anchoring or isolation devise may be a swellable packer. In another specific embodiment of the present invention the on / off tool may comprise a wet-mate connection for enabling transmission of telemetry, electrical power, and hydraulic energy through the on / off tool. Examples of wet-mate connections can be found in US7814969, US9761962, US8752635. In yet another embodiment of the present invention the first and third deflection profiles of a sequence of guiding grooves and deflection profiles of a guiding slot are angled toward a first end or a “top” end of a spinner sleeve and the second and fourth deflection profiles are angled toward a second end or a “bottom” end of a spinner sleeve. However, the opposite may equally be true.said stinger component having a spinner sleeve positioned around at least a portion of said profile sub, facilitating rotation of said overshot component around said profile sub; said spinner sleeve being substantially immobile along the longitudinal direction of said profile sub without disconnection of said profile sub from at least one of said top sub or said splined sub; said spinner sleeve having a first end and a second end; said first end being proximate to said top sub and said second end proximate to said splined sub; said spinner sleeve having an external diameter larger than the diameter of at least a portion of said profile sub; said spinner sleeve having a guiding slot or plurality of guiding slots about its exterior; said guiding slot having at least one sequence of guiding grooves and deflection profiles; each said deflection profile comprises two to a plurality of angled, curved or tilted guiding surfaces positioned at either side of said deflection profile wherein both said guiding surfaces are angled toward said first end of said spinner sleeve, or said second end of said spinner sleeve, said sequence of guiding grooves and deflection profiles comprised of: a first entry longitudinal groove which is open at said spinner sleeve’s second end corresponding with and proximate to said 67second end of said profile sub, and which first end extends toward said first end of said spinner sleeve corresponding with and proximate to said first end of said profile sub and wherein said first entry longitudinal groove communicates with a first deflection profile at said first end of said first entry longitudinal groove; said first deflection profile comprising guiding surfaces all angled toward said first end of said spinner sleeve; a second longitudinal groove communicating with said first longitudinal groove via said first deflection profile with a first end of said second longitudinal groove extending toward said first end of said spinner sleeve beyond the axial location of said first deflection profile, and a second end of said second longitudinal groove merging with the axial location of said first deflection profile or extending toward said second end of said spinner sleeve to the point located between said axial location of said first deflection profile and said second end of said spinner sleeve, and said second longitudinal groove is connected to a second deflection profile at said second end of said second longitudinal groove; said second deflection profile comprising guiding surfaces all angled toward said second end of said spinner sleeve; a third longitudinal groove communicating with said second longitudinal groove via said second deflection profile with a first end of said third longitudinal groove merging with the axial location of said second deflection profile or extending toward said first end of said spinner sleeve 68to a point located between said second deflection profile and said first end of said spinner sleeve and a second end of said third longitudinal groove extending toward said second end of said spinner sleeve beyond the axial location of said second deflection profile wherein said third longitudinal groove is connected to a third deflection profile at said second end of said third longitudinal groove; said third deflection profile comprising guiding surfaces all angled toward said first end of said spinner sleeve; a fourth longitudinal groove communicating with said third longitudinal groove via said third deflection profile with a first end of said fourth longitudinal groove extending toward said first end of said spinner sleeve beyond the axial location of said third deflection profile and a second end of said fourth longitudinal groove merging with the axial location of said third deflection profile or extending toward said second end of said spinner sleeve to a point located between said axial location of said third deflection profile and said second end of said spinner sleeve and said fourth longitudinal groove is connected to a fourth deflection profile at said second end of said fourth longitudinal groove; said fourth deflection profile comprising guiding surfaces all angled toward said second end of said spinner sleeve, and said fourth deflection profile connected to a first entry longitudinal groove of the same or the next sequence of guiding grooves and deflection profiles of said guiding slot; 69said spinner sleeve exhibiting at least one hole designed for installation of a shear screw or shear pin between said stinger component and said overshot component of said on / off tool; said overshot component comprising a top guide sub, an overshot top sub, and an overshot bottom sub, all running coaxially, reversibly coupled; said top guide sub having a first end and second end; said second end being a female or male end; said overshot top sub having a first male or female end mating to the second end of said top guide sub, and a second female or male end; said overshot bottom sub having a first male or female end mating to the second end of said overshot top sub, and a second end; said top guide sub’s second female or male end being reversibly connected to a first male or female end of said overshot top sub; said overshot top sub’s second female or male end being reversibly connected to said overshot bottom sub’s first female or male end; said top guide sub exhibiting a reverse conical profile wherein an internal diameter of said top guide sub gradually reduces starting from said first end of said top guide sub along at least a portion of said top guide sub; said overshot top sub having at least one upper removable lug located in at least one slot or a hole for insertion of said upper removable lug; said slot or hole located at a portion of said overshot top sub enclosed into said top guide sub upon connecting said top guide sub to said overshot top sub; 70said overshot top sub having at least one hole or threaded hole designed for installation of a shear screw or shear pin between said stinger component and said overshot component of said on / off tool; said overshot bottom sub having at least one lower removable lug located in at least one slot or hole for installation of a lower removable lug; said second end of said overshot bottom sub providing a means for connection with a downhole tool, downhole equipment, or a combination thereof wherein such means for connection may be a threaded male or female part; 2. The on / off tool of claim 1 wherein said on / off tool further comprises at least one lower removable lug within said overshot component positioned into said at least one longitudinal groove of said splined sub of said stinger component and wherein said at least one said upper removable lug of said overshot top sub is located within said first end of said second longitudinal groove, said second end of said third longitudinal groove, or any location of any other longitudinal groove or in any deflection profile of said guiding slot of said spinner sleeve of said stinger component; said stinger component and said overshot component being connected together by least one shear screw or shear pin installed in said hole designed for installation of a shear screw or shear pin on said spinner sleeve of said stinger component and said hole or threaded hole designed for installation of a shear screw or shear pin on said overshot top sub of said overshot component; 3. The on / off tool of claim 1 wherein said overshot component further comprises a valve such as a valve that can be opened by deployment of said stinger component inside said overshot component and that can be closed by pulling out said stinger component from said overshot 71component wherein opening said valve results in enabling fluid communication through said on / off tool and wherein closing said valve results in preventing fluid communication through said overshot component of said on / off tool, wherein said valve is a check valve, a flapper valve, a double flapper valve, or a combination thereof and wherein said valve is integrated into said overshot top sub, overshot bottom sub, or a combination thereof, or positioned between said overshot top sub and said overshot bottom sub, or is connected to said second end of said overshot bottom sub.

4. The on / off tool of claim 1, wherein said guiding slot comprises said external deflection profile or profiles wherein said external deflection profile or profiles have one to a plurality of surfaces exhibiting spear-type geometry, angled geometry, inclined geometry, or a combination thereof, to deflect and guide said upper removable lug of said overshot top sub moving along the surface of said stinger component from said second end of said profile sub toward said first end of said profile sub into one of said first entry longitudinal grooves of said sequence of guiding grooves and deflection profiles of said guiding slot of said spinner sleeve.

5. The on / off tool of claim 1, wherein said stinger component exhibits at least one axial sealing element installed around said profile sub, said splined sub, between said profile sub and said splined sub, or a combination thereof.

6. The on / off tool of claim 1 wherein at least one said upper removable lug has the length the same or longer than the width of said upper removable lug and the total height of said upper removable lug being larger than the thickness of said overshot top sub at the location of said slot or hole for installation of said upper removable lug and wherein the total height 72of said lower removable lug is larger than the thickness of said overshot bottom sub at the location of said slot or hole for installation of said lower removable lug.

7. The on / off tool of claim 1 wherein said slots or holes for installation of said upper and lower removable lugs comprise a blind hole or groove and an inner through slot or through hole wherein the length of said inner through slot or diameter of said inner through hole is smaller than the length of said blind groove, or the diameter of said blind hole, and wherein the width of said inner through slot is smaller than the width of said blind groove or diameter of said blind hole.

8. The on / off tool of claim 1, wherein positioning of said overshot top sub’s hole or threaded hole designed for installation of a shear screw or shear pin over said hole designed for installation of a shear screw or shear pin on said spinner sleeve results in the positioning of said slot or hole for installation of said upper removable lug of said overshot top sub over one of longitudinal grooves or deflection profiles of said guiding slot of said spinner sleeve.

9. The on / off tool of claim 1 comprising a wet-mate connection for enabling transmission of telemetry, electrical power, and hydraulic energy through the on / off tool.

10. The on / off tool of claim 1 comprising components made of composite, degradable, or drillable materials.

11. A method of using the on / off tool described in claim 1 comprising: inserting said stinger component is into said overshot component wherein at least one said lower removable lug is inserted in at least one said longitudinal groove of said splined sub and wherein at least one said upper removable lug is positioned in at least 73one of the longitudinal grooves or deflection profiles of said guiding slot of said spinner sleeve; connecting said second end of said overshot bottom sub of said overshot component of said on / off tool to a downhole tool, comprising an anchoring device (such as a packer, a retrievable packer, a bridge plug, a swellable packer, a tubing anchor, or any other downhole tool designed for anchoring in a wellbore), and connecting said first end of said top sub of said stinger component of the on / off tool to a deployment string, or, connecting said second end of said overshot bottom sub of said overshot component of said on / off tool to a deployment string and connecting said first end of said top sub of said stinger component of the on / off tool to a downhole tool comprising an anchoring device; running said on / off tool with the downhole tool in a well on said deployment string; positioning said downhole tool at the location where the anchoring device will be set; setting said anchoring device by increasing hydraulic pressure inside said deployment string, or by rotating said on / off tool in the clockwise or counterclockwise direction; disconnecting the component of the on / off tool connected to said deployment string from the component of the on / off tool connected to said downhole tool, comprising said anchoring device, by sequential movements of said component of the on / off tool connected to said deployment string in downward and upward directions wherein: executing at least one of said sequential movements results in repositioning said at least one upper removable lug from one longitudinal groove of said at least one sequence of guiding grooves and deflection profiles of said guiding slot on said spinner sleeve to a next longitudinal groove of said at least one 74sequence of guiding grooves and deflection profiles of said guiding slot on said spinner sleeve wherein said lower removable lug does not travel out of said longitudinal groove of said splined sub, and wherein the last movement of said component of the on / off tool connected to said deployment string is in an upward direction resulting in traveling of said at least one upper removable lug from said fourth longitudinal groove of said at least one sequence of guiding grooves and deflection profiles of said guiding slot on said spinner sleeve outside of said guiding slot wherein said lower removable lug travels out of said longitudinal groove of said splined sub, pulling said component of the on / off tool connected to said deployment string out of said well or moving it to another wellbore location; performing a well operation on said well; having said retrieved component of the on / off tool withdrawn from the well (or same component of the on / off tool) connected to the same or different deployment string; running said component of the on / off tool connected to said deployment string on said deployment string downhole; tagging said component of the on / off tool connected to said downhole tool comprising said anchoring device with said component of the on / off tool connected to said deployment string; positioning at least one said lower removable lug of said overshot component of the on / off tool into said longitudinal groove of said splined sub of said stinger component of the on / off tool by the means of pushing said component of the on / off tool 75connected to said deployment string or by pushing down and rotating said component of the on / off tool connected to said deployment string; positioning at least one said upper removable lug of said overshot component of the on / off tool in said first entry longitudinal groove of at least one said sequence of guiding grooves and deflection profiles and into said second end of said third longitudinal groove via said first and said second deflection profiles and said second longitudinal groove of said guiding slot by moving said component of the on / off tool connected to the deployment string in downward direction, followed by its movement in upward direction, wherein at least one said lower removable lug stays in said longitudinal groove of said splined sub; unsetting said anchoring device by applying a pulling force on said downhole tool through the on / off tool, or by rotating said on / off tool in the clockwise or counterclockwise direction; and pulling said downhole tool comprising said anchoring device out of said well for removal or replacement or moving it to another wellbore location 12. The method of claim 11 wherein securing said stinger component to said overshot component by a shear screw or shear pin installed in at least one said hole or threaded hole designed for installation of a shear screw or shear pin on said overshot top sub and at least one said hole designed for installation of a shear screw or shear pin on said spinner sleeve wherein positioning of said hole or threaded hole designed for installation of a shear screw or shear pin on said overshot top sub over said hole designed for installation of a shear screw or shear pin on said spinner sleeve upon the installation of said shear screw of shear pin enables positioning said at least one upper removable lug in said first end of said second 76longitudinal groove of at least one said sequence of guiding grooves and deflection profiles of said guiding slot, and wherein disconnecting the component of the on / off tool connected to said deployment string from the component of the on / off tool connected to said downhole tool comprising said anchoring device by sequential movements of said component of the on / off tool connected to said deployment string in downward and upward direction further comprises: moving the component of the on / off tool connected to said deployment string upward resulting in shearing at least one said shear screw or shear pin securing said stinger component of said on / off tool and said overshot component of the on / off tool and repositioning said at least one upper removable lug from said first end of said second longitudinal grove to said second end of said third longitudinal groove via said second deflection profile wherein said lower removable lug does not travel out of said longitudinal groove of said splined sub; moving the component of the on / off tool connected to said deployment string downward resulting in repositioning said at least one upper removable lug from said second end of said third longitudinal grove to said first end of said fourth longitudinal groove via said third deflection profile wherein said lower removable lug does not travel out of said longitudinal groove of said splined sub; and moving the component of the on / off tool connected to said deployment string upward resulting in traveling out of said at least one upper removable lug from said first end of said fourth longitudinal grove to outside of said guiding slot via said fourth deflection profile with traveling out of said lower removable lug from said longitudinal groove of said splined sub. 7713. The method of claim 11 wherein connecting said stinger component to said overshot component by a shear screw or shear pin installed in at least one said hole or threaded hole designed for installation of a shear screw or shear pin on said overshot top sub and at least one said hole designed for installation of a shear screw or shear pin on said spinner sleeve wherein positioning of said hole or threaded hole for installation of a shear screw or shear pin on said overshot top sub over said hole designed for installation of a shear screw or shear pin on said spinner sleeve upon the installation of said shear screw of shear pin enables positioning said at least one upper removable lug in said second end of said third longitudinal groove of at least one said sequence of guiding grooves and deflection profiles of said guiding slot; and wherein disconnecting the component of the on / off tool connected to said deployment string from the component of the on / off tool connected to said downhole tool comprising said anchoring device by sequential movements of said component of the on / off tool connected to said deployment string in downward and upward direction comprising: moving the component of the on / off tool connected to said deployment string downward resulting in shearing at least one said shear screw or shear pin securing said stinger component of said on / off tool and said overshot component of the on / off tool and repositioning said at least one upper removable lug from said second end of said third longitudinal grove to said first end of said fourth longitudinal groove via said third deflection profile wherein said lower removable lug does not travel out of said longitudinal groove of said splined sub; and moving the component of the on / off tool connected to said deployment string upward resulting in moving said at least one upper removable lug from said first 78end of said fourth longitudinal grove to outside of said guiding slot via said fourth deflection profile with traveling out of said lower removable lug from said longitudinal groove of said splined sub.

14. A method of using the on / off tool described in claim 1 comprising: having said stinger component of the on / off tool at a surface or in a wellbore with said first end of said top sub of said stinger component connected to a deployment string and said overshot component of the on / off tool located in the wellbore with said first end of its said top guide sub facing upward and with said second end of its said overshot bottom sub connected to a downhole tool comprising a set anchoring device; or having said overshot component of the on / off tool at a surface or in a wellbore with said second end of its said overshot bottom sub connected to a deployment string and said stinger component of the on / off tool located in the wellbore with said second end of its splined sub facing upward and with said first end of it’s said top sub connected to a downhole tool comprising a set anchoring device; running said component of the on / off tool connected to said deployment string on said deployment string downhole; tagging said component of the on / off tool connected to said downhole tool comprising said anchoring device with said component of the on / off tool connected to said deployment string; positioning at least one said lower removable lug of said overshot component of the on / off tool into said longitudinal groove of said splined sub of said stinger component of the on / off tool by the means of pushing said component of the on / off 79tool connected to said deployment string or by pushing down and rotating said component of the on / off tool connected to said deployment string; positioning at least one said upper removable lug of said overshot component of the on / off tool in said first entry longitudinal groove of at least one said sequence of guiding grooves and deflection profiles and into said second end of said third longitudinal groove via said first and said second deflection profiles and said second longitudinal groove of said guiding slot by moving said component of the on / off tool connected to the deployment string in downward direction, followed by movement in upward direction, wherein at least one said lower removable lug stays in said longitudinal groove of said splined sub; unsetting said anchoring device by applying a pulling force on said downhole tool through the on / off tool or by rotating said on / off tool in the clockwise or counterclockwise direction; and pulling said downhole tool comprising said anchoring device out of said well for removal or repositioning or moving it to another wellbore location.

15. A method of using the on / off tool described in claim 1 comprising: (1) running the on / off tool downhole with a bottomhole assembly comprising a composite, degradable, or drillable downhole anchoring or isolation device (such as a packer, a retrievable packer, a bridge plug, a swellable packer, a tubing anchor, or any other downhole tool designed for anchoring in a wellbore) wherein at least one part of said on / off tool such as at least one part of said overshot component of the on / off tool or at least one part of said stinger component of the on / off tool, connected to said composite, degradable, or drillable downhole anchoring or 80isolation device, is made of a composite, degradable, or drillable material, wherein said bottomhole assembly may also comprise an openable isolation device, (2) setting said composite, degradable, or drillable downhole anchoring or isolation device; (3) disconnecting a part of said on / off tool such as said stinger component or said overshot component from another component of said on / off tool connected to said bottomhole assembly such as said overshot component or said stinger component, and retrieving it from the well; (4) deploying downhole a completion string which bottom end comprises the same or similar component of said on / off tool that was retrieved from the well, wherein said completion string may comprise at least one artificial lift equipment component, or at least one gas injection valve, or at least one swellable packer, or at least one retrievable swellable packer, or any other type of downhole equipment that can be deployed on a completion string; (5) latching with said component of the on / off tool connected to said completion string, such as said stinger component of the on / off tool or said overshot component of the on / off tool, on the component of the on / off tool connected to said bottomhole assembly, such as said overshot component of the on / off tool or said stinger component of the on / off tool; (6) opening said openable isolation device; 81(7) performing a well operation on said well wherein said operation comprises the use of said deployed completion string; (8) disconnecting a component of said on / off tool connected to said completion string, such as said stinger component of the on / off tool or said overshot component of the on / off tool from another component of the on / off tool connected to said bottomhole assembly such as said overshot component of the on / off tool or said stinger component of the on / off tool, and retrieving it from the well with the previously deployed completion string; repeating any of the above steps, or steps 4-8, or steps 4, 5, 7, and 8 at least once; and performing a milling operation on said well to drill-out the component of the on / off tool connected to said bottomhole assembly comprising a composite, degradable, or drillable downhole anchoring or isolation device.

16. The method of claim 15 wherein said method further comprises utilizing an actuatable isolation device which is a burst diaphragm, a burst disk, a valve, a ceramic disk, or any other actuatable isolation device capable of actuation through an increase in pressure.

17. The method of claim 15 wherein running said on / off tool with said bottomhole assembly downhole is performed using wireline, slick-line, coiled tubing, jointed tubing, drill-pipe or any other deployment string, comprises pumping action, or a combination thereof.

18. The method of claim 15 wherein performing said well operation on said well with the use of the deployed completion string comprises performing a gas lift operation, fluid injection 82operation, water flooding operation, or any other operation comprising injection, pumping, or production of any fluid through said completion string 19. The method of claim 15 wherein running said on / off tool with said bottomhole assembly downhole comprises propelling said on / off tool connected to said bottomhole assembly downhole by a pumped fluid. 83

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