XXIII Force Majeure

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

(6) As used herein, Egyptian Income Tax shall be inclusive of all

income taxes payable in the A.R.E. (including tax on tax) such

as the tax on income from movable capital and the tax on

profits from commerce and industry and inclusive of taxes

based on income or profits including all dividends,

withholding with respect to shareholders and other taxes

imposed by the GOVERNMENT of A.R.E. on the distribution

of income or profits by CONTRACTOR.

(7) In calculating its A.R.E. income taxes, EGPC shall be entitled

to deduct all royalties paid by EGPC to the GOVERNMENT

and CONTRACTOR's Egyptian income taxes paid by EGPC

on CONTRACTOR's behalf.

(a) لوادتلا دنع اهب دتعي لا ةينورتكلإ ةروص ARTICLE IV WORK PROGRAM AND EXPENDITURES CONTRACTOR shall commence the Exploration operations hereunder, directly or through the Operating Company not later than six (6) months after the Effective Date in the New Exploration Area unless otherwise agreed upon by EGPC. CONTRACTOR shall have the right to use and obtain all seismic, wells and other data with respect to the Area in EUG's possession and in accordance with the regulations in such respect.

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

(b) CONTRACTOR shall be granted a period starting from the Effective Date and ending on 31st December 2030, according to Article III (b), to perform through the Operating Company Exploration and Development operations for Oil in the "Original Development Area", CONTRACTOR shall fund the necessary expenditures to ensure the availability of the following for a period of four (4) years from 1/1/2021: - Seven workover rigs in Belayim Land Area; - Two workover rigs in Belayim Marine Area; - Two Land drilling rigs; - One Marine drilling rig or in alternative one Land drilling rig;

CONTRACTOR is available to acquire an offshore 3D seismic لوادتلا دنع اهب دتعي لا ةينورتكلإ ةروصcovering Original Development Area provided that the relevant activities are completed within the end of 2024. Subject to the results of the implemented activities up 2024, to the reservoir performance and to the economics of the additional expenditures, starting from 2025 and until the expiration of the Original Development Area, CONTRACTOR will evaluate the implementation of the work program to be presented by the Operating Company. It is estimated that CONTRACTOR through the Operating Company will spend starting from the Effective Date one billion U.S. Dollars ($1,000,000,000) as capital expenditures and operating expenses. CONTRACTOR shall also be granted an initial Exploration period of three (3) years starting from the Effective Date to perform, directly or through the Operating Company Exploration operations for Oil in the “New Exploration Area”. CONTRACTOR may extend this Exploration period for two (2) extension periods of three (3) years and two (2) years respectively upon at least thirty (30) days prior written notice to EGPC of the then current Exploration period, as may be extended pursuant to the provisions of Article V (a), subject to the CONTRACTOR's expenditure of its minimum obligations of Exploration operations and of its fulfillment of the drilling obligations hereunder, for the then current Exploration period.