of Egypt Personnel

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– دﺪﻌﻟا ٥٠ رﺮﻜﻣ )ج( ﻰﻓ ١٨ ﺮﺒﻤﺴﯾد ﺔﻨﺳ٢٠٢١ ﺔﯿﻤﺳﺮﻟا ةﺪﯾﺮﺠﻟا

WHEREAS, by virtue of the Deed of Assignment ratified by the Minister of Petroleum on May 4, 2010, EGPC assigned to IEOC PRODUCTION B.V. the rights of six percent (6%) of the total amount of Crude Oil produced and saved from the Area and not used in Petroleum Operations out of EGPC’s entitlement under the Original Concession Agreement; and given that this Concession Agreement shall entirely replace both the Original Concession Agreement as amended and the above mentioned Deed of Assignment from the Effective Date, the sharing percentages specified under this Agreement as per Article VII shall be the only applicable sharing percentages as of the Effective لوادتلا دنع اهب دتعي لا ةينورتكلإ ةروصDate; and WHEREAS, Belayim Petroleum Company ("PETROBEL" or “Operating Company”) was established on 20 April 1978 to carry out the operations in the Original Concession Agreement Area, in accordance with the provisions of Law No. 16 of 1978, as amended; and WHEREAS, the "Original Development Area" consists of 14 leases in the Gulf of Suez in addition to Abu Madi Lease (as defined below) in the Nile Delta, granted in accordance with the Original Concession Agreement issued by Law No. 16 of 1978 and its amendments and shall expire on 31/12/2030; and WHEREAS, the Parties aim to sustain the production levels and to increase the remaining recoverable reserves under the Original Development Area while assessing the other remaining upside potentials through cutting edge technologies; and WHEREAS, the Parties agree to carry out such operations while maintaining appropriate economic balance among the Parties under the Concession Agreement to allow for the recovery of the costs of such operations; and

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– دﺪﻌﻟا ٥٠ رﺮﻜﻣ )ج( ﻰﻓ ١٨ ﺮﺒﻤﺴﯾد ﺔﻨﺳ٢٠٢١ ﺔﯿﻤﺳﺮﻟا ةﺪﯾﺮﺠﻟا

WHEREAS, CONTRACTOR desires to add two (2) new Exploration areas, “New Exploration Area”, to explore the Exploration potentials in the vicinity of Petrobel facilities; and WHEREAS, in order to reach the foresaid targets, the Parties agree to enter into a new concession agreement ("Concession Agreement") to allow for the full exploitation of the remaining resources of the Original Development Area and the New Exploration Area; and WHEREAS, EGPC and CONTRACTOR have mutually agreed to enter a new concession agreement to fully replace the “Original Concession Agreement” and its Amendments, mentioned above in this Preamble, from the Effective Date; and لوادتلا دنع اهب دتعي لا ةينورتكلإ ةروصWHWEREAS, the Exploitation Contract pursuant to the provisions of this Agreement shall not exceed thirty (30) years from the approval and issuance date, according to Article 32 of the Egyptian constitution; and WHEREAS, "IEOC" agrees to undertake its obligations provided hereinafter as a CONTRACTOR with respect to the Exploration, Development and Production of Petroleum in “the Gulf of Suez and Nile Delta Areas”; and WHEREAS, EGPC's Executive Board of Directors has approved thereupon on 22/12/2020 ; and WHEREAS, EGPC's Board of Directors has approved thereupon on 15/3/2021; and WHEREAS, the GOVERNMENT desires hereby to grant such concession under this Concession Agreement; and WHEREAS, the Minister of Petroleum pursuant to the provisions of Law No. 66 of 1953 and Law No. 198 of 2014, may enter into a Concession Agreement with EGPC, and with "IEOC" as a CONTRACTOR in the said Area. NOW, THEREFORE, the parties hereto agree as follows: The previous preamble to this Agreement is hereby made part hereof, complemented and integrated to its provisions.

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– دﺪﻌﻟا ٥٠ رﺮﻜﻣ )ج( ﻰﻓ ١٨ ﺮﺒﻤﺴﯾد ﺔﻨﺳ٢٠٢١ ﺔﯿﻤﺳﺮﻟا ةﺪﯾﺮﺠﻟا

ARTICLE I

DEFINITIONS

(a) "Exploration" shall include such geological, geophysical, aerial and other surveys as may be contained in the approved Work Programs and Budgets, and the drilling of such shot holes, core holes, stratigraphic tests, holes for the discovery of Petroleum or the appraisal of Petroleum discoveries and other related holes and wells, and the purchase or acquisition of such supplies, materials, services and equipment therefore, all as may be contained in the approved

Work Programs and Budgets. The verb "explore" means the act of conducting Exploration. (b) "Development" shall include, but not be limited to, all the operations and activities pursuant to approved Work Programs and Budgets under this Agreement with respect to: (i) the drilling, plugging, deepening, side tracking, re-drilling, completing, equipping of development wells and the changing of the status of a well, and (ii) design, engineering, construction, installation, servicing and maintenance of equipment, lines, systems facilities, plants and related operations to produce and operate said development wells, taking, saving, treating, handling, storing, transporting and delivering Petroleum, re-pressuring, recycling and other secondary recovery projects, and (iii) transportation, storage and any other work or activities necessary or ancillary to the activities specified in (i) and (ii). لوادتلا دنع اهب دتعي لا ةينورتكلإ ةروص

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– دﺪﻌﻟا ٥٠ رﺮﻜﻣ )ج( ﻰﻓ ١٨ ﺮﺒﻤﺴﯾد ﺔﻨﺳ٢٠٢١ ﺔﯿﻤﺳﺮﻟا ةﺪﯾﺮﺠﻟا

(c) "Egypt Upstream Gateway" means an integrated digital platform for all upstream (Exploration & Production) and other data (hereinafter referred to as "EUG") to preserve legacy data, manage active data and promote the upstream opportunities and attract new investments through international bid rounds and through which CONTRACTOR can access, use, trade and deliver all data, information and geological and geophysical and other studies for the upstream activities in Egypt. (d) "Petroleum" means Liquid Crude Oil of various densities, asphalt,

Gas, casing head gas and all other hydrocarbon substances that may be found in, and produced, or otherwise obtained and saved from the Area under this Agreement, and all substances that may be extracted therefrom.

(e) "Liquid Crude Oil" or "Crude Oil" or "Oil" means any hydrocarbon produced from the Area which is in a liquid state at the wellhead or lease separators or which is extracted from the Gas or casing head gas in a plant. Such liquid state shall exist at sixty degrees

Fahrenheit (60 F) and atmospheric pressure of 14.696 PSIA. Such term includes distillate and condensate.

(f) "Gas" means natural Gas both associated and non-associated, and all of its constituent elements produced from any well in the Area (other than Liquid Crude Oil) and all non-hydrocarbon substances therein.

(g) “Condensate” means any Petroleum recovered from Gas obtained by processing, or otherwise which is in a liquid state at standard stock tank conditions.

° لوادتلا دنع اهب دتعي لا ةينورتكلإ ةروص