XX Right of Requisition

٢٩

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

Annex "C-1/2" is the form of a Production Guaranty or a Bank Letter of Guaranty (“Letter of Guaranty”) to be submitted by CONTRACTOR to EGPC at least one (1) day before the time of signature by the Minister of Petroleum of this Agreement, for the sum of ten million U.S. Dollars ($10,000,000), guaranteeing the execution of CONTRACTOR’s minimum Exploration obligations hereunder for the initial three (3) year Exploration period. In case CONTRACTOR extends the initial Exploration period for one (1) or two (2) additional successive periods of three (3) years and two (2) years لوادتلا دنع اهب دتعي لا ةينورتكلإ ةروص respectively, in accordance with Article III (b) of this Agreement, similar Letter of Guaranty shall be issued for each successive Exploration period and be submitted by CONTRACTOR on the day the CONTRACTOR exercises its option to extend the then current Exploration period. The first Letter of Guaranty shall be for the sum of five million U.S. Dollars ($5,000,000). The second such Letter of Guaranty shall also be for the sum of five million U.S. Dollars ($5,000,000), less in these instances any excess expenditures of the preceding Exploration period permitted for carry forward in accordance with Article IV (b) third paragraph of this Agreement. In case of any Shortfall (the difference between the amount of CONTRACTOR's financial obligation of any Exploration period minus the total amount approved by EGPC for the same concerned obligation period), plus any carry forward approved by EGPC from the previous period, if any, EGPC shall notify CONTRACTOR in writing by the value of such shortfall.

٣١

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

Within fifteen (15) days from the date of this notification, CONTRACTOR shall transfer the amount of the shortfall to EGPC's account and if CONTRACTOR did not transfer this shortfall within the mentioned fifteen (15) days, EGPC has the right to liquidate the concerned Letter of Guaranty up to the amount of the shortfall. Each of the three (3) Letters of Guaranty shall remain effective for six (6) months after the end of the Exploration period for which it has been issued except as it may be released prior to that time in accordance with the terms thereof. The Letters of Guaranty mentioned above shall be reduced quarterly by Exploration Expenditures incurred and paid by CONTRACTOR on operations and approved by EGPC for the concerned Exploration period. The CONTRACTOR has the right to submit a Bank Letter of Guaranty in the form specified in Annex (C-2) or a letter that entitles EGPC to solidify from the CONTRACTOR'S dues an amount equal to the Financial Obligations of the then current phase. Annex "D" is the form of a Charter of PETROBEL formed

as provided for in Article VI hereof. لوادتلا دنع اهب دتعي لا ةينورتكلإ ةروصAnnex "E" is the Accounting Procedure. Annex "F" is a current map of the National Gas Pipeline Grid System established by the GOVERNMENT. Annexes "A", "B", "C -1 and 2", "D","E" and "F" to this Agreement are hereby made part hereof, and they shall be considered as having equal force and effect with the provisions of this Agreement.