الرئيس السيسي يصدق بالترخيص لوزير البترول للبحث عن البترول بالصحراء الشرقية

‫صورة إ‬ ‫تروني‬ ‫لك‬ ‫ة ال يع‬ ‫عند ا‬

ààà ±´´² WM ÉbFI Ç éÐ ²´ v ÑÏUB Ç ( å ²°²± WM WO u µ) o Çu*Ç

‫تداول‬ ‫ل‬

WàM Ç æu Çè WF Çd Ç

‫تد بها‬

äÉ``¡«æL 10 øªãdG

²¶ ÏbàààF Ç (È) ÑdJ

³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

©¦äÌ× áëØ°üdG ºbQ

IOÉŸG

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

v è_Ç ÉÏU*Ç ...................................... ÊUH dF WO U Ç ÉÏU*Ç ................................ WO UH Ç o W U Ç ÉÏU*Ç ............................... Éb*Çè âuI(Ç `M WF Çd Ç ÉÏU*Ç .......... Y Ç Éd ÁUM à ÊUIHM Çè qLF Ç Z U d W U)Ç ÉÏU*Ç .................... W ÑUO Çè W ÑU Ç ÊUOK Ç W ÏU Ç ÉÏU*Ç ................. éÑU Ç áUA Ç bF ÊUOKLF Ç WF U Ç ÉÏU*Ç ..... ÌU Ç åU Çè ÊU èdB*Çè nO UJ Ç ÏÇÏd Ç WM U Ç ÉÏU*Ç ................................. äu _Ç WOJK WF U Ç ÉÏU*Ç ......................................... `M*Ç Éd UF Ç ÉÏU*Ç ..................... ÊÇÑUD Ç mOK è V J*Ç dI ................ ÉÑU )Ç ÁÑÏè äèd Ç vK WE U;Ç dA W ÏU(Ç ÉÏU*Ç .............................. WO dL'Ç ÊÇÁUH Ç dA WO U Ç ÉÏU*Ç .............. ÊU u b*Çè W U;Ç - ÊU U (Ç d U Ï dA W U Ç ÉÏU*Ç ..................... gO H Çè d ÑUI Çè Ê Ç dA WF Çd Ç ÉÏU*Ç ............................ ÑÇd{_Ç s WO u *Ç dA W U)Ç ÉÏU*Ç .......................... W uJ(Ç vK 2 ÊÇÒUO Ç dA W ÏU Ç ÉÏU*Ç .. WO dF Ç dB W ÑuNL ÏÇd à V Ñb è åÇb Ç âuI dA WF U Ç ÉÏU*Ç ................................ `zÇuK Çè 5 ÇuI Ç dA WM U Ç ÉÏU*Ç .................................... bIF Ç æÒÇu dA WF U Ç ÉÏU*Ç æèdAF Ç ÉÏU*Ç .................................. Á O Ç o ........................................ äÒUM Ç æèdAF Çè W ÏU(Ç ÉÏU*Ç

‫تداول‬ ‫ل‬

±² ²² ²¶ µ° ¶² ¶¶ ·° ±°¸ ±±° ±±¸ ±±¸ ±²° ±²¶ ±²¸ ±³² ±³² ±³´ ±³¶ ±´° ±´° ±´²

¿Gƒæ©dG

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

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©¦äÌ× ( ) áëØ°üdG ºbQ

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áëØ°üdG ºbQ

‫صورة إ‬

................. ÁUG Ç WDK è WO UH U ä Ç æèdAF Çè WO U Ç ÉÏU*Ç ................................... Éd UI Ç ÉuI Ç æèdAF Çè W U Ç ÉÏU*Ç ............................. rOJ Çè ÊU ÒUM*Ç æèdAF Çè WF Çd Ç ÉÏU*Ç .......................... áÇd v u UI Ç l{u Ç æèdAF Çè W U)Ç ÉÏU*Ç ............ UOë K W uMB*Ç ÏÇu*Çè æuOK;Ç æu èUI*Ç æèdAF Çè W ÏU Ç ÉÏU*Ç ................................... v dF Ç hM Ç æèdAF Çè WF U Ç ÉÏU*Ç ..................................... ÊUO uL æèdAF Çè WM U Ç ÉÏU*Ç .................................. WO UH Ç a æèdAF Çè WF U Ç ÉÏU*Ç æu Ç ÉÏU*Ç ................................... v u UI Ç dI*Ç ........................ WO UH W uJ(Ç ÏUL Ç æu Çè b Çu Ç ÉÏU*Ç

Ù ¨ ×ó ìÏ Ì Î ôÛ

¿Gƒæ©dG

≥ë∏ŸG

‫تروني‬ ‫لك‬

±´¸ ±µ° ±µ² ±µ¶ ±µ¶ ±µ¸ ±µ¸ ±µ¸ ±¶° ±¶°

¿Gƒæ©dG

....................... åÇe Ç WIDM Ïèb n è

"Ã" o K

±¶¸

................ WIDM*Ç l u 5 WO O{u WD d

"È" o K

±·°

............................ vJM Ç æULC Ç ÈUD

"Ì" o K

±·´

......................... v U Ç æULC Ç ÈUD

"±-Ì" o K

±·¸

.............. ÊUOKLF U WLzUI Ç W dA Ç fO Q bI

"Ï" o K

±¸¶

................................ v U;Ç åUEM Ç

"àà " o K

²±¸

.......... WO uI Ç ÒUG Ç VO U Ã ×uD WJ WD d

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

±¶²

"è" o K

µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç INDEX

ARTICLES

TITLE

PAGE

ARTICLE I

DEFINITIONS ..........................................................................

13

ARTICLE II

ANNEXES TO THE AGREEMENT .......................................

23

ARTICLE III

GRANT OF RIGHTS AND TERM ..........................................

27

ARTICLE IV

WORK PROGRAM AND EXPENDITURES DURING

51

EXPLORATION PERIOD .......................................................

ARTICLE V

MANDATORY AND VOLUNTARY RELINQUISHMENTS .

63

ARTICLE VI

OPERATIONS AFTER COMMERCIAL DISCOVERY .........

67

ARTICLE VII

RECOVERY OF COSTS AND EXPENSES AND PRODUCTION

71

ARTICLE VIII

TITLE TO ASSETS ..................................................................

109

ARTICLE IX

BONUSES ................................................................................

111

ARTICLE X

OFFICE AND SERVICE OF NOTICES ..................................

119

ARTICLE XI

SAVING OF PETROLEUM AND PREVENTION OF LOSS..

119

ARTICLE XII

CUSTOMS EXEMPTIONS .....................................................

121

ARTICLE XIII

BOOKS OF ACCOUNT; ACCOUNTING AND PAYMENTS.

127

ARTICLE XIV

RECORDS, REPORTS AND INSPECTION ...........................

129

ARTICLE XV

RESPONSIBILITY FOR DAMAGES .....................................

133

ARTICLE XVI

PRIVILEGES OF GOVERNMENT REPRESENTATIVES.....

ARTICLE XVII

EMPLOYMENT RIGHTS AND TRAINING OF ARAB

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

SHARING .................................................................................

133 135

ARTICLE XVIII

LAWS AND REGULATIONS ..................................................

137

ARTICLE XIX

STABILIZATION .....................................................................

141

ARTICLE XX

RIGHT OF REQUISITION ......................................................

141

ARTICLE XXI

ASSIGNMENT ...............................................................

143

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

REPUBLIC OF EGYPT PERSONNEL ...................................

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¶

INDEX TITLE

ARTICLES

PAGE

ARTICLE XXII

BREACH OF AGREEMENT AND POWER TO CANCEL

ARTICLE XXIII

FORCE MAJEURE .......................................................

ARTICLE XXIV

DISPUTES AND ARBITRATION..................................

ARTICLE XXV

STATUS OF PARTIES ....................................................

ARTICLE XXVI

LOCAL CONTRACTORS AND LOCALLY MANU-

149 151 153 157

ARTICLE XXVII

ARABIC TEXT..............................................................

ARTICLE XXVIII

GENERAL ......................................................................

ARTICLE XXIX

COPIES OF THE AGREEMENT ...................................

157 159 159 159

ARTICLE XXX

LEGAL HEADQUARTERES ........................................

161

ARTICLE XXX I

APPROVAL OF THE GOVERNMNT .........................

161

FACTURED MATERIAL.............................................

‫صورة إ‬

ANNEXES TO THE CONCESSION AGREEMENT

ANNEX "A"

TITLE

‫تروني‬ ‫لك‬

ANNEX

BOUNDARY DESCRIPTION OF THE CONCESSION AREA ..............................................................................

163 169

MAP OF THE CONCESSION AGREEMENT .............

ANNEX "C-1"

BANK LETTER OF GUARANTY ...............................

171

ANNEX "C-2"

PRODUCTION LETTER OF GUARANTY ..................

175

ANNEX "D"

CHARTER OF OPERATING COMPANY ....................

179

ANNEX "E"

ACCOUNTING PROCEDURE ....................................

187

ANNEX "F"

MAP OF THE NATIONAL GAS PIPELINE GRID SYSTEM .....................................................................

219

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

ANNEX "B"

·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

2021 áæ°ùd 133 ºbQ ¿ƒfÉb ΔϳϧΩόϣϟ΍ ΓϭέΛϟ΍ϭ ϝϭέΗΑϟ΍ έϳίϭϟ ιϳΧέΗϟΎΑ ϝϭέΗΑϠϟ ΔοΑΎϘϟ΍ Δϳέλϣϟ΍ ϯΩ΍ϭϟ΍ ΏϭϧΟ Δϛέη ϊϣ ΩϗΎόΗϟ΍ ϰϓ ϝϭέΗΑϟ΍ ΔϳϣϧΗϭ ϑΎηϛΗγϻ Δϳέλϣϟ΍ Δϳϧρϭϟ΍ Δϛέηϟ΍ϭ Δϳϗέηϟ΍ ˯΍έΣλϟΎΑ ΏΩ ϯΩ΍ϭ ΔϘρϧϣ ϰϓ ϪϟϼϐΗγ΍ϭ ϝϭέΗΑϟ΍ ϥϋ ΙΣΑϠϟ ω.ϡ.Ν

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

VFA « r U W —uNL'« fOz — :çU Ñb à b è ¬tB v Ç æu UI Ç ÈÇuM Ç fK Ñd © v Ë_« … œU*« ® W dB*Ç éÏÇu Ç ÈuM W dààà l b UF Ç v WO bF*Ç Éèd Çè äèd Ç d Òu h d ï s Y K ¬ äèd Ç WàààOLM è áUàààAJ W dB*Ç WOM u Ç W dàààA Çè äèd K WC UI Ç åUJ _ UIë è pààà Ðè ¬ WO dàààA Ç ÁÇd B U ÈÏ éÏÇè WàààIDM vààà t G ààà Çè äèdààà Ç . UN WI K*Ç WD d)Çè WI Çd*Ç WO UH Ç © WO U « … œU*« ® ¬ æuààà UI Ç Éuààà WàààI Çd*Ç WàààO UH Ç vààà ÉÏÑÇuààà Ç ÊÇÁÇdààà Çè bààà ÇuIK æuàààJ . UN n U l dA éà åUJ à s ÁUM U cHMï è © W U « … œU*« ® .çdA a ÑU v U Ç åuO Ç s t qLF ï è ¬WOL d Ç Éb d'Ç v æu UI Ç Çc dAM ï . UNMO Çu s æu UI cHM è ¬ W èb Ç -U æu UI Ç Çc rB ï à ±´´² WM ÉbFI Ç éÐ ²´ v W ÑuNL'Ç W Uzd Ñb . ( å ²°²± WM WO u µ o Çu*Ç ) v O « ÕU H « b

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫صورة إ‬

ΩGõ````àdG á«bÉØ````JG ¬dÓ```````¨à°SGh ∫hÎ`````ÑdG ø````Y åë``````Ñ∏d ÚH á«Hô````©dG ô```°üe ájQƒ¡````ªL h ∫hÎÑ∏d á°†HÉ≤dG ájô°üŸG iOGƒdG ܃æL h ∫hÎÑdG ᫪æJh ±É°ûµà°S’ ájô°üŸG á«æWƒdG ácô°ûdG ‘ ÜO iOGh á≤£æe á«bô°ûdG AGôë°üdÉH . ´ .Ω . ê

¸

:5 ULO è W dF0 ²°²± WM d u à dN s ±² åuO Ç v WO UH Ç çc ÊÑd

‫تروني‬ ‫لك‬

UNK 1è ("W uJ(Ç" èà ".Ù .å .Ì" vK ULO UNOK oKD è) WO dF Ç dB W ÑuNL -±: ë èà t HB WO bF*Ç Éèd Çè äèd Ç d Òè /bO Ç

è » Éd UI Ç – dB WM b – d e Ç bL Ã ÙÑU Ã ± :v u UI Ç dI*Ç

‫ة ال يع‬

V uLà X A Ãï WO u U WOB v è äèd K WC UI Ç W dB*Ç éÏÇu Ç ÈuM W d -² æu UIK UIë è ¬²°°² WM ±·µµ r Ñ ÁÇÑÒu Ç fK fOzÑ Ñu b Ç bO Ç ÑÇd

‫تد بها‬

vK ULO UNOK oKD è) Ê bF s tOK q ÏÃ U è ±¹¹± WM ²°³ r Ñ

.t HB W dA Ç fOzÑ bO Ç UNK 1è ¬("ÈuM "

(ϝϭ΃ ϑέρ)

‫تداول‬ ‫ل‬

‫عند ا‬

WM b -dO O bL Ã ÙÑU s (UIë U ÑuM Ç) d Òè rOEF Ç b ÙÑU :v u UI Ç dI*Ç .Éd UI Ç -dB

¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç CONCESSION AGREEMENT FOR PETROLEUM EXPLORATION AND EXPLOITATION BETWEEN THE ARAB REPUBLIC OF EGYPT AND SOUTH VALLEY EGYPTIAN PETROLEUM HOLDING COMPANY AND

EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY IN WADI DEB AREA EASTERN DESERT A.R.E.

‫تروني‬ ‫لك‬

the ARAB REPUBLIC OF EGYPT (hereinafter referred to variously as “A.R.E. ” or as the “GOVERNMENT ”), represented by the Minister of Petroleum and Mineral Resources, in his capacity

‫ة ال يع‬

Legal Headquarters: 1A Ahmed Al Zomor St., Nasr City, Cairo. ; and

‫تد بها‬

2- SOUTH VALLEY EGYPTIAN PETROLEUM HOLDING COMPANY, a legal entity created by Prime Minister Decree No. 1755 of 2002, and pursuant to Law No. 203 of 1991 and its amendments (hereinafter referred to as “GANOPE ”) represented by the Chairman, in his capacity.

‫عند ا‬

1-

Legal Headquarters: Abdel azim wazeer St.(el nour previously) from Ahmed Tayseer St. Nasr City, Cairo.

‫تداول‬ ‫ل‬

First:

‫صورة إ‬

This Agreement made and entered on this 12 day of October, 2021 by and between:

(First Party)

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±°

-·² r Ñ WL U W dààà v è ¬äèd Ç WOLM è áUàààAJ W dB*Ç WOM u Ç W dàààA Ç :UOë U UNK 1è WO dF Ç dàààB W ÑuNL ÑUL ààà Ç 5 ÇuI UàààIë ààà WàààLzU è Wààà R ²°±· UNààOK oàààààààKD è) oààà u vLààà Ñ ÈUD tM ÈuM s èà W dàààA Ç fOzÑ /bOààà Ç .("äèUI*Ç" èà "u b Ç" vààààààK UààààLO -f U)Ç lL Ç -w U Ç v(Ç -WO U Ç WIDM*Ç -S2-3/S1-2 WFD :v u UI Ç dI*Ç .Éd UI Ç (ϥΎΛ ϑέρ) bON9 v d U;Çè r UM*Ç v ÉÏu u*Ç ¬äèd Ç UNO U0 ¬æÏUF*Ç lOL pK 9 W èb Ç ¬æÅ YO b L*Çè UN u l{U)Ç d Ç ÙU v ÉÏu u*Ç Çc è WOLOK Ç çUO*Ç p Ð v U0 .Ù .å .Ì ¬WOLOK Ç çUO*Ç bF U v Å

‫صورة إ‬

äèd Ç s Y K UNOK ÑuBI åÇe Ç vK äuB K VKD X bI b ÈuM ¬æà YO è "Ã" o K*Ç v W u u*Çè WO U Ç ÉÏU*Ç v UNO Å ÑUA*Ç WIDM*Ç ÁU à W U v t G Çè ÑUA è) UNM Áe' 5 uJ*Çè WO UH Ç çcN 5I d*Ç "È" o K*Ç v v dI qJA WMO *Çè

‫تروني‬ ‫لك‬

¬("WIDM*Ç"à vK ULO UNO Å

‫ة ال يع‬

qL æà vK o Çu "u b Ç" äèd Ç WOLM è áUAJ W dB*Ç WOM u Ç W dA Ç ¬æà YO è äèd Ç s Y Ç äUL Q h ULO ë èUI UN HB vK ULO UNOK ÕuBM*Ç UN U Çe Ç ¬ WO dA Ç ÁÇd B U ¬ ÈÏ éÏÇè WIDM v t U Åè t OLM è

‫تد بها‬

¬WO UH Ç çc V u0 åÇe Ç Çc `M v V d W uJ(Ç ¬æà YO è WO UH Ç åd æà ±¹µ¶ WM ¸¶ r Ñ æu UI Ç åUJ à V u0 äèd Ç d Òu Òu ¬t à YO è

‫عند ا‬

U ÑU U "u b Ç" äèd Ç WOLM è áUAJ W dB*Ç WOM u Ç W dA Ç l è ¬ÈuM l åÇe Ç .WIDM*Ç çc v ë èUI

‫تداول‬ ‫ل‬

:Ê u U vK WO UH Ç çc áÇd à oH Ç bI p c

ë .t UJ _ Uë LL è LJ è âUH Ç Çc s Ãe ÇÁe ë o U Ç bONL Ç d F è

±±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

Second: EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY, a Joint Stock company No. 72-2017 organized and existing under the laws of investment in A.R.E. represented by the President of the Company or a concerned delegate supported with a power of attorney. (hereinafter referred to as “ENPEDCO ” or as “CONTRACTOR ”).

Legal Headquarters: Plot 2-S1 / 3-S2 - Second Area - Second District –Fifth Settlement - Cairo.

(Second Party) PREAMBLE WHEREAS, all minerals including Petroleum, existing in mines and quarries in A.R.E., including the territorial waters, and in the seabed subject to its jurisdiction and extending beyond the territorial waters, are the property of the State; and WHEREAS, GANOPE has applied for an exclusive concession for the Exploration and Exploitation of Petroleum in and throughout the Area referred to in Article II, and described in Annex “A ” and shown approximately on Annex “B ”, which are attached hereto and made part hereof (hereinafter referred to as the “Area ”) ; and WHEREAS, EGYPTIAN NATIONAL PETROLEUM for EXPLORATION AND DEVELOPMENT COMPANY “ENPEDCO ” agrees to undertake its obligations provided hereinafter as a CONTRACTOR with respect to the Exploration, Development and Production of Petroleum in WADI DEB AREA, EASTERN DESERT; and WHEREAS, the GOVERNMENT desires hereby to grant such Concession under this Agreement; and WHEREAS, the Minister of Petroleum pursuant to the provisions of Law No. 86 of 1956, may enter into a concession agreement with , GANOPE, and with EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY “ENPEDCO ” as a CONTRACTOR in the said Area.

NOW, THEREFORE, the parties hereto agree as follows: The previous preamble to this Agreement are hereby made part hereof, complemented and integrated to its provisions.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±²

v?? ? ? ? ? Ë_« … œU*« ÇU?? ? ? ? H dF ` *Ç äUL à s U dO è éu'Çè vI eO uO'Çè v u uO'Ç ` *Ç äUL à qLA "Y Ç" (Ã) XO UM b Ç dO H WK C Ç ÑU Ç dH è ¬ÉbL F*Ç ÊU ÒÇu*Çè qLF Ç Z Çd v ÉÏÑÇu Ç ÈuI Ç dH è WO u uO'Ç ÊUI DK ÊÇÑU Ç ÁÇd Åè ÊUMOF Ç ÌÇd ÈuI Ç dH è WIKF *Ç ÑU Çè ÈuI Ç s U dO è WO èd Ç ÊU UA Ç rOOI èà äèd Ç áUA ¬p c W U)Ç ÊÇbF*Çè ÊU b)Çè ÊULN*Çè ÊÇÏÇb Ç vK äuB(Ç èà ÁÇd è ¬p c "Y " qFH U bBI è ¬ÉbL F*Ç ÊU ÒÇu*Çè qLF Ç Z Çd v ÏÑÇè uààà U* UI è tK p Ðè .Y Ç ÊUOKLF åUOI Ç Z Çd o è WDA _Çè ÊUOKLF Ç W U ¬dB(Ç fO è äU *Ç qO vK ¬qLA "WOLM Ç" (È) - :àààà oKF ULO WO UH Ç çc q v ÉbL F*Ç ÊU ÒÇu*Çè qLF Ç

‫صورة إ‬

WOLM Ç ÑU Â eON&è äULJ Çè dH(Ç ÉÏU Åè ÑU *Ç dOOG è oOLF è b è dH – ± ¬d Ç W U dOOG è

Ê ON è ×uD)Çè ÊÇbF*Ç W UO è W b è VO d è ÁUA Åè W bM è rOLB è – ²

‫تروني‬ ‫لك‬

ÉÑu c*Ç WOLM Ç ÑU Â qOGA è ÌU p c WIKF *Ç ÊUOKLF Çè q UF*Çè ÊUJ A Ç Çc è tM e è t ON è t 'UF è t ØUH Çè tOK äuB(Çè äèd Ç ÌÇd

‫ة ال يع‬

ÊU èdA*Çè t ÑèÏ ÉÏUF Çè tDG{ ÉÏU Å WOKLF åUOI Çè tLOK è äèd Ç qI ¬çÏÇÏd W u U Ç éd _Ç

‫تد بها‬

WIKF *Ç W u U Ç èà W ÑèdC Ç WDA _Ç èà äUL _Ç s UL dO è s e Çè qIM Çè – ³ .(²)è (±) v UNOK ÕuBM*Ç WDA _U

‫عند ا‬

oKDM*Ç ÒUG Çè ÒUG Çè XKH Çè t U U á Ç vK qzU Ç åU)Ç X e Ç çUMF "äèd Ç" (Ì) Z M è WIDM*Ç v UNOK d F b v Ç éd _Ç WO u d èÑbON Ç ÏÇu*Ç W U è ÊU u OI Ç s

‫تداول‬ ‫ل‬

Çc è ¬WO UH Ç çc vC I0 WIDM*Ç s UN kH è éd à WI dD UNOK äuB(Ç r èà .UNM Ìd b v Ç ÏÇu*Ç W U

±³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç 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:

‫صورة إ‬

(i) the drilling, plugging, deepening, side tracking, re-drilling, completing, equipping of development wells and the changing of the status of a well, and

‫ة ال يع‬

‫تروني‬ ‫لك‬

(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

‫تد بها‬

(iii) transportation, storage and any other work or activities necessary or ancillary to the activities specied in (i) and (ii).

‫تداول‬ ‫ل‬

‫عند ا‬

(c) “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 there from.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±´

WIDM*Ç s Z M æu d èÑbO éà çUMF "X e Ç" èà "åU)Ç X e Ç" èà "qzU Ç åU)Ç X e Ç" (Ï) hK éc Ç èà ÒUG Ç qB l{Çu v èà d Ç ÓÃÑ bM W uO Ç W U v æuJ è WKzU Ç W U(Ç çc b Çu è .q UF*Ç b à v ÊU u OI Ç s oKDM*Ç ÒUG Ç èà ÒUG Ç s q Ñ ±´[¶µ éèU éu jG{è (á 綰) XON dN W ÑÏ 5 ÉÑÇdààà W ÑÏ bM .n J *Çè dDI*Ç qLA dO F Ç Çc è .WF d*Ç W u Ç vK W M*Ç t W uJ*Ç d UMF Ç W U è V UB*Ç dO è V UB*Ç vFO D Ç ÒUG Ç vMF "ÒUG Ç" (à ) WO u d èÑbON Ç dO ÏÇu*Ç lOL è (qzU Ç åU)Ç X e Ç á ) WIDM*Ç v d W à s ÒU qB bF vI *Ç ÒUG Ç u è ¬nK *Ç ÒUG Ç qLA dO F Ç Çc è .t b u v Ç ."LPG" äU *Ç äèd Ç jOK ÓU _Ç v u éc Çè äU *Ç äèd Ç ÒU vMF "(LPG) äU *Ç äèd Ç ÒU " (è)

‫صورة إ‬

.ÉÑÇd(Ç iOH è jGC U äU *Ç æU èd Çè æU uO Ç s

WOJ d _Ç Éb *Ç ÊU u Ç ÊU u U s U ë u U (´²) 5F ÑÃè 5M Ç s æuJ "qO d Ç" (Ò)

‫تروني‬ ‫لك‬

ë O ë ë éu jG{ X% (á 綰) XON dN W ÑÏ 5 ÉÑÇd W ÑÏ vK bF zU

.WF d*Ç W u Ç vK q ѱ´[¶µ éèU

‫ة ال يع‬

.(Ì) W U Ç ÉÏU*U tOK ÕuBM*Ç vMF*Ç t æuJ "éÑU Ç áUA Ç" (Í) :W ÑU Ç d Ç ( ×)

‫تد بها‬

ÁÇd Å bF ¬`C v u uO VO d éà v d äèà U UMF "W ÑU Ç ÒUG Ç d "-± p Ð æU ULK WO Çu U u ë (³°) 5 vK b e Éb* UNOK ÊÇÑU Ç

‫عند ا‬

WLOK Ç v UMB Ç ÌU Ç rEM UIë è äÇu _Ç lOL v p Ð æuJ æà vK UOë KL äbF0 ÌU Ç vK ÉÑÏU UN à ¬ÈuM W dF0 p Ð s oI Ç bF è ¬WO d*Çè W u I*Ç

‫تداول‬ ‫ل‬

d Ç pK ÑU Ç a ÑU u "W ÑU Ç ÒUG Ç d " áUA Ç a ÑU æuJ è .éÏUB Ç .o U* UIë è UN UL Åè

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±µ

(d) “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 (60OF) and atmospheric pressure of 14.65 PSIA. Such term includes distillate and condensate. (e) “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.

Said term shall include residual gas, that Gas remaining after removal of LPG. (f) “LPG ” means Liqueed Petroleum Gas, which is a mixture principally of butane and propane liqueed by pressure and temperature.

‫صورة إ‬

(g) A “Barrel ” shall consist of forty-two (42) United States gallons, liquid measure, corrected to a temperature of sixty degrees Fahrenheit (60OF)

‫تروني‬ ‫لك‬

at atmospheric pressure of 14.65 PSIA.

(h) “Commercial Discovery ” has the meaning as set forth in Article III (i) Commercial Well:

‫ة ال يع‬

( c ).

(1) “Commercial Oil Well ” means the rst well on any geological

‫تد بها‬

feature which, after testing for a period of not more than thirty (30) consecutive days, where practical, but in any event in accordance with sound and accepted industry production practices and

‫عند ا‬

veried by GANOPE, is found to be capable of producing at the economic rate. The date of discovery of a Commercial Gas Well

‫تداول‬ ‫ل‬

is the date on which such well is tested and completed according to the above.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¶

ÁÇd Å bF ¬`C v u uO VO d éà v d äèà U UMF "W ÑU Ç X e Ç d " -² p Ð æU ULK WO Çu U u ë (³°) 5 vK b e Éb* UNOK ÊÇÑU Ç WLOK Ç v UMB Ç ÌU Ç rEM UIë è äÇu _Ç lOL v p Ð æuJ æà vK UOë KL äbF0 ÌU Ç vK ÉÑÏU UN Å ¬ÈuM W dF0 p Ð s oI Ç bF è ¬WO d*Çè W u I*Ç d Ç pK ÑU Ç a ÑU u "W ÑU Ç X e Ç d " áUA Ç a ÑU æuJ è .éÏUB Ç .o U* UIë è UN UL Åè .WO dF Ç dB W ÑuNL U UMF ".Ù .å .Ì" (é) äèUI*Çè ÈuM è W uJ(Ç V U s WO UH Ç çc h lO u a ÑU vMF "æU d Ç a ÑU " (ã) .WO UH U ÕU)Ç æu UI Ç Ñèb bF .êÏ O*Ç .uI Ç V Çdë N (±²) dA vM Ç Éd U UMF "WM Ç" -± (ä) ÁÇb Ç éÏ O*Ç .uI Ç V ÇdN (±²) dA vM Ç Éd U UMF "WO1uI Ç WM Ç" -²

‫صورة إ‬

.d L Ï ³± v d UM äèà s

..Ù .å .Ì `zÇu è 5 ÇuI UIë WO uJ(Ç WO U*Ç WM Ç U UMF "WO U*Ç WM Ç" -± (å)

‫تروني‬ ‫لك‬

..Ù .å .Ì `zÇu è 5 ÇuI UIë Çdë N (±²) dA vM Ç Éd U UMF "WO dC Ç WM Ç"-²

v Å .("äèUI*Ç uC " à ÉÏdHM W d q v Å ÑUA è) d à èà W d æuJ b "äèUI*Ç" (æ)

‫ة ال يع‬

WO UH Ç çc v äèUI*Ç ¬WO UH Ç çc s s dA è b Çu Ç ÉÏULK UIë q bF Ç W U ."u b Ç" äèd Ç WOLM è áUAJ W dB*Ç WOM u Ç W dA Ç vMF

‫تد بها‬

:W dA Ç U UMF "WF U Ç W dA Ç" (Ó)

rN Ã WKL ÊU UL Ç v ÊÇu _Ç WO K _ W u *Ç UN UL ÃÑ rN Ã æuJ v Ç - ±

‫عند ا‬

èà ¬WO UH Ç çc áÇd à b _ Éd U dO èà Éd U W uK2 W dA Ç çc äUL ÃÑ

‫تداول‬ ‫ل‬

ÊÇu _Ç WO K _ W u äUL ÃÑ rN _ Éd U dO èà Éd U WJ U*Ç æuJ v Ç - ² èà ¬WO UH Ç çc áÇd à b à rN à WKL ÊU UL Ç v

±·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç (2) “Commercial Gas Well ” means the rst well on any geological feature which, after testing for a period of not more than thirty (30) consecutive days, where practical, but in any event in accordance with sound and accepted industry production practices and veried by GANOPE, is found to be capable of producing at the economic rate. The date of discovery of a Commercial Oil Well is the date on which such well is tested and completed according to the above.

(j) “A.R.E. ” means ARAB REPUBLIC OF EGYPT. (k) “Effective Date ” means the date on which the text of this Agreement is signed by the GOVERNMENT, GANOPE and CONTRACTOR, after the relevant Law is issued. (l) (1) “Year ” means a period of twelve (12) months according to the Gregorian Calendar.

‫صورة إ‬

(2) “Calendar Year ” means a period of twelve (12) months according to the Gregorian Calendar being 1st January to 31st December. (m) (1) “Financial Year ” means the GOVERNMENT ’s nancial year according to the laws and regulations of the A.R.E..

‫تروني‬ ‫لك‬

(2) “Tax Year ” means the period of twelve (12) months according to the laws and regulations of the A.R.E. .

‫تد بها‬

‫ة ال يع‬

(n) “CONTRACTOR ” could be one company or more (each company to be individually referred to as a “Contractor Member ”). Unless modied in accordance with Article XXI herein, CONTRACTOR under this Agreement shall mean EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY “ ENPEDCO ” (o) An “Afliated Company ” means a company:

‫عند ا‬

(i) of which the share capital, conferring a majority of votes at stockholders ’ meetings of such company, is owned directly or indirectly by a party hereto; or

‫تداول‬ ‫ل‬

(ii) which is the owner directly or indirectly of share capital conferring a majority of votes at stockholders ’ meetings of a party hereto; or

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¸

rN à WKL ÊU UL Ç v ÊÇu _Ç WO K _ W u *Ç UN UL ÃÑ rN à æuJ v Ç - ³ rN à WKL ÊU UL Ç v ÊÇu _Ç WO K _ W u *Ç äU*Ç ÓÃÑ rN Ãè W dA Ç çc .W dA Ç pK fHM Éd U dO èà Éd U W uK2 WO UH Ç çc áÇd à s ád n dF æS ¬W d s d à s æuJ äèUI*Ç æuJ æà W U v ¬pA Ç VM .äèUI*Ç ÁUC à b _ WF U W d vMF WF U Ç W dA Ç (³) Ë x ozU Ï (³) Ë WI UD WOM d Ç UN UI W U vMF "Y ÙUD " (Ù) sJ à ULK ¬w èb Ç ÊUO Çb Ç åUEM UI äuD Çè ÖdF Ç ×uD ÊULO I s ozU Ï v 5 u UL çc åÇe Ç WO UH Ç UNODG v Ç WIDMLK WLzUI Ç Ïèb K èà ¬p Ð ."Ã" o K*Ç Éb Çè WIO Ï x (±) Éb Çè WIO b WI UD WOM d Ç UN UI W U vMF "WOLM ÙUD " (á) sJ à ULK ¬w èb Ç ÊUO Çb Ç åUEM UI äuD Çè ÖdF Ç ×uD ÊULO I s (±)

‫صورة إ‬

v 5 u UL çc åÇe Ç WO UH Ç UNODG v Ç WIDMLK WLzUI Ç Ïèb K èà ¬p Ð ."Ã" o K*Ç

‫تروني‬ ‫لك‬

UO u uO U O d vDG v Ç WOLM Ç ÊU UD èà ÙUD vMF "WOLM (ÏuI ) bàI " (Õ) Éb Çè WIO Ï x (±) Éb Çè WIO b WI UD WOM d Ç t UI æuJ ¬ÌU Ç vK ÇÑÏU

sJ Ã ULK ¬v èb Ç ÊUO Çb Ç åUEM UI äuD Çè ÖdF Ç ×uD ÊULO I s (±)

‫ة ال يع‬

v 5 u UL çc åÇe Ç WO UH Ç UNODG v Ç WIDMLK WLzUI Ç Ïèb K èà ¬p Ð ."Ã" o K*Ç

‫تد بها‬

.UNI è çc åÇe Ç WO UH Ç vMF "WO UH Ç" (â) èà ÈuM è (5FzU ULN HB ) äèUI*Çè ÈuM 5 U ë u J Ç ëbI vMF "ÒU lO bI " (Ñ)

‫عند ا‬

WOFO D Ç ÊÇÒUGK WC UI Ç W dB*Ç W dA Ç èà (W ON Ç) äèd K W UF Ç W dB*Ç W ON Ç

‫تداول‬ ‫ل‬

ÕuBM Ç vK éu éc Çè (d A UN HB ) tOK oH Y U ád èà (ÓU Å) .WF U Ç ÉÏU*Ç s (à ) ÉdIHK UIë è åd à WOLM K bI s ÒUG Ç ÊUFO 0 W U)Ç ×èdA Çè

±¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç (iii) of which the share capital conferring a majority of votes at stockholder ’s meetings of such company and the share capital conferring a majority of votes at stockholders ’ meetings of a party hereto are owned directly or indirectly by the same company.

For the avoidance of doubt, if CONTRACTOR is comprised of more than one company, Afliated Company shall mean an Afliated Company of a CONTRACTOR Member.

(p) “Exploration Block ” shall mean an area, the corner points of which have to be coincident with three (3)minutes by three (3) minutes latitude and longitude divisions, according to the International Grid System where possible or with the existing boundaries of the Area covered by this Concession Agreement as set out in Annex “A ”.

‫صورة إ‬

(q) “Development Block ” shall mean an area, the corner points of which have to be coincident with one ( 1 ) minute by one ( 1 ) minute latitude and longitude divisions, according to the International Grid System where possible or with the existing boundaries of the Area covered by this Concession Agreement as set out in Annex “A ”.

‫ة ال يع‬

‫تروني‬ ‫لك‬

(r) “Development Lease(s) ” shall mean the Development Block or Blocks covering the geological structure capable of production, the corner points of which have to be coincident with one (1) minute by one (1) minute latitude and longitude divisions according to the International Grid System where possible or with the existing boundaries of the Area covered by this Concession Agreement as set out in Annex “A ”. (s) “Agreement ” shall mean this Concession Agreement and its Annexes.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

(t) “Gas Sales Agreement ” shall mean a written agreement between GANOPE and CONTRACTOR (as sellers) and GANOPE or the Egyptian General Petroleum Corporation “EGPC ” or The Egyptian Natural Gas Holding Company “EGAS ” or a mutually agreed third party (as buyer), which contains the terms and conditions for Gas sales from a Development Lease entered into pursuant to Article VII (e).

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²°

(±) b Çè VFJ åb Áq* W Ò Ç ÒUG Ç WOL vMF "(SCF) v UOI Ç VFJ*Ç åbI Ç" (Ô) W ÑÏ bM è WF d*Ç W u Ç vàààààK q ѱ´[¶µ éèU éu jG{ bààààààM ÚÇdH Ç s .(á ç ¶°) XON dN W ÑÏ 5 ÉÑÇd V uLààààà X A Ãï WO u U WOB v è äèd K W UF Ç W dB*Ç W ON Ç vMF "W ON Ç" (Ê) vK ULO UNOK oKD è) q bF sààà tOK q ÏÃï U0 ±¹µ¸ WM ±¶· r Ñ æu UI Ç .("W ON Ç" X A à WO u U WOB v è WOFO D Ç ÊÇÒUGK WC UI Ç W dB*Ç W dA Ç vMF "ÓU Å" (Ë) æu UIK UI è q bF s tOK q ÏÃï U0 ²°°± WM ±°°¹ r Ñ ÁÇÑÒu Ç fOzÑ ÑÇdI .q bF s tOK q Ïà U0 ±¹¹± WM ²°³ r Ñ ÑU Ç `{u d à èà (±) Éb Çè WM UN b è éu *Ç WFO Ñ WD vMF "WOLM Ç WD " (Î) ÑU *Ç WOLM Ç åuNH `{u è WIDM*U ÊUO UO q _Ç ä G v O Çd Ç

‫صورة إ‬

vK;Ç âu Ç ÊU KD r b åb *Ç qI(Ç dL äÇu ÌU Ç WD .bI ÈuKD*Ç WDA WC dF Ç ×uD)Ç WOLM Ç WD Ïb%è ÊUH J *Çè ÒUG Çè X e Ç s v ÑU)Çè

‫تروني‬ ‫لك‬

. WOLM Ç bI ÊU UD q ÇÏ áUAJ Çè WOLM Ç q Çd ä U ÄÇd Å ÈuKD*Ç

vK qLA è) ÊUBB Ç ÉÏbF *Ç W ÏU*Ç WDA _Ç pK vMF "WOLM Ç qL Z U d " (Ð) (`D Ç X% äUL Ãè ÊU èdA*Ç ÉÑÇÏÅè WO bMN Ç æu A Çè dH(Ç dB(Ç äU *Ç qO

‫ة ال يع‬

.tOK oH *Ç a ÑU Ç v Z M*Ç rOK WO U WM ä v UN åUOI Ç V v Çè

W ÑÏ l d W Ò Ç W UD Ç s WOL vMF "(BTU) WO UD d Ç W ÑÇd(Ç Éb u Ç" (Ö)

‫تد بها‬

5 s (á ç ±) Éb Çè XON dN W ÑÏ ÑÇbI0 WOIM Ç çUO*Ç s (±) Çb Çè Ñ ÉÑÇd

X U jG{ bM XON dN W ÑÏ (á ç ¶±) 5 è b Çè v Å XON dN W ÑÏ (áç ¶°)

‫عند ا‬

.WF d*Ç W u Ç vK q ѱ´[¶µ çÑÇbI

‫تداول‬ ‫ل‬

X e Ç s WLE M*Ç ÊUM AK t kH ;Çè Z M*Ç äèd Ç vMF "éÑU Ç ÌU Ç" -±(Ø) .ÒUG Ç s WLE M*Ç ÊULOK Ç èà åU)Ç

²±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(u) "Standard Cubic Foot" (SCF) is the amount of Gas necessary to ll one (1) cubic foot of space at atmospheric pressure of 14.65 PSIA at a base temperature of sixty degrees Fahrenheit (60o F). (v) “EGPC ” means the EGYPTIAN GENERAL PETROLEUM CORPORATION, a legal entity created by Law No. 167 of 1958 as amended (hereinafter referred to as “EGPC ”). (w) “EGAS ” means the Egyptian Natural Gas Holding Company a legal entity created by the Prime Minister Decree No. 1009 of 2001 as amended and according to law No. 203 of 1991 as amended. (x) “Development Plan ” means a plan which on high level basis and covering one (1) year or more , sets out the strategic framework for the efcient exploitation of the reserves in the Area and describes the selected development concept required to deliver life of eld

‫صورة إ‬

production proles used to support the requirements of domestic

and external markets of Oil , Gas and condensate .The Development

‫تروني‬ ‫لك‬

Plan outlines the activities to be conducted during the phases of Development and Exploration within Development Lease Blocks.

(y) “Development Work Program “ means those planed physical

‫ة ال يع‬

multi-disciplinary activities (including but not limited to drilling, engineering, projects, subsurface) required to be undertaken within a Financial Year to deliver the Production upon the agreed date.

‫تد بها‬

(z) “BTU ” British Thermal Unit means the amount of energy required to raise the temperature of one (1) pound of pure water by one (1o F)

‫عند ا‬

degree Fahrenheit from sixty degrees Fahrenheit (60o F) to sixty one degrees Fahrenheit (61o F) at a constant pressure of 14.65 PSIA.

‫تداول‬ ‫ل‬

(z) 1. “Commercial Production ” means Petroleum produced and saved for regular shipment of Crude Oil or regular Gas deliveries.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²²

ÊUM äèà rOK tO r éc Ç a ÑU Ç vMF "éÑU Ç ÌU Ç Áb a ÑU " -² .ÒUG Ç s WLE M ÊULOK äèà èà åU)Ç X e Ç s WLE M .äèd Ç d Òè WO UH Ç çc v UNK 1è WO dF Ç dB W ÑuNL W uJ vMF "W uJ(Ç" ( à à ) ÇÐÅ) äèUI*Ç ÁUC à b à èà (Éb Çè W d æU ÇÐÅ) äèUI*Ç vMF "ÊUOKLF U rzUIàà Ç" (È È) t u v Ç WN'Ç æuJO rN dF0 çÑUO Ç r ¬äÇu _Ç V (W d s d à Çu U çc åÇe Ç WO UH U WKàB Ç ÊÇÐ èà WIKF *Ç ÊÇÑUD Ç W U UNL S è UNM è UNO Å çc v ÊUOKLF U rzUI Çè ¬ÊUOàKLF U rzUI Ç r S ÈuM ÑUD Å äèUIà*Ç vK V è ."u b Ç" äèd Ç WOLM è áUAJ W dB*Ç WOM u Ç W dA Ç " W d WO UH Ç v Çè WKOI Ç ÊU u d èÑbON Çè æU M Ç s U U à æuJ jOK vMF "ÊUH J *Ç"( Ì Ì) W'UF*Ç Ê ON ä s vFO D Ç ÒUG Ç èà åU)Ç X e Ç s qzU hK .qBH Çè

‫صورة إ‬

X d åU ÑUF _ édNA Ç dF Ç j u * jO Ç v U (Ç j u *Ç vMF "X d dF " (Ï Ï)

‫تروني‬ ‫لك‬

dN Ã W ( Platts Prices Dated Brent) f ÉdA v WMKF*Ç W ÑR*Ç ë X d "qO d qJ Ñ èb U tM Çd F ¬tO ÙU *Ç ÒUG Ç å Ç - éc Ç dNAK tI U

vK Uë u ) qO d qJ Ñ èb U rOI*Ç dF Ç vMF (Dated Brent) " ÎÑR*Ç Ïèd f d dI Uë I (åuO Ç ÑÇb vK X d åU) dF q Ãè vK Ã j u ÓU Ã

‫ة ال يع‬

(Platts Crude Oil Marketwire report) d Çu ÑU q èÃ

W ÏU Ç ÉÏULK Uë I è UNM uJ r v Ç W dA Ç v è "ÊUOKLF U WLzUI Ç W dA Ç"(à à )

‫تد بها‬

.WO UH Ç çc s "Ï" o K*Çè

‫عند ا‬

WO U « … œU*«

WO UH ô« o ö

‫تداول‬ ‫ل‬

UNO Å ÑUàA è WO UH Ç çc UNLJ%è UNKLA v Ç WIDMLK n è s ÉÑU " ΃ " ϕΣ˰Ϡϣϟ΍ . "WIDM*Ç" ààààààààà vK ULOààà

²³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç 2. “Commercial Production Commencement Date ” means the date on which the rst regular shipments of Crude Oil or rst regular deliveries of Gas are made.

(aa) “The Government ” means the government of the Arab Republic of Egypt represented by the Minister of Petroleum in this Agreement. (bb) Operator ” means CONTRACTOR (if it is one company) or one of the CONTRACTOR Members (if they are more than one company), as the case may be, appointed by them to be the entity to which, from which and in whose name all notications related to or in connection with this Concession Agreement shall be made CONTRACTOR shall notify the name of the Operator to GANOPE. In this Agreement " EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY "ENPEDCO" " is the “Operator ”

‫صورة إ‬

(cc) "Condensate" means a mixture consisting primarily of pentanes and heavier hydrocarbons which is recovered as a liquid from crude Oil or Natural Gas in processing and separation facilities.

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

(dd) “Brent Price ” means the simple arithmetic average of the monthly average price of the Mid of Platts Prices Dated Brent for six (6) months immediately preceding the month of delivery of the sold Gas expressed in U.S. Dollars/Barrel. “Dated Brent ” means the price assessment in US$/bbl (calculated using the average of the mean of the daily highs and lows of Brent quotations) as published in Platts Crude Oil Marketwire report.

‫عند ا‬

(ee) "OPERATING COMPANY " is a company to be formed in accordance with Article VI and Annex “D ” of this Agreement.

ARTICLE II ANNEXES TO THE AGREEMENT

‫تداول‬ ‫ل‬

Annex “A ” is a description of the Area covered and affected by this Agreement, hereinafter referred to as the “Area ”.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²´

v dI r Ñ ÓUOI0 W u d WO O{u WOzb WD d s ÉÑU " Ώ " ϕΣ˰Ϡϣϟ΍ WO UH Ç çc UNLJ%è UNKLA v Ç WIDM*Ç 5 µ°°[°°° :± . "Ã" o K*Ç v W u u*Çè

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

äèd Ç d Òè lO u q ÈuM' äèUI*Ç t bI æUL{ ÈUD WGO "˺- Ν " ϕΣ˰Ϡϣϟ΍ 5 W mK 0 p Ðè ¬ q _Ç vK (±) b Çè åuO WO UH Ç çc vK U UL{ ¬ WàààààOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ ( ¶°°°°°° ) ÉÏÑÇu Ç Y Ç ÊUOKL v t U Çe Ç sàà v Ï_Ç b à Ç cOHM äèUI*Ç åUOI v .ÊÇuM (³) Ë WààG U Ç WO è_Ç Yà Ç Éd H WO UH Ç çc v WI WO U{Å Éd H WO è_Ç Y Ç Éd b0 äèUI*Ç åU ÇÐÅ Uà W U æS ¬ WO UH Ç çc s (È) (³) ÉÏULK UI è ÊÇuM (³) Ë UN b ÓÑU1 éc Ç åuO Ç v p Ðè äèUI*Ç t bI è çÑbB q U2 æUL{ ÈUD 5 W mK 0 æuàJO Çc æULC Ç ÈUD . ÏÇb Ç v tI äèUI*Ç rB è WàààààOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ ( ³°°°°°°) WI U Ç Y Ç Éd ä UN UH Å - ÉbzÇÒ ÊUIH W à W U(Ç çc v tM .WO UH Ç çc s W U Ç ÉdIH Ç (È) WF Çd Ç ÉÏULK UI UNKO d ÍuL s äèUILK v U*Ç åÇe Ç WLO 5 âdH Ç u è) e éà Ïu è W U v è åÇe Ç Éd fH s ÈuM t bL Ç U v UL Å tM Uë èdD Y Éd éà Éd H Ç s ÈuM s ÉbL F WK d m U éà v Å W U{ U (WOMF*Ç ä è . e F Ç Çc WLOI W U äèUI*Ç ÈuM dD ¬ b è æÅ ¬ WI U Ç WLO q u äèUI*Ç åuI ¬ÑUD Ç Çc a ÑU s Uë u (±µ) dA W L ä Çc e F Ç WLO q u äèUI*Ç åuI r ÇÐÅè ÈuM ÈU v Å e F Ç æULC Ç ÈUD qOO ÈuM' o ¬ ÉÑu c*Ç Uë u (±µ) dA W L)Ç U ÑU æULC Ç v UD s dL è . e F Ç WLO v Å ë u è vMF*Ç ÈUD ÑÇb Å - v Ç Y Ç Éd W UN bF dN à (¶) W Éb* äuFH*Ç UI è a ÑU Ç Çc q t O vN M æà Òu t Ç Å ¬ UN QA æULC Ç .WO UH Ç çc v æULC Ç ÈUD åUJ _

²µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

Annex “B ” is a provisional illustrative map on the scale of approximately 1: 500.000 indicating the Area covered and affected by this Agreement and described in Annex “A ”.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

Annex “C-1 ” is the form of a Letter of Guaranty to be submitted by CONTRACTOR to GANOPE at least one (1) day before the time of signature by the Minister of Petroleum of this Agreement, for the sum of six million U.S. Dollars ($6,000,000), guaranteeing the execution of CONTRACTOR ’s minimum Exploration obligations hereunder for the initial three (3) years Exploration period. In case CONTRACTOR extends the initial Exploration Period for one (1) additional successive period of three (3) years, in accordance with Article III (b) of this Agreement, similar Letter of Guaranty shall be issued and be submitted by CONTRACTOR on the day the CONTRACTOR exercises its option to extend.

The Letter of Guaranty shall be for the sum of three million U.S. Dollars (3,000,000) less in this instance 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 nancial obligation of any Exploration period minus the total amount approved by GANOPE for the same concerned obligation period), plus any carry forward approved by GANOPE from the previous period, if any , GANOPE shall notify CONTRACTOR in writing by the value of such shortfall. Within fteen (15) days from the date of this notication, CONTRACTOR shall transfer the amount of the shortfall to GANOPE ‘s account and if CONTRACTOR did not transfer this shortfall within the mentioned fteen (15) days, GANOPE has the right to liquidate the concerned letter of Guaranty up to the amount of the shortfall.

Each of the two (2) 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.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²¶

v Ç Y Ç ÊUIHM U uM l Ñ ULNCOH r ç à s Ñu c*Ç æULC Ç v UD Y Ç Éd s ÈuM UN bL Çè UNF Ïè ÊUOKLF Ç vK UNKOL äèUI*Ç åU . WOMF*Ç "²-Ì" o K*U W {u*Ç WGOB U v U Å æUL{ ÈUD .bI äèUILK o U0 ÈuM éb äèUI*Ç ÊUI bOL o(Ç ÈuM' vDF ÈUD .bI èà .c MO W ÑU'Ç Éd H Ç s WI *Ç WO U*Ç t U Çe Ç mK éèU UI è UNM uJ ÑdI*Ç ÊUOKLF U WLzUI Ç W dA Ç fO Q bI WGO s ÉÑU " Ω " ϕΣ˰Ϡϣϟ΍ .WO UH Ç çc v W ÏU Ç ÉÏU*Ç v tOK ÕuBM u U* . v U;Ç åUEM Ç " ˰ϫ " ϕΣ˰Ϡϣϟ΍ . W uJ(Ç W dF0 ÉQAM*Ç WO uI Ç ÒUG Ç VO U à ×uD WJ A WO U(Ç WD d)Ç " ϭ " ϕΣ˰Ϡϣϟ΍ WDI Èd Q WOLM Ç bI WIDM VO U à j ÁUI Ç bM çc rOK Ç WDI ( è ) o K*Ç p c `{u u UL WO uI Ç ÒUG Ç VO U à ×uD WJ vK

‫تروني‬ ‫لك‬

. äèUI*Çè ÈuM 5 p c U tOK oH UL èÃ

‫صورة إ‬

æuJ è . ÒU lO bIF UI è ÒUG Ç rOK tDI vK äèUI*Çè ÈuM oH

" è " à " è " Ï " è "²-Ì" è " ±-Ì " è " È " è " Ã " o *Ç d F è

‫ة ال يع‬

äuFH è Éu ÊÇÐ o *Ç çcN æuJ è ¬ WO UH Ç çc s Ãe ÇÁe "è . WO UH Ç çc ÕuB

‫تد بها‬

W U « … œU*«

…b*«Ë ‚uI(« `M

‫عند ا‬

W u u*Ç WIDM*Ç v ULNOK ÇÑë uBI U Çe Ç äèUI*Çè ÈuM' WO UH Ç çc vC I0 W uJ(Ç `M9 WO UH Ç çc v WMO *Ç ×èdA Çè ÊÇbNF Çè ÕuBMK UI è p Ðè ¬"È"è "Ã" 5I K*Ç v

‫تداول‬ ‫ل‬

æu UI Ç åUJ à s éà l UNM ÖÑUF èà nK b ULO æu UI Ç Éu UN æuJ v Çè .t bF è ±¹µ³ WM ¶¶ r Ñ

²·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç The two (2) letters of Guaranty mentioned above shall be reduced quarterly by Exploration Expenditures incurred and paid by CONTRACTOR on operations and approved by GANOPE for the concerned Exploration period.

The CONTRACTOR has the right to submit a Production letter of Guaranty in the form specied in Annex (C-2) or a letter entitles GANOPE to solidify from the CONTRACTORS dues an amount equal to the nancial commitment of the then current phase.

Annex “D ” is the form of a Charter of the Operating Company to be formed as provided for in Article VI hereof.

Annex “E ” is the Accounting Procedure.

Annex “F ” is a current map of the National Gas Pipeline Grid System established by the GOVERNMENT.

‫تروني‬ ‫لك‬

‫صورة إ‬

The point of delivery for Gas shall be agreed upon by GANOPE and CONTRACTOR under a Gas Sales Agreement, which point of delivery shall be located at the ange connecting the Development Lease Pipeline to the nearest point on the National Gas Pipeline Grid System as depicted in Annex “F ” or as otherwise agreed by GANOPE and CONTRACTOR.

‫ة ال يع‬

Annexes “A ”, “B ”, “C-1 ”, “C-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.

ARTICLE III

‫تد بها‬

GRANT OF RIGHTS AND TERM

‫تداول‬ ‫ل‬

‫عند ا‬

The GOVERNMENT hereby grants GANOPE and CONTRACTOR subject to the terms, covenants and conditions set out in this Agreement, which insofar as they are contrary to or inconsistent with any provisions of Law No. 66 of 1953, as amended, shall have the force of Law, an exclusive concession in and to the Area described in Annexes “A ” and “B ”.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²¸

UëMO èÃ Ç ëbI ÉèU Å ¬bF ULO tOK ÕuBM u U u vK ¬o è W uJ(Ç pK 9 (Ã) WIDM*Ç s t kH ;Çè Z M*Ç äèd Ç WOL ÙuL s (¥±°) WzU*Ç v ÉdA W M è UNF b è ÉèU Ç çc ÈuM qL è .b b Ç Éb p Ð v U0 WOLM Ç Éd ÁUM à .äèUILK V M Ï p Ð ÑU Ç ÊÇèU ÈuM l Ï vK V d è .äèUI*Ç UN åe K äèUI*Ç `M1è .æU d Ç a ÑU s ÊÇuM (³) Ë UàààààààààààN b Y K WO èà Éd Ãb (È) ë ¬v Çu Ç vK ÊÇuM (³) Ë t b ¬WO è_Ç Y Ç Éd H Uë I (±) b Çè ÇÏÇb Ç vK U u (³°) 5 o v U ÑUD Å V u0 äèUI*Ç ÑUO Ç vK ÁUM p Ð è Éd W UN ÒèU Éb v t U ÑÅ V ÑUD Ç Çc è ¬ ÈuM v Å tK d q _Ç éu ×d éà æèÏ p Ðè ¬ (Ã) W U)Ç ÉÏU*Ç åUJ _ UI è U b - ÇÐÅ ¬WO è Ç Y Ç r r ÇÐÅ WO UH Ç çc vN M è .Éd H Ç pK s WO UH Ç çc vC I0 t U Çe U tzU è (¶) W ÏU Ç WM Ç W UNM ÒUGK éÑU& áUA Ç èà X eK éÑU& áUA Ç éà oOI%

‫صورة إ‬

ÈuM ÑUO Ç vK V d è . (Ã) W U)Ç ÉÏULK UI è U b - ÇÐÅ ¬Y Ç Éd s

¬Y Ç Éd b vK ULO ÉÏÑÇu Ç (Ì) ÉdIH Ç V u0 ¬ W ÏÇdH Ç WO u *Ç WOKLF åUOI Ç

‫تروني‬ ‫لك‬

.äèUILK W M U WO UH Ç çc ÁUN Ç vK dO Q Ç èÃ

: ϯέΎΟΗϟ΍ ϑΎηΗϛϻ΍ (Ν)

‫ة ال يع‬

èà Z M b Çè æÇe s æuJ b ¬ÒUG Ç èà X eK ÁÇu ¬êÑU Ç áUA Ç (±) d áUA Ç bF è .Uë ÑU& vLM æà o v Çè W M*Ç ÊU Çe)Ç s W uL ¬ÈuM l p Ð á vK oH r U ¬bNF äèUI*Ç æS ÒUG Ç èà X eK W ÑU&

‫تد بها‬

d dH p Ð è áUA Ç rOOI Y U ÕU)Ç t U d s Áe åuI æQ

‫عند ا‬

vLM æà o áUA Ç Çc æU ÇÐÅ U d dI WOLOOI Ç ÑU Ç s d à èà ÌU Çè UNOK äuB(Ç sJ1 v Ç ÊUO UO Ç ÑU Ç v c _Ç l è ¬Uë ÑU&

‫تداول‬ ‫ل‬

W U è äèd K ÉÑbI*Ç ÑUF _Ç è UN UNM W uKD*Ç ÊÇeON Çè VO U _Ç ×uD è .Ùu{u*U WIKF *Ç éd _Ç W ÏUB Çè WOMH Ç q ÇuF Ç

²¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(a) The GOVERNMENT shall own and be entitled, as hereinafter provided, to a royalty in cash or in kind of ten percent (10%) of the total quantity of Petroleum produced and saved from the Area during the Development period including renewal. Said royalty shall be borne and paid by GANOPE and shall not be the obligation of CONTRACTOR. The payment of royalties by GANOPE shall not be deemed to result in income attributable to the CONTRACTOR.

‫تروني‬ ‫لك‬

‫صورة إ‬

(b) An initial Exploration period of three (3) years shall start from the Effective Date. One (1) successive extension to the initial Exploration period, of three (3) years respectively, shall be granted to CONTRACTOR at its option, upon not less than thirty (30) days prior written notice to GANOPE, such notice to be given not later than the end of the initial Exploration period, in case it is extended pursuant to the provisions of Article V (a), and subject only to its having fullled its obligations hereunder for that period. This Agreement shall be terminated if neither a Commercial Oil Discovery nor a Commercial Gas Discovery is established by the end of the sixth (6th) year of the Exploration period, in case it is extended pursuant to Article V (a).The election by GANOPE to undertake a sole risk venture under paragraph (c) shall not extend the Exploration period nor affect the termination of this Agreement as to CONTRACTOR. (c) Commercial Discovery:

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

(i) A Commercial Discovery - whether of Oil or Gas - may consist of one producing reservoir or a group of producing reservoirs which is worthy of being developed commercially. After discovery of a Commercial Oil or Gas Well CONTRACTOR shall, unless otherwise agreed upon with GANOPE, undertake as part of its Exploration program the appraisal of the discovery by drilling one or more appraisal wells, to determine whether such discovery is worthy of being developed commercially, taking into consideration the recoverable reserves, production, pipeline and terminal facilities required, estimated Petroleum prices, and all other relevant technical and economic factors.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

³°

áUA Ç v uNH åU I Ç åb è Éb è Öd H WO UH Ç çc v ÉÏÑÇu Ç åUJ _Ç æÅ (²) hM r U ÒUG Ç è X e Ç vK b u qJA o D áu è .WOLM Ç bI è éÑU Ç .p Ð á vK b b U o áUA Ç æà çd dI Ñu éÑU Ç áUA U ÈuM ÑUD S äèUI*Ç åuI (³) d W M U äÇu _Ç s äU W Q ¬ÑUD Ç Çc d Q à ×dA è Uë ÑU& t OLM ¬WO U Ç WOLOOI Ç d Ç äUL Å a ÑU s Uë u (³°) 5 s W ÑU Ç X e Ç ë 5 ÑU Ç éà W ÑU Ç X e Ç d áUA Ç a ÑU s ÇdN (±²) dA vM Ç èà ë s ÇdN (²´) s dA è WF Ñà s W ÑU Ç ÒUG Ç d W M U èà ¬o à æuJ çc ÏÇb Ç ÒÇu vK ÈuM XI Çè ÇÐÅ Å) W ÑU Ç ÒUG Ç d áUA Ç a ÑU ÕU)Ç ÑUD Ç Çc q vDF æà v UC à o(Ç äèUILK æuJ æà vK ¬(Éd H Ç

‫صورة إ‬

ÑU Ç èà d Ç X U u v ÊU Çe W à èà æÇe é_ W M U éÑU Ç áUA U æU ÇÐÅ p Ð è " W ÑU Ç d Ç" n dF âUD v "W ÑU&" X O UNOK ÉÑuH;Ç

ÑU Ç sJ1 ÊU Çe)Ç s W uL èà Uë Çe æà ÑU Ç äèUI*Ç dE WN è s sJ1

‫تروني‬ ‫لك‬

.W ÑU Ç WOLM Ç o WFL UN Ã

UNK u% r æà q WIDM*Ç v ÑU Ç d s Z M åU X Ò éà ¬t à åuNH*Ç s è

‫ة ال يع‬

v t Çb Ç r è ¬êÑU& dO èà éÑU& d d Ç ÁÇu ¬WOLM K bI v Å .WF U Ç ÉÏULK lC è ÈuM' U uK2 ¥±°° d F ¬WO èd Ç ÊUOKLF Ç

‫تد بها‬

ë U W U v X eK éÑU Ç áUA U ÇÑUD Å vDF æà v UC à o(Ç äèUILK è

.ÒUG Ç sI ÉÏU ÙèdA0 åuI æà v V Ñ ÇÐÅ

‫عند ا‬

ÊU UO Ç W U ÒUGK éÑU Ç áUA U ÕU)Ç ÑUD Ç sLC æà vG M è

‫تداول‬ ‫ل‬

W U d bI è ÒUG Ç ÊUO UO Ç vK W u ;Ç W U *Ç W U è áUA WOKOBH Ç .qI(Ç dL è ÌU Ç äbF è

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç (ii) The provisions laid down herein postulate the unity and indivisibility of the concepts of Commercial Discovery and Development Lease. They shall apply uniformly to Oil and Gas unless otherwise specied.

‫تروني‬ ‫لك‬

‫صورة إ‬

(iii) CONTRACTOR shall give notice of a Commercial Discovery to GANOPE immediately after the discovery is considered by CONTRACTOR to be worthy of commercial development but in any event with respect to a Commercial Oil Well not later than thirty (30) days following the completion of the second appraisal well or twelve (12) months following the date of the discovery of the Commercial Oil Well, whichever is earlier or with respect to a Commercial Gas Well not later than twenty four (24) months following the date of the discovery of the Commercial Gas Well (unless GANOPE agrees that such period may be extended) except that CONTRACTOR shall also have the right to give such notice of Commercial Discovery with respect to any reservoir or reservoirs even if the well or wells thereon are not “Commercial ” within the denition of “Commercial Well ” if, in its opinion, a reservoir or a group of reservoirs, considered collectively, could be worthy of commercial development.

‫تد بها‬

‫ة ال يع‬

It is understood that, any Crude Oil produced from an under-testing well in the Area before it is converted to a Development Lease, either considered Commercial or non-Commercial Well, and not used in Petroleum operations, is 100% owned by GANOPE and not subject to Article VII.

‫عند ا‬

CONTRACTOR may also give a notice of a Commercial Oil Discovery in the event it wishes to undertake a Gas Recycling Project.

A notice of Commercial Gas Discovery shall contain all detailed particulars of the discovery and especially the area of Gas reserves, the estimated production potential and prole and eld life.

‫تداول‬ ‫ل‬

³±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

³²

ÒUGK èà X eK éÑU& áUA U ÑUD Å å Ç bF ¬ U u (¶°) 5 ä v ÖdG Ùu{u*Ç ÇcN W U)Ç ÊU UO Ç W U æU{dF è UF äèUI*Çè ÈuM lL & u éÑU Ç áUA Ç a ÑU æuJ è. éÑU& áUA Ç Ïu è vK U u âUH Ç . éÑU Ç áUA Ç Ïu è vK W U UF äèUI*Çè ÈuM tO o Çu éc Ç a ÑU Ç èà X eK U ÑU& U UA Ç äèUI*Ç çd F r è ÒU èà åU X Ò áUA Ç - ÇÐÅ (´) dN ÁUCI Ç bM èà (Ì) ÉdIH Ç çc v ç à ÉÑu c*Ç åUJ UI è ÒUGK ÁUD Å äèUI*Ç lOD UN v v Çè ç à ÉÏb;Ç Éb*Ç ÁUN Ç s (±) b Çè (±³) dA W ÁUCI Ç bF èà ¬ ÒUGK èà X eK éÑU Ç áUA U ÑUD Å W L ÁUCI Ç bF èà ¬"X eK W ÑU& Çd " äèUI*Ç çd F r d äUL Å bF ÇdN o t S ¬"ÒUGK W ÑU& Çd " äèUI*Ç çd F r d äUL Å bF ÇdN (²µ) s dA è VO d Ç s Z M*Ç ÒUG Ç èà åU)Ç X e Ç W U v ádB è Z M è vLM æà ÈuM'

‫صورة إ‬

p Ðè ÉÏdHM ÈuM ÈU è WO u è WIH vK ¬ d Ç tO ÊdH éc Ç v u uO'Ç

Çc sLC æà V è. W U p c äèUI*Ç U ÑUD Å s U u (¶°) 5 bF

‫تروني‬ ‫لك‬

¬t OLM ÏÇd*Ç v u uO'Ç VO d Ç p Ð vDG v Ç ÉÏb;Ç W U *Ç b b% ÑUD Ç

ÈuM d bI è ¬ åUI áu v Ç ÌU Ç Ê ON è ¬dH% áu v Ç ÑU Çè

p Ð t Ç s U u (³°) 5 ä äèUILK o è . p c W Ò Ç nO UJ K

‫ة ال يع‬

çc v UNOK ÕuBM*Ç åUJ UI W U *Ç pK WOLM W U ÑU æà ÑUD Ç çc ÕuB lOL æS W U(Ç çc v è . éÑU& áUA Ç Ïu è W U v WO UH Ç

‫تد بها‬

. ÉÏb;Ç W U *Ç çcN W M U UNIO D dL WO UH Ç

p Ð vDG v Ç ÉÏb;Ç W U *Ç æS ¬ W U *Ç pK WOLM åb äèUI*Ç ÑU Ç ÇÐÅè

‫عند ا‬

r æà vK ¬ÈuM W dF0 W ÏÇdH Ç WO u *Ç ÊUOKLF VM& v u uO'Ç VO d Ç

‫تداول‬ ‫ل‬

v WO d*Ç WLOK Ç äu UI è äèUI*Çè ÈuM 5 W U *Ç çc vK âUH Ç WLzUI Ç W dA Ç b Çu W U v èà ÊUOKLF U åuI æà ÈuM' o è .äèd Ç W UM

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç Within sixty (60) days following receipt of a notice of a Commercial Oil or Gas Discovery, GANOPE and CONTRACTOR shall meet and review all appropriate data with a view to mutually agreeing upon the existence of a Commercial Discovery. The date of Commercial Discovery shall be the date GANOPE and CONTRACTOR jointly agree in writing that a Commercial Discovery exists.

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(iv) If Crude Oil or Gas is discovered but is not deemed by CONTRACTOR to be a Commercial Oil / Gas Discovery under the above provisions of this paragraph (c), or one (1) month after the expiration of the period specied above within which CONTRACTOR can give notice of a Commercial Oil/ Gas Discovery, or thirteen (13) months after the completion of a well not considered by CONTRACTOR to be a “Commercial Oil Well ” or after the expiration of twenty ve (25) months after the completion of a well not considered by CONTRACTOR to be a “Commercial Gas Well ”, GANOPE shall have the right, following sixty (60) days notice in writing to CONTRACTOR, at its sole cost, risk and expense, to develop, produce and dispose of all Crude Oil or Gas from the geological feature on which the well has been drilled. Said notice shall state the specic area covering said geological feature to be developed, the wells to be drilled, the production facilities to be installed and GANOPE ‘s estimated cost thereof. Within thirty (30) days after receipt of said notice CONTRACTOR may, in writing, elect to develop such area as provided for in the case of Commercial Discovery hereunder.

In such event all terms of this Agreement shall continue to apply to the specied area.

‫عند ا‬

If CONTRACTOR elects not to develop such area, the specic area covering said geological feature shall be set aside for sole risk operations by GANOPE, such area to be mutually agreed upon by GANOPE and CONTRACTOR on the basis of good Petroleum industry practice. GANOPE shall be entitled

‫تداول‬ ‫ل‬

³³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

³´

ÊUOKLF Ç pK åUOI Ç ÊUOKLàààF U WLzUI Ç W dAK bNF æà ÈuM' o ÊUOKLF U U Çd éd à WI d éQ èà ¬ÉÏdHM ÈuM ÈU è WO u è WIH vK è ÈuM' åU)Ç X e Ç s ÊÏd Ç b ÈuM æuJ U bM è nAJ Ç Çc WOLM W UM ÈuM v äÏUF ÒUG Ç èà åU)Ç X e Ç s WOL ÉÏb;Ç W U *Ç pK s Z ààM*Ç ÒUG Ç èà åUOI Ç v ÈuM UN KL% v Ç nO UJ Ç s (¥³°°) WzU*Ç v WzUL UN LO p Ð bF ãÑUA æà v ÑUO)Ç äèUILK o t S ¬ W ÏÇdH Ç WO u *Ç ÊUOKLF q UI ÉÏbààààà;Ç Wààààààà U *Ç pK v ÌU Çè WOLMààà Ç ÊUOKL sààààààà b e*Ç v UN KL% v Ç nO UJ Ç pK s (¥±°°) WzU*Ç v WzU ÈuM' lààààààààààà b æà Šèà ÈuM WI Çu vK äuB(Ç bF Å o(Ç Çc äèUILK æuJ à vK .ÈuM .WIDM*Ç q ÇÏ d  æUJ v qI éÑU& ÒU èà X Ò áUA Ç b Çu W U v æS ÏÇb Ç p Ð Ñu è . W u b*Ç (¥ ±°°) WzU*Ç v WzU*Ç pK äèUI*Ç Ïd è

‫صورة إ‬

q v éÏU WOLM bI v Å UNF{è äu æà (±) U Å ¬ ÉÏb;Ç W U *Ç pK (²) èà ¬WO UH Ç çc ÕuBM Uë I p Ð bF UNKOGA éd è ¬WO UH Ç çc

‫تروني‬ ‫لك‬

åuI WF U Ç UN U d éb Å èà ÈuM X U ÇÐÅ U W U v t S ¬ p c q b

ÊÑU Çè ¬ U b è UN IH vK W U *Ç pK v WOLM Ç ÊUOKLF X u Ç p Ð v

‫ة ال يع‬

äèUI*Ç o è W M qE W U *Ç æS ¬ ÊUOKLF U åUOI Ç v dL æà ÈuM

s (È) ÉdIH Ç v ÉÏb;Ç ÒUG Ç èà åU)Ç X e Ç ÌU Å åU Ç v t jI

‫تد بها‬

ÕuBM*Ç WI dD U W ÏÇdH Ç WO u *Ç ÒU èà åU X Ò rOOI r è . WF U Ç ÉÏU*Ç WO UH Ç çcN ÁUN Å éà W U v è . WF U Ç ÉÏU*Ç s (Ì) ÉdIH Ç v UNOK

‫عند ا‬

v p Ð l dL WO UH Ç çc æS ¬W U Ç ÉÏU*Ç s (È) ÉdIH Ç åUJ Ã V u0 WO UH Ç çc V u0 W ÏÇdH Ç UN O u 0 W U)Ç ÈuM ÊUOKLF W M U æU d Ç

‫تداول‬ ‫ل‬

åUJ Ã V u0 äèUILK W M U c MO WO UH Ç çc ÁUCI Ç s r d Ç vK p Ðè . W U Ç ÉÏU*Ç s (È) ÉdIH Ç

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç to perform or in the event Operating Company has come into existence, to have Operating Company perform such operations for the account of GANOPE and at GANOPE ‘s sole cost, risk and expense or by any other means deemed to be appropriate by GANOPE for developing such discovery. When GANOPE has recovered from the Crude Oil / Gas produced from such specic area a quantity of Crude Oil/Gas equal in value to three hundred percent (300 %) of the cost it has incurred in carrying out the sole risk operations. CONTRACTOR can have the option, only in the event of GANOPE ‘s approval or in case there has been a separate Commercial Oil / Gas Discovery, elsewhere within the Area, to share in further development and production of that specic area upon paying GANOPE one hundred percent (100%) of such costs incurred by GANOPE.

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

Such one hundred percent (100%) payment shall not be recovered

by CONTRACTOR. Immediately following such payment the specic area shall either (i) revert to the status of an ordinary Development Lease under this Agreement and thereafter shall be operated in accordance with the terms hereof; or (ii) alternatively, in the event that at such time GANOPE or its Afliated Company is conducting Development operations in the area at its sole expense and GANOPE elects to continue operating, the area shall remain set aside and CONTRACTOR shall only be entitled to its production sharing percentages of the Crude Oil / Gas as specied in Article VII (b). The sole risk Crude Oil/Gas shall be valued in the manner provided in Article VII (c). In the event of any termination of this Agreement under the provisions of Article III (b), this Agreement shall, however, continue to apply to GANOPE ‘s operations of any sole risk venture hereunder, although such Agreement shall have been terminated with respect to CONTRACTOR pursuant to the provisions of Article III (b).

‫تداول‬ ‫ل‬

³µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

³¶

: ΔϳϣϧΗ ΩϘϋ ϰϟ· ϝϳϭΣΗϟ΍ (Ω) r WOLM Ç WD .bI è ÒUGK éÑU& áUA Ç èà X eK éÑU& áUA Ç éà VI (±) v Ç ÌU Ç vK ÉÑÏUI Ç W U *Ç W U âUD vK UF äèUI*Çè ÈuM 5 âUH Ç ¬ æQA Ç Çc v äèd Ç d Òè WI Çu vK äuB(Ç åeK UL WOLM bI UNODGO

WO u U ÉÇÏà éà ÑÇb Å v Å W U(Ç æèÏ WOLM bI v Å UOzUIK W U *Ç pK äu%è X eK ÁÇu WOLM Ç bI ÊU uB .bI äèUI*Ç åe K r ÇÐÅè ¬ ` dB èà éd à s WM ä nAJ Ç ÇcN ÕU)Ç WOLM Ç bI ÑÇb p Ðè ÈuM v Å ÒUGK èà ¬ éÑU Ç áUA Ç Ïu è vK W U UF äèUI*Çè ÈuM tO o Çu éc Ç a ÑU Ç ¬q UI æèÏ WOLM Ç bI åÇd WBB *Ç W U *Ç s ÒUM d F äèUI*Ç æS çc s Z M*Ç äèd Ç q v ádB è Z M è vLM æà v o(Ç ÈuM' æuJ è

‫صورة إ‬

WO u U ÊÇÁÇd Å W à ÐU Ç æèÏ W UM U Çd v Ç WI dD U UNM äÒUM *Ç W U *Ç o(Ç t æuJ æà æèÏè ¬ ÌU U oKF o éà äèUILK æuJ æà æèÏè ¬ éd Ã

‫تروني‬ ‫لك‬

. ÊU èdB èà ÊUIH èà ÊUC uF éQ ÈuM vK Ùu d Ç v

èÃ) ÒUGK éÑU& áUA Ç ÓU à vK WOLM bI v Å W U W à q u% VI (²) ÈuM äc (X eK éÑU& áUA Ç VI `M WOLM bI v ÒU áUA Ç bM

‫ة ال يع‬

oKF ULO è ¬Z M*Ç ÒUG Ç ÈUFO Ç vK ÉÑÏU WO U âÇu à ÏU bN'Ç äèUI*Çè WOK;Ç âÇu ÒUG Ç Çc s UN U UO U äèUI*Ç ÈuM dD WOK;Ç âÇu _U

‫تد بها‬

ÖdG äèUI*Çè ÈuM lL & p Ð bF è ¬ ÒUG Ç Çc VKD l u *Ç éuM Ç äèb'Çè

‫عند ا‬

v b p c WD d*Ç éd _Ç q ÇuF Çè ÒUG Ç ÇcN c UM*Ç X U ÇÐÅ U rOOI èà ÈuM' rK ÍU *Ç ÒUG Ç Çc æS âUH Ç W U v è ¬ ÒUG Ç ÌU Åè WOLM

‫تداول‬ ‫ل‬

WMO *Ç ×èdAK UI è UI è q _Ç q u ÒU lO bI vC I0 ÓU èà W ONK .WF U Ç ÉÏU*U

³·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(d) Conversion to a Development Lease: (i) Following a Commercial Oil Discovery or a Commercial Gas Discovery and after submitting a Development Plan, the extent of the whole area capable of production to be covered by a Development Lease shall be mutually agreed upon by GANOPE and CONTRACTOR and be subject to the approval of the Minister of Petroleum. Such area shall be converted automatically into a Development Lease without the issue of any additional legal instrument or permission. In case CONTRACTOR did not fulll its commitment to submit the Oil / Gas Development Lease documentations to GANOPE, in order to issue the Development Lease related to that discovery, within one (1) year from the date GANOPE and CONTRACTOR agree in writing that a Commercial Discovery exists, CONTRACTOR shall be considered assignor without charge for the area dedicated for issuing such Development Lease. GANOPE shall have the right to develop, produce and dispose all the Petroleum produced from such assigned area in the manner it deems appropriate without any further legal procedures , the CONTRACTOR shall have no right related to the production and has no right to have recourse against GANOPE for compensation or expenditures or costs. (ii) Following the conversion of an area to a Development Lease based on a Commercial Gas Discovery (or upon the discovery of Gas in a Development Lease granted following a Commercial Oil Discovery), GANOPE and CONTRACTOR shall endeavor with diligence to nd adequate markets capable of absorbing the production of Gas and with respect to the local markets, GANOPE shall advise CONTRACTOR of the potential outlets for such Gas and the expected annual schedule of demand.

Thereafter, GANOPE and CONTRACTOR shall meet with a view to assessing whether the outlets for such Gas and other relevant factors warrant the Development and production of the Gas and in case of agreement, the Gas thus made available shall be disposed of to GANOPE or EGPC or EGAS under a longterm Gas Sales Agreement in accordance with and subject to the conditions set forth in Article VII.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

³¸

- : ϰϠϳ Ύϣϛ ΔϳϣϧΗ ΩϘϋ ϝϛϟ ΔϳϣϧΗϟ΍ ΓέΗϓ ϥϭϛΗ (˼)

U UD æuJ s tMJ è ÒUGK áUA Ç éà s ÇÑu ÈuM äèUI*Ç dD . ÒUG Ç p Ð æQA b b WOLM bI VKD åbI U

‫صورة إ‬

WM (²°) s dA WOLM Ç Éd æuJ X eK éÑU Ç áUA U oKF ULO (à Ã) UL ) ÏÇb Ç Éd UNO Å U UC WOLM Ç bIF äèd Ç d Òè ÏUL Ç a ÑU s WOLM Ç bI fH v ÒU áUA Ç W U v t à ×d A è (çU Ïà 5 u p Ðè WO UH Ç çc V u0 d bB K èà UOK t Çb Ç sJ1 èà åb è WOLM Ç bI Éd æS ¬WOLM bI v Å X eK éÑU& áUA Ç q u% VI s hK *Ç "LPG" äU *Ç äèd Ç ÒU è ÒUG Ç ÇcN W M U jI b L

Éb* ÒUG Ç p Ð l Z M n J qJ v u éc Ç åU)Ç X e Çè ÒUG Ç p Ð d bB K èà UOK ÒUG Ç s ÊUOLJ rOK äèà a ÑU s WM (²°) s dA bI q à b e à ×dA è ( çU Ïà 5 u UL ) ÏÇb Ç Éd UNO Å U UC WM (³°) 5 vKàààààààààà X eK éÑU& áUA Ç vK f R*Ç Çc WOLM Ç . X e Ç WOLM bIF äèd Ç d Òè ÏUL Ç a ÑU s

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

WM (²°) s dA WOLM Ç Éd æuJ ÒUGK éÑU& áUA U oKF ULO (È È) u UL ) ÏÇb Ç Éd H W U{ U WOLM Ç bIF äèd Ç d Òè ÏUL Ç a ÑU s v Å ÒUGK éÑU& áUA Ç q u% VI à ÇÐÅ U W U v t à WD d ( çU Ïà 5 s äèUI*Ç WB æS WOLM Ç bI fH v åU X Ò nA Ç æà WOLM bI "LPG" äU *Ç äèd Ç ÒU ÁUM U ) WOLM Ç bI s Z M*Ç åU)Ç X e Ç p Ð l W M ÊUH J qJ v u éc Ç åU)Ç X e Ç èà ÒUG Ç s hK *Ç ÁUCI Ç bM ÈuM' WOK ÏuF áu åU)Ç X e Ç p c V UB*Ç ÒUG Çè ( ÒUG Ç Éd v Å W U{ U åU)Ç X e Ç p Ð áUA Ç a ÑU s WM (²°) s dA . ( çU Ïà 5 u UL ) ÏÇbààààà Ç

‫تداول‬ ‫ل‬

b e æà äU éQ Òu ¬ WO UH Ç çc v p c U Ïd UL dEM Ç iG WM (³°) 5 vK ÒUGK éÑU& áUA Ç vK f R*Ç WOLM Ç bI Éb .ÒUG Ç WOLM bIF äèd Ç d Òè ÏUL Ç a ÑU s

³¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(iii) The Development period of each Development Lease shall be as follows: (aa) In respect of a Commercial Oil Discovery, twenty (20) years from the date of the Minister ’s of Petroleum approval of the Development Lease plus the Extension Period (as dened below) provided that, in the event that, subsequent to the conversion of a Commercial Oil Discovery into a Development Lease, Gas is discovered in the same Development Lease and is used or is capable of being used locally or for export hereunder, the period of the Development Lease shall be extended only with respect to such Gas, LPG extracted from such Gas , and Crude Oil in the form of condensate produced with such Gas for twenty (20) years from the date of the rst deliveries of Gas locally or for export plus the Extension Period (as dened below) provided that the duration of such Development Lease based on a Commercial Oil Discovery may not be extended beyond thirty (30) years from the date of the Minister ’s of Petroleum approval of the Oil Development Lease.

CONTRACTOR shall immediately notify GANOPE of any Gas Discovery but shall not be required to apply for a new Development Lease in respect of such Gas. (bb) In respect of a Commercial Gas Discovery, twenty (20) years from the date of the Minister ’s of Petroleum approval of the Development Lease plus the Extension Period (as dened below) provided that, if subsequent to the conversion of a Commercial Gas Discovery into a Development Lease, Crude Oil is discovered in the same Development Lease, CONTRACTOR ’s share of such Crude Oil from the Development Lease (except LPG extracted from Gas or Crude Oil in the form of condensate produced with Gas) and Gas associated with such Crude Oil shall revert entirely to GANOPE upon the lapse of twenty (20) years from the discovery date of such Crude Oil plus the Extension Period (as dened below).

Notwithstanding, anything to the contrary under this Agreement, the duration of Development Lease based on a Commercial Gas Discovery shall in no case exceed thirty (30) years from the date of the Minister ’s of Petroleum approval of the Gas Development Lease.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

´°

åbI U U UD æuJ s tMJ è X eK áUA Ç éà s ÇÑë u ÈuM äèUI*Ç dD . åU)Ç X e Ç ÇcN W M U b b WOLM bI VKD äèUILK Òu v Çè ÊÇuM (µ) fL UN b Éd " ÏÇb Ç Éd " dO F vMF è WI U dN à (¶) W q ÈuM v Å äèUI*Ç tK d v U VK V u0 U ÑUO Ç WMLC WOLM Ç WD WL b WOMF*Ç WM (²°) s dAF Ç Éb ÁUCI Ç a ÑU ÏÇb Ç Éd ä WF u *Ç ÌU Ç Ê bF è ÌU Ç Éd rOOI è WOMH Ç ÊU ÇÑb Ç UM Ñ çc ÏÇb Ç Éd æuJ è .WOMF*Ç W ÏUB Ç ÊÇÑU Çè äèUI*Ç ÊU Çe Çè .äèd Ç d Òèè ÈuM WI Çu0

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

¬X eK éÑU& áUA Ç VI ÍuML*Ç WOLM Ç bI Ñèb Ñu WOLM Ç ÊUOKL Ãb (à ) WO d*Ç WLOK Ç b ÇuIK UI è p Ð v u v Ç ÊUOKLF U WLzUI Ç W dA Ç W dF0 p Ðè X9 b qI(Ç WOLM d F æà v Å ¬W u I*Ç WO èd Ç W bMN Ç b Çu è X e Ç äuI v æU{èUH O äèUI*Çè ÈuM æS V UB*Ç ÒUG Ç åb r U t à åuNH*Ç s è .q UJ U ÇÐÅè áÇd _Ç ` UB oI U0 ÌU Ç W U Å VM WKO è qC à æQA WO s ÌU Ç Áb è WOLM Ç WD cOHM ÊUOKLF U WLzUI Ç W dA Ç ä s äèUI*Ç åe K r bI ÏUL Ç a ÑU s ÊÇuM (´) l Ñà ä WLE M W ÑU& ÊUM A åU)Ç X eK t uI W U s è WOLM Ç bI s q UI æèÏ ÒUM d F äèUI*Ç æS ¬ WOLM Ç X e Ç q v ádB è Z M è vLM æà v o(Ç ÈuM' æuJ è ¬W U *Ç çcN t ÇÒUO Çè W à ÐU Ç æèÏ W UM U Çd v Ç WI dD U UNM äÒUM *Ç W U *Ç çc s Z M*Ç åU)Ç æuJ æà æèÏè . ÌU U oKF o éà äèUILK æuJ æà æèÏè éd à WO u U ÊÇÁÇd Å . ÊU èdB èà ÊUIH èà ¬ÊUC uF éQ ÈuM vK Ùu d Ç v o(Ç t

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

s Ñu c*Ç ÒUG Ç lO WD èà bI o è ÒUGK W ÑU& ÊULOK oI r ÇÐÅ U W U v è æèÏ ÒUM d F äèUI*Ç æS WOLM Ç bI ÏUL Ç a ÑU s ÊÇuM (´) l Ñà ä o(Ç ÈuM' æuJ è ¬W U *Ç çcN t ÇÒUO Çè t uI W U s è WOLM Ç bI s q UI WI dD U UNM äÒUM *Ç W U *Ç çc s Z M*Ç ÒUG Ç q v ádB è Z M è vLM æà v o éà äèUILK æuJ æà æèÏè éd à WO u U ÊÇÁÇd Å W à ÐU Ç æèÏ W UM U Çd v Ç ÊUIH èà ÊUC uF éQ ÈuM vK Ùu d Ç v o(Ç t æuJ æà æèÏè ÌU U oKF

. ÊU èdB èÃ

´±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

CONTRACTOR shall immediately notify GANOPE of any Oil Discovery but shall not be required to apply for a new Development Lease in respect of such Crude Oil. The " Extension Period" shall mean a period of ve (5) years which may be elected by CONTRACTOR upon six (6) months written request sent by CONTRACTOR to GANOPE prior to the expiry of the relevant twenty (20) year period supplemented by a Development Plan including technical studies, evaluation of production, expected levels of production during Extension period, CONTRACTOR ’s obligations and relevant economic consideration. This Extension period is subject to the approval of GANOPE and the Minister of Petroleum. (e) Development operations shall upon the issuance of a Development Lease granted following a Commercial Oil Discovery, be started promptly by Operating Company and be conducted in accordance with good oil eld practices and accepted petroleum engineering principles, until the eld is considered to be fully developed. It being understood that if associated Gas is not utilized, GANOPE and CONTRACTOR shall negotiate in good faith on the best way to avoid impairing the production in the interests of the parties. In case CONTRACTOR , through the Operating Company ,did not fulll his obligations regarding the execution of the Development Plan and did not start producing Crude Oil ,in commercial regular shipments , within four (4) years from the Development Lease approval date, CONTRACTOR shall be considered assignor without charge for the Development Lease and for all its rights, privileges related to such area , GANOPE shall have the right to develop, produce, and dispose all Crude Oil produced from such assigned area by any means deems to be appropriate without any further legal procedures, and CONTRACTOR shall have no right related to the production and shall have no right to have recourse against GANOPE for any compensation, expenditures or costs.

In the event no Commercial deliveries of Gas in accordance with the mentioned Gas Sales Agreement/scheme within four (4) years from the approval date of the Development Lease, CONTRACTOR shall be considered assignor without charge for the Development Lease and for all its rights, privileges, related to such area , GANOPE shall have the right to develop, produce, and dispose all Gas produced from such assigned area by any means deems to be appropriate without any further legal procedures, and CONTRACTOR shall have no right related to the production and shall have no right to have recourse against GANOPE for any compensation, expenditures or costs.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

´²

ÒUGK ÊULOK éà èà WLE M ÊUM A X e Ç s éÑU& ÌU Å oI% åb W U v è Áb a ÑU s ÊÇuM (´) l Ñà ä v p Ðè ¬WOLM Ç bI v WOLM ÙUD éà s bI ÊÇc d bB K èà UOK ÒUGK ÊULOK äèà a ÑU s èà X eK éÑU Ç ÌU Ç áUA Ç tO b u r U p Ðè Çc WOLM Ç ÙUD s ÇÑu vK Ç V t S WOLM Ç áUA Ç tO b u èà ÒUG Ç vK f R vK Ç WOLM Ç bI æU ÇÐÅ X eK éÑU& bI v ÙUD q è . X e Ç vK f R vK Ç WOLM Ç bI æU ÇÐÅ ÒUGK éÑU& éÑU Ç ÌU Ç v r U t à d FO W M d éà V äU v UOze lI WOLM . tO UF tO Å ÑUA*Ç a ÑU s X e Ç WOLM ÏuIF WOLM Ç ÊU UD WF Çd0 ÊÇuM (´) l Ñà q ÈuM åuI ÒUG Ç s WLE M ÊULOK äèà a ÑU s ÒUG Ç WOLM ÏuI èÃ/è éÑU Ç ÌU Ç Áb

‫صورة إ‬

v ãÑUA dO èà Z M dO ÙUD éà s ÇÑë u vK K p Ðè ¬d bB K èà UOK . (p Ð á vK ÈuM o Çu r U )ÌU Ç (±) Éb Çè WM Éd ä ÌU Ç ÉÏU Å Ãb r è ¬d éà s ÌU Ç n u W U v vK Ç ÖdG WOLM Ç bI ÊU UD WF Çd r ¬n u Ç Çc a ÑU s vB à b

‫تروني‬ ‫لك‬

ÇÐÅ Å) d Ç p Ð s ÌU Ç v ãÑUA v Ç èà W M*Ç dO WOLM Ç ÊU UD s .(Éd H Ç pK b vK ÈuM XI Çè

‫ة ال يع‬

u UL d bB K ÁÇu ÒUG Ç v ádB K WD v Áb Ç èà ÒUG Ç lO bI lO u bM

åU)Ç X e Çè ÒUG U W U)Ç WOLM Ç ÊUOKL æS t èà WF U Ç ÉÏU*U tO Å ÑUA

‫تد بها‬

ÒUG Ç Çc l Z M éc Ç "LPG" äU *Ç äèd Ç ÒU èà ÊUH J qJ v u éc Ç

p Ð v u v Çè ÊUOKLF U WLzUI Ç W dA Ç WD Çu Éd U Ãb áu tM hK èÃ

‫عند ا‬

p c è W u I*Ç WO èd Ç W bMN Ç b Çu è ÒUG Ç äuIààà v WO d*Ç WLOK Ç b ÇuIK UI è ÒUGK éÑU& ÌU Å oI r ÇÐÅ U W U v è . s Ñu c*Ç ÒUG Ç lO WD èà bI åUJ Ã

‫تداول‬ ‫ل‬

vK áu ÒUG Ç ÇcN oKF *Ç WOLM Ç bI æS s Ñu c*Ç ÒUG Ç lO WD èà bI o è . p Ð á vK ÈuM o Çu r U tM

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

In the event no Commercial Production of Oil in regular shipments or Gas deliveries from any Development Block in the Development Lease within four (4) years from the date of commencement of Commercial Production for Oil or from the date of rst deliveries of Gas locally or for export in such Development Lease, such Development Block shall immediately be relinquished, unless there is a Commercial Oil Discovery on the Development Lease based on Gas or a Commercial Gas Discovery on the Development Lease based on Oil. Each Block in a Development Lease being partly within the radius of drainage of any producing well shall be considered as participating in the Commercial Production referred to above.

Every four (4) years GANOPE shall review the Development Blocks of Oil Development Leases from the date of commencement of Commercial Production and/or Gas from the date of the rst regular Gas deliveries locally or for export, for immediate relinquish for any non-producing block or any block that does not participate in production( unless otherwise agreed by GANOPE ).

In case the production has stopped from any well, and the reproduction hasn ’t started within a period of maximum one (1) year from the date of such stop, a revision for the Development Lease blocks will take place in order to relinquish the Development Blocks not producing or not contributing to production from such well (unless GANOPE agrees to extend such period).

Development operations in respect of Gas and Crude Oil in the form of condensate or LPG to be produced with or extracted from such Gas shall, upon the signature of a Gas Sales Agreement or commencement of a scheme to dispose of the Gas, whether for export as referred to in Article VII or otherwise, be started promptly by Operating Company and be conducted in accordance with good Gas eld practices and accepted Petroleum engineering principles and the provisions of such agreement or scheme. In the event no Commercial Production of Gas is established in accordance with such Gas Sales Agreement or scheme, the Development Lease relating to such Gas shall be relinquished, unless otherwise agreed upon by GANOPE.

‫تداول‬ ‫ل‬

´³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

´´

éd ÒUG Ç èà åU)Ç X e Ç æQ ¬ äèUI*Ç t åbI VK vK ÁUM ¬ÈuM Êd à ÇÐÅ åÇe Ç WIDM v WOLM ÙUD v Å WO UH Ç çc ÊU UD s Y ÙUD s t

v r U t à d F æà V tM V Ç éd éc Ç ÙUDI Ç æS äèUILK WF U ÉÑèU v Å tM V Ç éd éc Ç ÙUDI Ç äu è ¬ vMF*Ç WOLM Ç ÙUDI éÑU Ç ÌU Ç æU d Ç a ÑU s U u ) ÌU Çè nO UJ K l Òu s p Ð l U l WOLM bI . åÇe Ç v IDM 5 p Ðè ¬(Uë I æuJ 5 ÑU Ç éà ¬V Ç Çc Ëèb a ÑU èà v Ç W M Ç fHM åÇe Ç tO UH Ç qJ UI s Ñu c*Ç ÌU Çè nO UJ Ç l Òu æuJ è V Ç r éc Ç v u uO'Ç VO d Ç v UNOK äuB(Ç sJ1 v Ç ÊUO UO Ç UNK 9 Çc s UNOK äuB(Ç sJ1 v Ç ÊUO UO Ç ÙuL v Å åÇe Ç WIDM q X% tM WIDM é_ hB *Ç ÌU Ç dOF r è ¬åÇe Ç v IDM U K X% szUJ Ç VO d Ç .WIDM*Ç pK rJ% v Ç åÇe Ç WO UH UI è åÇe Ç

‫صورة إ‬

l Òu vK ÉÑèU åÇe Ç WIDM v äèUI l WO UH Ç çc v äèUI*Ç âUH Å W U v r ¬ åÇe Ç v IDM s q v WKI *Ç WOLM Ç ÏuI vK ÌU Ç èÃ/è nO UJ Ç

¬dO )Ç p Ð b b% vK ULNMO âUH Ç r è ¬dO s ÑÇd WD Çu á )Ç p Ð W u

‫تروني‬ ‫لك‬

q v Ç X è Ùd à v q u K q UJ Ç æèUF Ç vK UL eH%è q b æà ÈuM' o è

æèb 5 èUI*Ç s éà ÁÇd Å åb ábN dO )Ç ÑÇdI UIO D V Ç W Q * W M U rz

‫ة ال يع‬

.U ÏÇÏd Ç Òu dO )Ç WHKJ æS äÇu _Ç lOL v è ¬ o t è

ÊUOKLF Ç W UJ åUOI Ç UN KD v Ç ÊU èdB*Çè nO UJ Ç W U l b è äèUI*Ç qL (è)

‫تد بها‬

vK bzÇu W à qLA ÊU èdB*Çè nO UJ Ç çc æà dO WO UH Ç çc V u0 vK ÊU èdB*Çè nO UJ Ç çc ÏÇÏd äèUI*Ç tO Å lKD U dB I è ¬ ÑUL Ç

ÊU èdB*Çè nO UJ Ç çc Ïd è .WO UH Ç çc q v äèd s jI tI U

‫عند ا‬

WO UH Ç çc æU d Éb ÁUM Ã v è . WF U Ç ÉÏU*Ç v tOK ÕuBM*Ç u M Ç vK

‫تداول‬ ‫ل‬

5 r I ÊUOKLF Ç çc Éd U s tIOI% r éc Ç ÌU Ç v UL Å æS ¬ U b b&è . WF U Ç ÉÏU*Ç ÕuBM Uë I è äèUI*Çè ÈuM

´µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

If, upon application by CONTRACTOR it is recognized by GANOPE that Crude Oil or Gas is being drained from the Exploration Block under this Agreement into a Development Block on an adjoining concession area held by CONTRACTOR, the Block being drained shall be considered as participating in the Commercial Production of the Development Block in question and the Block being drained shall be converted into a Development Lease with the ensuing allocation of costs and production (calculated from the Effective Date or the date such drainage occurs, whichever is later) between the two Concession Areas. The allocation of such costs and production under each Concession Agreement shall be in the same portion that the recoverable reserves in the drained geological structure underlying each Concession Area bears to the total recoverable reserves of such structure underlying both Concession Areas. The production allocated to a concession area shall be priced according to the concession agreement covering that concession area.

In case of failure by the CONTRACTOR in this Agreement and the contractor in adjoining concession area to agree on the allocation of costs and/or production for such separate Development Leases under each concession area, such disagreement shall be resolved by expert determination, the expert to be agreed upon by the two contractors.

GANOPE shall have the right to interfere and induce the contractors to fully cooperate and resolve the drainage matter in expedient manner as per the expert decision, such that neither contractor shall be unjustiably enriched. The cost of the expert shall in no event be recovered. (f) CONTRACTOR shall bear and pay all the costs and expenses required in carrying out all the operations under this Agreement but such costs and expenses shall not include any interest on investment.

CONTRACTOR shall look only to the Petroleum to which it is entitled under this Agreement to recover such costs and expenses. Such costs and expenses shall be recoverable as provided in Article VII. During the term of this Agreement and its renewal, the total production achieved in the conduct of such operations shall be divided between GANOPE and CONTRACTOR in accordance with the provisions of Article VII.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

´¶

ULO 5 ÇuI Ç çc ÊUOC I0 åe K UL W dB*Ç q b Ç W d{ 5 ÇuI äèUI*Ç lC -± (Ò) .Ê Çè d U b Ç .bI è p è W dC Ç j Ñè WO dC Ç ÊÇÑÇd Ç .bI h . p Ð á vK WO UH Ç hM r U Çc ÊUDKààà Ç o s æuJ è WO dC Ç ÊÇÑÇd Ç ÏÇb Å sààà ë u ààà äèUI*Ç æuàààJ -² ÈuM v Å WO dC Ç ÊÇÑÇd Ç åbI æà äèUI*Ç vàààK è .UN F Çd U b è WàààO dC Ç WO dC Ç ÊÇÑÇd Ç .bàààI V Çu Ç a ÑU Ç s Uë u (²µ) s dàààA è Wààà L q .W u ;Ç W dC Ç ÏÇbààà äu I WO dC Ç ÊÇÑÇd Ç WF Çd v o(Ç ÈuM'è. tO Uë u (±µ) dA W L ä ÊÇÑÇd Ç çc vK UN UE ÁÇb Å v o(Ç ÈuM'è äèUI*Ç æuJ äU éà vK è .äèUI*Ç s WO dC Ç ÊÇÑÇd Ç çc å Ç a ÑU s . âUI Ç a ÑU v WO dC Ç ÊUDK K WO dC Ç ÊÇÑÇd Ç .bI s ë u

‫صورة إ‬

¬WO UH Ç çc vC I0 W dB*Ç q b Ç W d{ ÖÇd _ äèUILK éuM Ç q b Ç æuJ è -³ ë : v U Ç u M Ç vK V UGK

‫تروني‬ ‫لك‬

q v éd à WI dD ádB Ç èà lO Ç s äèUI*Ç U U{UI v Ç m U *Ç ÙuL .WF U Ç ÉÏU*Ç s (È) è (Ã) 5 dIH Ç åUJ _ UI è äèUI*Ç tOK qB éc Ç äèd Ç

‫ة ال يع‬

: ΎϬϧϣ ΎϣϭλΧϣ

. äèUI*Ç UNIH Ã v Ç ÊU èdB*Çè nO UJ Ç – ±

‫تد بها‬

äèd Ç izU v WF U Ç ÉÏU*Ç s (Ì) ÉdIHK Uë I è Ïb% UL ¬ÈuM WB WLO è – ²

‫عند ا‬

¬b è æÅ ¬UMO èà ÇbI ÈuM' UNF Ï ÏUF*Çè nO UJ Ç ÏÇÏd hB *Ç : ΍Ω΋΍ί

‫تداول‬ ‫ل‬

WMO *Ç WI dD U L äèUI*Ç vààààààààK WI *Ç W dB*Ç q b Ç VzÇdC U èU UGK . ( à ) o K*Ç s W ÏU Ç ÉÏU*Ç v

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

´·

(g) (1) Unless otherwise provided, CONTRACTOR shall be subject to Egyptian income tax laws and shall comply with the requirements of such laws with respect to the ling of returns, the assessment of tax, and keeping and showing of books and records.

(2) CONTRACTOR shall be liable to prepare the tax return, that only the tax authority shall be entitled to audit. CONTRACTOR shall submit the tax return to GANOPE twenty ve (25) days prior to the due date of submitting thereof to the tax authority. GANOPE shall have the right to review the tax return in order to accept the tax calculation therein. GANOPE shall provide comments on such return within fteen (15) days of the date of receiving the tax return from CONTRACTOR. In any case CONTRACTOR shall be responsible for submitting the tax return to the tax authority within the due date.

‫صورة إ‬

(3) CONTRACTOR ’s annual income for Egyptian income tax

purposes under this Agreement shall be an amount calculated as

‫تروني‬ ‫لك‬

follows:

The total of the sums received by CONTRACTOR from the sale or other disposition of all Petroleum acquired by CONTRACTOR

‫ة ال يع‬

pursuant to Article VII (a) and (b); Reduced by:

(i) The costs and expenses of CONTRACTOR;

‫تد بها‬

(ii) The value as determined according to Article VII (c), of GANOPE ‘s share of the Excess Cost Recovery Petroleum repaid to GANOPE Plus:

‫عند ا‬

in cash or in kind, if any,

‫تداول‬ ‫ل‬

An amount equal to CONTRACTOR ’s Egyptian income taxes grossed up in the manner shown in Article VI of Annex “E ”.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

´¸

(Ã) ÉdIH Ç éd ¬ WO d{ WM W à v d c Ç WH U WO dC Ç ÊU UDI Ç ÖÇd _è ¬ jI ã N Ç Ê bF è ÊU èdB*Çè nO UJ Ç nOMB W M U WF U Ç ÉÏU*Ç s .(±) (Ã) bM WF U Ç ÉÏU*Ç s v è_Ç ÉdIH Ç v ÉÏb;Ç W u *Ç W M U ÏÇb Ç æèÏ WO UH Ç çc vC I0 ÊUOKLF Ç Éd U 0 WIKF *Ç äèUI*Ç ÊU èdB è nO UJ lOL è æuJ WO UF `{u*Ç u M Ç vK WF U Ç ÉÏU*Ç s (Ã) ÉdIH Ç h UNLJ v Çè .W dB*Ç q b Ç W d{ æu U åUJ _ UI è rB K WK U W dB*Ç q b Ç W d{ ¬tM W UO è äèUI*Ç r S Ïb è l b è ÈuM qL – ´ dO è t kH ;Çè Z M*Ç äèd Ç s ÈuM WB s p Ðè äèUI*Ç vK WI *Ç UNF b v Ç VzÇdC Ç lOL è .WF U Ç ÉÏU*Ç vC I0 ÊUOKLF Ç v qLF *Ç .äèUILK W M U Ï d F tM W UO è äèUI*Ç r U ÈuM

‫صورة إ‬

W d{ l Ï X v Ç W O B Ç WOL d Ç Ê UB Ç äèUI*Ç rOK ÈuM åuI – µ U u (¹°) 5F ä v WO d{ WM q s äèUI*U W U)Ç W dB*Ç q b Ç

‫تروني‬ ‫لك‬

V è .WI U Ç WO dC Ç WM Ç s äèUILK v dC Ç ÑÇd ÈuM å Ç VI

mK *Ç UN UMO è WB *Ç WO dC Ç ÊUDK Ç s ÉÑÏU Ê UB Ç çc æuJ æà . Ê UB Ç çc q v ÉÏU Ïd v Ç ÊU UO Ç s çdO è Ùu b*Ç

‫ة ال يع‬

VzÇd{ W UJ WK U æuJ ¬ WO UH Ç çc v o D UL ¬W dB*Ç q b Ç W d{ – ¶ q ( W dC Ç vK W dC Ç p Ð v U0) .Ù.å.Ì v U ÄÇÏÃ o v Ç q b Ç

‫تد بها‬

W ÑU Ç ÍU Ñ_Ç vK W dC Çè W uIM*Ç äÇu _Ç ÓèÄÑ s q b Ç vK W dC Ç U0 ¬ UN U U à ÍU Ñ_Ç èà q b Ç c v Ç VzÇdC Ç p c WK U è ¬WO UMB Çè

‫عند ا‬

U æQA l M*Ç bM VzÇd{ s e U è ¬rN _Ç ÍU ÑÃ ÊUF Òu lOL p Ð v

‫تداول‬ ‫ل‬

U vK .Ù.å.Ì W uJ s W{èdH*Ç VzÇdC Ç s p Ð dO è ¬5L U LK o . ÍU Ñà èà q Ï s tF Òu äèUI*Ç åuI

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç For purposes of above tax deductions in any Tax Year, Article VII (a) shall apply only in respect of classication of costs and expenses and rates of amortization, without regard to the percentage limitation referred to in the rst paragraph of Article VII (a) (1). All costs and expenses of CONTRACTOR in conducting the operations under this Agreement which are not controlled by Article VII (a) as above qualied shall be deductible in accordance with the provisions of the Egyptian Income Tax Law.

‫صورة إ‬

(4) GANOPE shall assume, pay and discharge, in the name and on behalf of CONTRACTOR, CONTRACTOR ’s Egyptian income tax out of GANOPE ‘s share of the Petroleum produced and saved and not used in operations under Article VII. All taxes paid

by GANOPE in the name and on behalf of CONTRACTOR shall be considered income to CONTRACTOR.

‫ة ال يع‬

‫تروني‬ ‫لك‬

(5) GANOPE shall furnish to CONTRACTOR the proper ofcial receipts evidencing the payment of CONTRACTOR ’s Egyptian income tax for each Tax Year within ninety (90) days following the receipt by GANOPE of CONTRACTOR ’s tax declaration for the preceding Tax Year. Such receipts shall be issued by the proper Tax Authorities and shall state the amount and other particulars customary for such receipts.

‫عند ا‬

‫تد بها‬

(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 prots from commerce and industry and inclusive of taxes based on income or prots 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 prots by CONTRACTOR.

‫تداول‬ ‫ل‬

´¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

µ°

æà UN o .Ù.å.Ì v UNOK W{èdH*Ç q b Ç VzÇd{ ÈU ÈuM åUO bM – · W dB*Ç q b Ç VzÇd{è W uJ(Ç v Å ÈuM UN F Ï v Ç ÊÇèU Ç lOL rB . äèUI*Ç s W UO ÈuM UN F Ï v Ç äèUI*Ç vK WF «d « … œU*« ΙΣΑϟ΍ ΓέΗϓ ˯ΎϧΛ΃ ΕΎϘϔϧϟ΍ϭ ϝϣόϟ΍ ΞϣΎϧέΑ ÒèU b u v WO UH Ç çc vC I0 Y Ç ÊUOKL Ãb æà äèUI*Ç vK V (Ã) WO eO Ç ÊU UO Ç W U ÁÇdA äèUI*Ç åe K è . æU d Ç a ÑU bF dN à (¶) W

¬æU d Ç a ÑU q U cOHM - v Çè ¬ åÇe Ç WIDM0 W U)Ç WOK U Çè WO O UMG*Çè UN G Çè ÊU UO Ç lOL& hO d b UF tF X d à b ÈuM æuJ Y U ád éà s .q UI0

‫صورة إ‬

Éd H çc Y Ç Éd bààà äèUILàààK Òu .ÊÇuM (³) Ë WO è_Ç Y Ç Éd Ébàà (È) W U Ç ÉÏULK UI è v Çu Ç vK ÊÇuM (³) Ë UN b UI (±) Çb Çè ÏÇb Ç

‫تروني‬ ‫لك‬

tK d q _Ç vK U u (³°) 5 o v U ÑUD Å vK ÁUM p Ðè ¬(È) ÉdI

tzU èè Y Ç ÊUOKL v t U Çe Ç s v Ï_Ç b(Ç äèUI*Ç âUH Å ×dA ÈuM v Å . WO U(Ç Y Ç Éd s WO UH Ç çc vC I0 WOMH Ç ÊU Çe U

‫ة ال يع‬

ÊÇÑ èÏ s Ñ èÏ ( ¶°°°°°° ) 5 W s qI U oHM æQ äèUI*Ç åe K è

Éd ä UN WIKF *Ç WDA _Çè Y Ç ÊUOKL vààààààK WOJ d _Ç Éb *Ç ÊU u Ç

‫تد بها‬

:ÁÇd S åÇe Ç làà ¬ ÊÇuM (³) Ë UN b è WO è_Ç Y Ç

WO u uO è WOM ÊU ÇÑÏ -

‫عند ا‬

ÏUF _Ç WO è WOzUM WO eO Ç ÊU UO Ç iF W'UF ÉÏU Å -

‫تداول‬ ‫ل‬

(FH 85-7) W1bI Ç ÑU Ç iF qOGA ÉÏU Åè W UO qL 5 O UAJ Ç (²) s d dàH è -

µ±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç (7) In calculating its A.R.E. income taxes, GANOPE shall be entitled to deduct all royalties paid by GANOPE to the GOVERNMENT and CONTRACTOR ’s Egyptian income taxes paid by GANOPE on CONTRACTOR ’s behalf.

ARTICLE IV WORK PROGRAM AND EXPENDITURES DURING EXPLORATION PERIOD

(a) CONTRACTOR shall commence Exploration operations hereunder not later than six (6) months after the Effective Date. Contractor shall purchase all seismic, magnetic and gravitational data related to the concession area, from any third party entered into a contract with GANOPE to grant a license for collecting and exploiting data with charge executed prior to the effective date

‫صورة إ‬

(b) The initial Exploration period shall be three (3) years. CONTRACTOR may extend this Exploration period for one (1) successive extension

period of three (3) years respectively, in accordance with Article III

‫تروني‬ ‫لك‬

(b), upon at least thirty (30) days prior written notice to GANOPE,

subject to its expenditure of its minimum Exploration obligations and of its fulllment of the technical obligations hereunder, for the then

‫ة ال يع‬

current Exploration period.

CONTRACTOR shall spend a minimum of six million U.S. Dollars ($6,000,000) on Exploration operations and activities related thereto

‫تد بها‬

during the initial three (3) years Exploration period; provided that CONTRACTOR shall acquire:

‫عند ا‬

-technical and geological studies

-reprocessing some of 2D/3D seismic data

‫تداول‬ ‫ل‬

-Maintenance and re-operating of some old shutten wells (FH 85-7) -drill two (2) exploratory well.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

µ²

sàààà Ñ èÏ ( ³°°°°°° ) 5 W sàà qI U oHM æQ äèUI*Ç åe K UL ÊÇuM (³) Ë UààN b è ÏÇbààààà Ç Éd ä àà WOJ d _Ç Ébàà *Ç ÊU u Ç ÊÇÑ èÏ ÑU v Ç ÏÇb Ç Éd ä .WààO è_Ç Y Ç Éd bF U bààààààà äèUI*Ç ÑU v Ç :ÁÇd S äèUI*Ç åe K WO è_Ç Y Ç Éd bF U b äèUI*Ç WO u uO è WOM ÊU ÇÑÏ ÏUF _Ç WO è WOzUM WO eO Ç ÊU UO Ç iF W'UF ÉÏU Å . Éb Çè (±) d dàH è tàààà UH Å åeK éc Ç mK LK v Ï_Ç b àààà Ç sààà d à äèUI*Ç oH à ÇÐÅ Uààààààà W U vààà è Y Ç Éd ä àààààààà çdH åeK écààà Ç ÑU Ç ÏbF v Ï_Ç b(Ç sàààààààà dàà à dH ÇÐÅ èà rB æà sJ1 ÉÏU e Ç æS ¬p Ð bF Éd éà èà ÊÇuM (³) Ë WààG U Ç WààO è_Ç

‫صورة إ‬

v Ç ÑU Ç ÏbF v Ï_Ç b(Ç èà t UH S äèUI*Ç åe K éc Ç mK *Ç ÑÇbI* v Ï_Ç b(Ç s .äÇu _Ç V ¬ÏÇb Ç Éd ä U dH åeK

‫تروني‬ ‫لك‬

l ¬WO è_Ç Y Ç Éd H WOMH Ç t U Çe Ç s éQ ÁU u Ç v äèUI*Ç âUH Ç W U v vK WI Çu*Ç v o(Ç ÈuM' æuJ ¬Éd H Ç çcN WO U*Ç t U Çe Ç s v Ï_Ç b(U ÁU u Ç

‫ة ال يع‬

Éd v Å v u *Ç dO vMH Ç åÇe Ç qO d ×dA ¬ÏÇb Ç Éd äu Ï äèUI*Ç VK ¬q d*Ç vMH Ç åÇe Ç Çc WLOI qBHM æUL{ ÈUD .bI äèUI*Ç åe K è ¬ÏÇb Ç

‫تد بها‬

ÊUIH éà iOH r .ÏÇb Ç Éd W UN v äuFH*Ç éÑU ÈUD)Ç Çc dL

.tMLC éc Ç åÇe U oKF Çc æULC Ç ÈUD s éd Ã

‫عند ا‬

qOO ÈuM' o .q d*Ç åÇe Ç cOHM bF Å Çc æULC Ç ÈUD ÏÇÏd Ç r

‫تداول‬ ‫ل‬

W UN s U u (¶°) 5 q ¬q d*Ç åÇe Ç cOHM åb W U v æULC Ç ÈUD .ÏÇb Ç Éd

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç For the extension period of three (3) years that CONTRACTOR elects to extend beyond the initial Exploration period, CONTRACTOR shall spend a minimum of three million U.S. Dollars ($3,000,000). During the extension period that CONTRACTOR elects to extend beyond the initial Exploration period, CONTRACTOR shall acquire : -technical and geological studies -reprocessing some of 2D/3D seismic data - drill one (1) well.

‫صورة إ‬

Should CONTRACTOR spend more than the minimum amount required to be expended or drill more wells than the minimum required to be drilled during the initial three (3) years Exploration period, or during any period thereafter the excess may be subtracted from the minimum amount of money required to be expended by CONTRACTOR or minimum number of wells required to be drilled during the extension period, as the case may be.

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

In the event the CONTRACTOR fail to fulll any of its technical obligations of the initial Exploration period subject to its fullment of the minimum nancial obligations for such period, GANOPE may approve CONTRACTOR ’s request to enter the extension period, provided that the unfullled technical obligations would be carried forward to the extension period and CONTRACTOR shall submit a separate letter of guarantee with the value of the carried forward technical obligations , such letter of guarantee shall be valid till the end of the extension period. Such letter of guarantee cannot be reduced by any other expenses that do not relate to the obligations it guarantees.

Such letter of guarantee shall not be returned except after the execution of the carried forward obligation. GANOPE shall have the right to liquidate the letter of guarantee in case the carried forward obligation is not executed, sixty (60) days prior to the end of the extension period.

‫تداول‬ ‫ل‬

µ³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

µ´

5 *Ç u M Ç vK WO UH Ç çc vC I0 Y Ç v t uI s äèUI*Ç vK W U v è vK oH à b æuJ è WO è_Ç Y Ç Éd s (³) W U Ç WM Ç W UN bM èà q tO UF s Ñ èÏ ( ¶°°°°°° ) 5 W mK ÙuL s qI UGK Y Ç ÊUOKL bM äèUààààI*Ç æUààààààààààà ÇÐÅ U W Uààààààààà v èà ¬ WààààOJ d _Ç Ébàà *Ç ÊU u Ç ÊÇÑ èÏ 5F t S ¬ mK *Ç Çc s qI UGK WIDM*Ç v oH à b (³) W U Ç WM Ç Wààààà UN ( ¶°°°°°° ) 5 W mK 5 âdHK U èU Uë GK ÈuM' l bàà æà äèUI*Ç vK F tIH à éc Ç mK *Ç 5 è d c Ç WààààààH U WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (¶) W éb v èà vààààààààààK Ç bM ÈuM' mK *Ç Çc làààààààà Ï æuJ è ¬ Y Ç vK e éÃè .äÇu _Ç V ¬WO è_Ç Y Ç Éd s (³) W U Ç WM Ç Wàààà UN s dN à éÏR d c Ç WH U ÈU ÏÇb Ç Éd W UN bM äèUI*Ç UNIHM v Ç ÊUIHM Ç v ¬ÏÇÏd q U dO e F Ç Çc d F è. e F Ç p Ð ÈuM' äèUI*Ç l b æà v Å q *U

‫صورة إ‬

Ïd æà t o äèUI*Ç æS ¬äèUILK W M U äuFH*Ç W ÑU WO UH Ç çc XK U*U è

W U v WF U Ç ÉÏU*Ç v UNOK ÕuBM*Ç WI dD U Y ÊUIHM m U *Ç pK s U Ã

‫تروني‬ ‫لك‬

.êÑU Ç ÌU Ç

èà X eK éÑU& áUA Ç oI% åb W U v t S ¬(È) W U Ç ÉÏU*U ä Ç åb l

‫ة ال يع‬

U b r UL (¶) W ÏU Ç WM Ç W UN vàààà ÒUGK éÑU& áUA U ÑUD Ç åb q WO UH Ç çc V u0 WIDM*Ç s äèUI*Ç vK W U v èà (Ã) W U)Ç ÉÏULK Uë I è

‫تد بها‬

b äèUI*Ç æuJ v Ç d c Ç WH U ÊU èdB*Ç s Uë Ã ÈuM qL ¬a ÑU Ç p Ð .UNIH Ã

‫عند ا‬

bO Çu*Ç v èà q _Ç vK dN à (´) WF ÑQ WO U WM q W Çb q ¬äèUI*Ç åuI (Ì) äUL _ W ÒÇu è qL Z U d ÏÇb S ¬äèUI*Çè ÈuM 5 UNOK âUH Ç r v Ç éd _Ç

‫تداول‬ ‫ل‬

WM Ç ä UN åUOI Ç äèUI*Ç Íd I v Ç Y Ç ÊUOKL ULNO 5 WIDM*Ç v Y Ç .WO U Ç

µµ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تروني‬ ‫لك‬

‫صورة إ‬

In case CONTRACTOR surrenders its Exploration rights under this Agreement as set forth above before or at the end of the third (3rd) year of the initial Exploration period, having expended less than the total sum of six million U.S. Dollars ($6,000,000) on Exploration or in the event at the end of the third (3rd ) year, CONTRACTOR has expended less than said sum in the Area, an amount equal to the difference between the said six million U.S. Dollars ($6,000,000) and the amount actually spent on Exploration shall be paid by CONTRACTOR to GANOPE at the time of surrendering or within six (6) months from the end of the third (3rd ) year of the initial Exploration period, as the case may be. Any expenditure deciency

by CONTRACTOR at the end of the extension period for the reasons above noted shall similarly result in a payment by CONTRACTOR to GANOPE of such deciency, such deciency shall be unrecoverable.

Provided this Agreement is still in force as to CONTRACTOR, CONTRACTOR shall be entitled to recover any such payments as Exploration Expenditure in the manner provided for under Article VII in the event of Commercial Production.

‫تد بها‬

‫ة ال يع‬

Without prejudice to Article III (b), in case no Commercial Oil Discovery is established or no notice of Commercial Gas Discovery is given by the end of the sixth (6th) year, as may be extended pursuant to Article V (a) or in case CONTRACTOR surrenders the Area under this Agreement prior to such time, GANOPE shall not bear any of the aforesaid expenses spent by CONTRACTOR.

‫تداول‬ ‫ل‬

‫عند ا‬

(c) At least four (4) months prior to the beginning of each Financial Year or at such other times as may mutually be agreed to by GANOPE and CONTRACTOR, CONTRACTOR shall prepare an Exploration Work Program and Budget for the Area setting forth the Exploration operations which CONTRACTOR proposes to carry out during the ensuing Year.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

µ¶

Z U d WO UH Ç çcàà æUààà d a ÑU bààF äèUI*Çè ÈuM UN AM W d A WM' h H è vK ULO UNOK oKD v Ç WM K Ç çc æuJ è .Y Ç äUL Q W U)Ç W ÒÇu*Çè qLF Ç W è ÈuM rNMOF rNM (³) W ¬ÁUC à (¶) W s " W ÑUA Ç Y Ç WM'" ÁUC _Ç 5 s W ÑUA Ç Y Ç WM' fOzÑ ÈuM 5F è .äèUI*Ç rNMOF (³) 5 d I*Ç W ÒÇu*Çè qLF Ç Z U d h H W ÑUA Ç Y Ç WM' åuI è .rN MO s c Ç Y Ç WM' W dF0 h H Ç s ÁUN Ç bF è ¬ULN QA Uë UM çÇd éc Ç éÃd Ç åbI è ÈuM' åbI è W UM äèUI*Ç U Çd v Ç Ê bF Ç pK ÁÇd S äèUI*Ç åuI ¬W ÑUA Ç .UL ÏUL Y U 5 U)Ç W ÒÇu*Çè qLF Ç Z U d :ΩΎϣΗϋϻ΍ ΍Ϋϫ ΩόΑ Ϫϧ΃ ˱ Ύοϳ΃ ϪϳϠϋ ϕϔΗϣϟ΍ ϥϣϭ s Ñu c*Ç W ÒÇu*Çè qLF Ç Z U d W d u ÉÑuB äbF èà dOG æà äèUILK Òu -± ¬ÈuM WI Çu æèb W ÒÇu*Ç v ÉbL F*Ç ÊUIHM Ç iH æà è

‫صورة إ‬

t S ÊUJK L*Ç èà ÍÇèÑ_Ç æÇbI dD vK éuDM v Ç WzÑUD Ç áèdE Ç W U v è -² æuJ b v Çè W ÒÇu*Ç v W Ñb*Ç dO WO U{ Ç m U *Ç ádB æà äèUILK Òu

ÊUIH çu u Ç W U s ÊUIHM Ç çc d F è .dD)Ç Çc q ÉQ è nOH W Ò

‫تروني‬ ‫لك‬

.WO UH Ç çc v WF U Ç ÉÏU*Ç ÕuBM UI è U ÏÇÏd Ç æuJ è Y

‫ة ال يع‬

ÏÇd _Ç æu ÉÑÇÏÅè ÊÇÏÇb Çè ÊÇbF*Çè ÏÇu*Ç W UJ W Ò Ç m U *Ç lOL äèUI*Ç åbI (Ï) s W u ÈuM æuJ è ¬Y U 5 U)Ç W ÒÇu*Çè qLF Ç Z U d Uë I è ÊUOKLF Çè .d c Ç WH U nO UJ Ç s éà ÏÇb èà qL%

çcOHM V éc Çè Y U ÕU)Ç qLF Ç Z U d cOHM è ÏÇb Å s ë u äèUI*Ç æuJ (à )

‫تد بها‬

.W UMB Ç v WO d*Ç WLOK Ç äu _Ç l vAL U0è WO U ÉÁUHJ

‫عند ا‬

×dA .Ù .å .Ì ÌÑU WBB e Çd v çÄÇd Å o è_Ç s æuJ b U ÁUM U è WO bMN Ç èà WOKLF*Ç ÊU ÇÑb Ç ÏÇb Åè ¬ÊU UO Ç W'UF q ÈuM WI Çu vK äuB(Ç

‫تداول‬ ‫ل‬

WO u uO'Ç ÊU ÇÑb Ç W U æS ÊU UO Ç çcN W d uD Ç ÊU ÇÑb Ç èà WBB *Ç . .Ù .å .Ì v éd& WO UH Ç çc cOHM WIKF éd à ÊU ÇÑÏ W à Çc è WOI eO uO'Çè

µ·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

The Exploration Work Program and Budget shall be reviewed by a joint committee to be established by GANOPE and CONTRACTOR after the Effective Date of this Agreement. This Committee, hereinafter referred to as the “Exploration Advisory Committee ”, shall consist of six (6) members, three (3) of whom shall be appointed by GANOPE and three (3) by CONTRACTOR. The Chairman of the Exploration Advisory Committee shall be designated by GANOPE from among the members appointed by it. The Exploration Advisory Committee shall review and give such advice as it deems appropriate with respect to the proposed Work Program and Budget. Following review by the Exploration Advisory Committee, CONTRACTOR shall make such revisions as CONTRACTOR deems appropriate and submit the Exploration Work Program and Budget to GANOPE for its approval.

Following such approval, it is further agreed that: (i) CONTRACTOR shall not substantially revise or modify said Work Program and Budget nor reduce the approved budgeted expenditure without the approval of GANOPE; (ii) In the event of emergencies involving danger of loss of lives or property, CONTRACTOR may expend such additional unbudgeted amounts as may be required to alleviate such danger.

Such expenditure shall be considered in all aspects as Exploration Expenditure and shall be recovered pursuant to the provisions of Article VII hereof. (d) CONTRACTOR shall advance all necessary funds for all materials, equipment, supplies, personnel administration and operations pursuant to the Exploration Work Program and Budget and GANOPE shall not be responsible to bear or repay any of the aforesaid costs. (e) CONTRACTOR shall be responsible for the preparation and performance of the Exploration Work Program which shall be implemented in a workmanlike manner and consistent with good industry practices.

Except as is appropriate for the processing of data, specialized laboratory engineering and development studies thereon, to be made in specialized centers outside A.R.E. subject to GANOPE ’s approval ,all geological and geophysical studies as well as any other studies related to the performance of this Agreement, shall be made in the A.R.E. .

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

µ¸

åUF Ç çd b VzU è åUF Ç çd b v Å .Ù .å .Ì v Y Ç ÊUOKL ÉÑÇÏS äèUI*Ç bNF è d b*Ç p Ð r U ÈuM è W uJ(Ç dD è .WOMH Ç ÉÁUHJ Ç éèÐ s U uJ æà 5F s cK Ç ÈUO bM ¬åUF Ç d b*Ç VzU Çc è åUF Ç d b*Ç äèUI*Ç Ïèe è .ULNMOOF Ñu t zU è åUF Ç ë U uI æà s ULNMJ9 WO U ÊUDK ¬åUF Ç d b*Ç WO u UI Ç `zÇuK Ç W U cOHM ÇÑu vK éd è .WO UH Ç çc åUJ _ UI è UNK 2 èà W uJ(Ç s W U ULNO Å ÑbB v Ç è WO UH Ç çc q v WI D*Çè ÑbB èà ÊÑb v Ç WO u UI Ç `zÇuK Ç q äèUI*Ç .UNF ÖÑUF U UO WO1uI WM l Ñ q W UNM WO U Uë u (³°) 5 ä v ÈuM' äèUI*Ç åbI (è) lC è .Ñu c*Ç WM Ç l Ñ ä äèUI*Ç UNIH à v Ç nO UJ Ç `{u Y Ç ×UAM UNB H ÈuM ádB X% p c Éb R*Ç W ÑèdC Ç ÊÇbM *Ç W U è t äèUI*Ç å Ç a ÑU s dN à (³) W Éb* p Ðè W ÏUF Ç qLF Ç ÊU U ÁUM à X è éà v

‫صورة إ‬

.æUO q W U äèUI*Ç ÑUD S ÈuM åuI æUO Ç Çc å Ç a ÑU s dN Ã (³) W éb v è

‫تروني‬ ‫لك‬

: Êd Ç ÇÐÅ

¬U O fO nO UJ Ç æUO æà – ±

WO èb Ç âu Ç ÑUF à l v UL ÉÏÑu*Ç ÊU b)Ç èà lzUC Ç nO UJ æà èà – ²

‫ة ال يع‬

çc b Ñu X è ÉbzU Ç b Ñu Ç ×èd è ÉÏu'Ç v WK UL*Ç ÊU b)Ç èà lzUC K

v Ç ÊU b)Çè ÊU d A*Ç æà æQA Ç Çc v v Çd æà vK ¬ÊU b)Ç èà lzUC Ç

‫تد بها‬

¬s dAF Çè W ÏU Ç ÉÏU*Ç åUJ _ lC .Ù.å.Ì q ÇÏ s UNOK äuB(Ç -

¬U ÑUF à l V UM äèUI*Ç U ÏÑè v Ç ÏÇu*Ç W U æà èà – ³

‫عند ا‬

.ÊUOKLFK W uIF WHB W Ò X O XKL v Ç nO UJ Ç æà èà – ´

‫تداول‬ ‫ل‬

Çc v ÑU v Ç WKJA*Ç æQ v ÈuM l ÑèUA æà äèUI*Ç vK 5F è .ULNOKJ WO{d W u v Å äu u Ç èU æà 5 dD Ç vK è ÏbB Ç

µ¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç CONTRACTOR shall entrust the management of Exploration operations in the A.R.E. to its technically competent General Manager and Deputy General Manager. The names of such Manager and Deputy General Manager shall, upon appointment, be forthwith notied to the GOVERNMENT and to GANOPE. The General Manager and, in his absence, the Deputy General Manager shall be entrusted by CONTRACTOR with sufcient powers to carry out immediately all lawful written directions given to them by the GOVERNMENT or its representative under the terms of this Agreement. All lawful regulations issued or hereafter to be issued which are applicable hereunder and not in conict with this Agreement shall apply to CONTRACTOR.

‫صورة إ‬

(f) CONTRACTOR shall supply GANOPE, within thirty (30) days from the end of each calendar quarter, with a Statement of Exploration activity showing costs incurred by CONTRACTOR during such quarter.

CONTRACTOR ’s records and necessary supporting documents shall be available for inspection by GANOPE at any time during regular working hours for three (3) months from the date of receiving each statement.

(1) that the record of costs is not correct; or

‫تروني‬ ‫لك‬

Within the three (3) months from the date of receiving such Statement, GANOPE shall advise CONTRACTOR in writing if it considers:

‫تد بها‬

‫ة ال يع‬

(2) that the costs of goods or services supplied are not in line with the international market prices for goods or services of similar quality supplied on similar terms prevailing at the time such goods or services were supplied, provided however, that purchases made and services performed within the A.R.E. shall be subject to Article XXVI; or (3) that the condition of the materials furnished by CONTRACTOR does not tally with their prices; or

‫عند ا‬

(4) that the costs incurred are not reasonably required for operations.

‫تداول‬ ‫ل‬

CONTRACTOR shall confer with GANOPE in connection with the problem thus presented, and the parties shall attempt to reach a settlement which is mutually satisfactory.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¶°

W O nO UJ Ç ÏÇÏd hB *Ç äèd Ç s ÈuM' U ÏÇb o m U W Ãè UNO Å U UC ¬ÈuM' ÑuH Ç vK ÇbI U ÏÇb 5F rOJ% ÑÇd èà âUH Ç v Å q u Ç ¬U uM (¥ ²[µ) WzU*Ç v nB è æUM Ç tO Å U UC ¬Ñu O dF l Çu WDO ÉbzU q (m U *Ç) mK *Ç l Ï tO V æU éc Ç a ÑU Ç s Ãb v Ç Éd H Ç s p Ðè ÇÑU Ç éÃ) WO UH Ç çc s "à " o K*Çè (²) (Ã) WF U Ç ÉÏULK UI ÈuM' á )Ç q 1è .ÏÇb Ç a ÑU v è (m U *Ç pK ÕU)Ç nO UJ Ç ÏÇÏd Ç æUO .bI a ÑU s v Çè e1U äUOA UM UH Ç Éb d v ÉÑuAM*Ç åU Ñ_Ç èà r d Ç j u o D*Ç Ñu O dF

Éb* W Ïu*Ç vJ d _Ç Ñ èb U lzÇÏu Ç vK 5 ÑU Ç (lO Çè ÁÇdA Ç) édF j u q 9 s (±µ) dA f U åu q v æbM ãuM 5 WO èÑè_Ç Ê LF Ç âu v b Çè dN ÈuM' á )Ç q (m U *Ç ) mK *Ç l Ï tO V æU éc Ç a ÑU Ç 5 l Çè dN q .wKFH Ç ÏÇb Ç a ÑU è

‫صورة إ‬

dA f U)Ç åuO Ç v e1U äUOA UM UH Ç Éb d v Ñu O dF dA åb W U v è vKàààààààààà ÑUO Ç lI t S ¬dF Ç Çc d u r Ñ æU V é_ dN éà s (±µ) Ê LF Ç âu v WO Ozd Ç éd _Ç ãuM K .t à .æÇ pM v O t bI éc Ç Ñu O dF

.b Çè dN Éb* vJ d _Ç Ñ èb U lzÇÏu Ç s æbM ãuM 5 WO èÑè_Ç

‫تروني‬ ‫لك‬

âu v Ñu O ÑUF à tO q åu v (±µ) dA f U)Ç åuO Ç p Ð l è ÇÐS dF Ç u åb *Ç Ñu O dF æuJ ¬ æbM ãuM 5 WO èÑè_Ç Ê LF U q UF Ç .ÑUF _Ç çc qO tO r éc Ç v U Ç åuO Ç v q *Ç

‫ة ال يع‬

çc v UNOK ÕuBM*Ç dN à (³) W Ç éb v äèUI*Ç ÑUD S ÈuM rI r ÇÐÅè .ÇbL F d F æUO Ç Çc æS ¬ æUO éà vK UN{Çd U ÉdIH Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

Ê LF WO UH Ç çc vC I0 .Ù.å.Ì v t UOKLF W Ò Ç m U *Ç q l b äèUI*Ç åuI (Ò) p Ðè bO æèb W dB*Ç WKLF Ç ÁÇd äèUILK o è d(Ç q u K WK U ÌÑU)Ç s W uJ(Ç s t ÍdB pM éà s èà ÈuM s .Ù.å.Ì v t UOKLF W Ò Ç ÊUOLJ U WO M _Ç Ê LF Ç ÁÇd v ÈuM W u è_Ç vDF . v M _Ç bIM Ç äÇb U åUOI Ç v s Ê LF Ç çc tO éd A éc Ç a ÑU Ç fH v o D*Ç dF Ç fHM äèUI*Ç s . édB*Ç vK Ç pM Ç

¶±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

Any reimbursement due to GANOPE out of the Cost Recovery Petroleum as a result of reaching agreement or of an arbitral award shall be promptly made in cash to GANOPE, plus simple interest at LIBOR plus two and half percent (2.5 %) per annum from the date on which the disputed amount(s) would have been paid to GANOPE according to Article VII (a) (2) and Annex “E ” of this Agreement (i.e., the date of rendition of the relevant Cost Recovery Statement) to the date of payment. The LIBOR rate applicable shall be the average of the gure or gures published by the Financial Times representing the mid-point of the rates (bid and ask) applicable to one month U.S. Dollars deposits in the London Interbank Eurocurrency Market on each fteenth (15th) day of each month occurring between the date on which the disputed amount(s) would have been paid to GANOPE and the date on which it is settled.

If the LIBOR rate is available on any fteenth (15th) day but is not published in the Financial Times in respect of such day for any reason, the LIBOR rate chosen shall be that offered by Citibank N.A. to other leading banks in the London Interbank Eurocurrency Market for one month U.S. Dollar deposits.

If such fteenth (15th) day is not a day on which LIBOR rates are quoted in the London Interbank Eurocurrency Market, the LIBOR rate to be used shall be that quoted on the next following day on which such rates are quoted.

If within the time limit of the three (3) month period provided for in this paragraph, GANOPE has not advised CONTRACTOR of its objection to any Statement, such Statement shall be considered as approved. (g) CONTRACTOR shall supply all funds necessary for its operations in the A.R.E. under this Agreement in freely convertible currency from abroad. CONTRACTOR shall have the right to freely purchase Egyptian currency in the amounts necessary for its operations in the A.R.E. from GANOPE or from any bank authorized by the GOVERNMENT to conduct foreign currency exchanges. Priority shall be given to GANOPE to purchase the foreign currencies from CONTRACTOR at the same applicable rate and date as such currencies may be purchased from the National Bank of Egypt.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¶²

V u0 éd& v Ç ÊUOKLFK W uKD*Ç W dB*Ç WKLF Ç äèUILK åbI æà v ÈuM äu (Í) Éb *Ç ÊU u Ç ÊÇÑ èÏ s U èU ÇÑÇbI äèUI*Ç s rK æà q UI WO UH Ç çc ÊÇÑ èb m U *Ç çc ÙÏu æà vK ¬ .Ù.å.Ì v vL d Ç ádB Ç dF WOJ d _Ç vK _Ç pM K q Çd pM éb ÌÑU)Ç v ÈuM ÈU v WOJ d _Ç Éb *Ç ÊU u Ç ÈuM ÊU KD q uL ÈU (Ç Çc s ÊU u *Ç åb è . Éd UI U édB*Ç . äèd Ç d Òè WI Çu ×dA è ¬ WO M _Ç Ê LF Ç s UN WF U Ç ÊU dA Çè W U)« … œU*« ΔϳέΎϳΗΧϻ΍ϭ ΔϳέΎΑΟϹ΍ ΕΎϳϠΧΗϟ΍ : ΔϳέΎΑΟϹ΍ – ΃

‫صورة إ‬

W uJ K äèUI*Ç vK ¬ WO UH Ç çc æU d a ÑU bFààà (³) W U Ç WM Ç W UN v æU d Ç a ÑU v WOK _Ç WIDM*Ç s (¥²µ) WzU*Ç v æèdA è W L v UL Å s æuJ æà vK ."wK Ç WIDM " WOLM ÏuI èà bI v Å c MO UNK u% r r v Ç ÏuI v Å UNK u% r r UNK UJ Y ÊU UDI Éb Çè Éb è qJ v vK Ç Çc ÁU u Ç vM v p Ðè ¬p Ð á vK äèUI*Çè ÈuM 5 âUH Ç r r U WOLM .W b Ç t è vK vK Ç ÊU KD 0

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

Y Ç Éd ä tO UF UNO Å ÑUA*Ç "wK Ç WIDM " à ØUH Ç äèUILK Òu V è .äèd Ç d Òè WI Çu vK äuB(Ç ×dA ¬ÊÇuM (³) Ë WG U Çè WO U Ç qLA q _Ç vK dN à (¶) W vK Ç b u q ÈuM' ÑUD Å .bI äèUI*Ç vK WIDM " v UN åUOI Ç l e*Ç (q _Ç vK (±) b Çè d dH ) WO U{ Ç WDA _Ç äèUI*Ç ÑU v Çè ÊÇuM (³) Ë WG U Ç WO U Ç Y Ç Éd ä "wK Ç W Ò Ç ÊUIHM Çè nO UJ U U ë UO äèUI*Ç .bI ×dA WO è_Ç Y Ç Éd bF U b WOMH Çè WO U*Ç ÊU Çe Ç pK äèUI*Ç åÇe Ç åuNH*Ç s è ¬WO U{ Ç WDA _Ç pK cOHM ÊÇuM (³) Ë WG U Ç WO U Ç Y Ç Éd H W U)Ç Y Ç ÊU Çe Ç v Å W U{ U çc s WF Çd Ç ÉÏU*Ç åUJ à o D è ¬WO UH Ç çc s (È) WF Çd Ç ÉÏU*Ç åUJ UIë WDA _Ç pK nO UJ éèU mK 0 æUL{ ÈUD .bI äèUI*Ç åe K è ¬WO UH Ç .WO UH Ç çc s "Ì" o K*U WMO *Ç WGOB U WO U{ Ç

¶³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(h) GANOPE is authorized to advance to CONTRACTOR the Egyptian currency required for the operations under this Agreement against receiving from CONTRACTOR an equivalent amount of U.S. Dollars at the ofcial A.R.E. rate of exchange, such amount in U.S. Dollars shall be deposited in an GANOPE account abroad with a correspondent bank of the National Bank of Egypt, Cairo. Withdrawals from said account shall be used for nancing GANOPE ‘s and its Afliated Companies ’ foreign currency requirements subject to the approval of the Minister of Petroleum.

ARTICLE V MANDATORY AND VOLUNTARY RELINQUISHMENTS (a) MANDATORY: At the end of the third (3rd ) year after the Effective Date hereof, CONTRACTOR shall relinquish to the GOVERNMENT a total of twenty ve percent (25%) of the original Area on the Effective date not then converted to a Development Lease or Leases “Area subject to relinquish ”. Such relinquishment shall be in a single unit of whole Exploration Blocks not converted to Development Leases unless otherwise agreed upon between GANOPE and CONTRACTOR so as to enable the relinquishment requirements to be precisely fullled.

Subject to the approval of the Minister of Petroleum. During the next three (3) years Exploration period, CONTRACTOR may retain the “ Area subject to relinquish ” mentioned above, CONTRACTOR shall submit at least six (6) months pre-notication to GANOPE, including the additional activities to be undertaken (drilling one (1) well, at least) in the “Area subject to relinquish ”, during the next three (3) years Exploration period that CONTRACTOR elects to extend beyond the initial Exploration period , provided that CONTRACTOR shall submit a statement of costs and expenses of such additional activities, It is understood that CONTRACTOR is committed to such nancial and technical commitments in addition to the Exploration commitments related to the second three (3) years Exploration period according to Article IV (b) ,provisions of Article IV of this Agreement shall be applied , CONTRACTOR shall submit a letter of guarantee with an equal amount to the costs of such additional activities in the form specied in Annex (c) of this Agreement.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¶´

çc s ÉdO _Ç Ë Ç ÊÇdIH Çè s dAF Çè W U Çè W U Ç 5 ÏU*U ä Ç åb l s (¶) W ÏU Ç WM Ç W UN bM vK æà äèUI*Ç vK 5F ¬(Ã) W U)Ç ÉÏU*Ç .WOLM ÏuI v Å c MO UNK u% r r v Ç WIDM*Ç s v U Ç s Y Ç Éd v Çè WOLM ÏuI v Å UNK u% V Çu Ç ÊU U *Ç æS q éà X è v t à åuNH*Ç s è UëM Ñ d F (Ï) W U Ç ÉÏULK UIë è ¬t I Çu* äèd Ç d Òè v Å VK UN åb b æuJ .WOLM ÏuI v Å X u UN Q ¬WI Çu*Ç çcN UNO èà tO r Y ÊU UD èà ÙUD éà s vK æà äèUI*Ç s U uKD æuJ s (Ì) W U Ç ÉÏU*Ç v UNO Å ÑUA*Ç WOM e Ç Éd H Ç q ÒUG Ç èà X eK W ÑU& d áUA Ç U ÑU& U UA Ç d F d Ç çc X U ÇÐÅ U UN v ÑdI vJ äèUILK W uML*Çè ÇÑUD Å ÈuM' t uB q ÑÃï éc Ç Y Ç ÙUD s vK Ç ÑdI èà ¬WOLM Ç o UI è éÑU& áUA Ç Ïu è vK WI Çu*Ç v ÈuM o ÉU Çd l ¬ÒUGK éÑU& áUA U

‫صورة إ‬

.W U Ç ÉÏU*Ç s (à ) ÉdIH Ç ÊUOC I0 ä Ç åb l è (Ì) W U Ç ÉÏULK

Y Ç Éd W UN v ÑU Ç èà dH(Ç X% F ÑU Ç éb Å X U ÇÐÅ U W U v è

‫تروني‬ ‫لك‬

äèUILK `àààààL t S ¬ WO è_Ç Y Ç Éd H WI *Ç ÏÇb Ç Éd W UN èà WO è_Ç

ÒUGK èà X eK W ÑU& d áUA Ç oOI% s tMOJL dN à (¶) W vK b e Éd H

qO I Ç Çc s ÏÇb Ç éà æà vK .äÇu _Ç V vK ¬U ÑU& U UA Ç oI vJ èÃ

‫ة ال يع‬

U0 ¬WO U Ç Y Ç Éd æUBI tOK V d áu dN Ã (¶) W Ç Éd ÒèU U0

. d _Ç t KD U u vK ¬Éb*Ç pK éèU

‫تد بها‬

: ΔϳέΎϳΗΧϻ΍ – Ώ

WIDM*Ç s Áe éà èà q s X è éà v çÑUO Ç i 0 vK æà äèUILK Òu

‫عند ا‬

b æuJ æà ×dA è Y ÊU UD s ÁÇe à èà WK U Y ÊU UD ÉÑu v

‫تداول‬ ‫ل‬

ÉÏU*Ç V u0 Éd H Ç çc s Y Ç ÊU Çe U éÑUO Ç vK Ç Çc a ÑU v v èà . (È) WF Çd Ç

¶µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç Without prejudice to Articles III and XXIII and the last three paragraphs of this Article V (a), at the end of the sixth (6th) year of the Exploration period, CONTRACTOR shall relinquish the remainder of the Area not then converted to Development Leases.

It is understood that at the time of any relinquishment the areas to be converted into Development Leases and which are submitted to the Minister of Petroleum for his approval according to Article III (d) shall, subject to such approval, be deemed converted to Development Leases.

‫صورة إ‬

CONTRACTOR shall not be required to relinquish any Exploration Block or Blocks on which a Commercial Oil or Gas Well is discovered before the period of time referred to in Article III (c) given to CONTRACTOR to determine whether such Well is a Commercial Discovery worthy of Development or to relinquish an Exploration Block in respect of which a notice of Commercial Gas Discovery has been given to GANOPE subject to GANOPE ‘s right to agree on the existence of a Commercial Discovery pursuant to Article III (c), and without prejudice to the requirements of Article III (e).

(b) VOLUNTARY:

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

In the event at the end of the initial Exploration period or the successive extension of the initial Exploration period, a well is actually drilling or testing, CONTRACTOR shall be allowed up to six (6) months to enable it to discover a Commercial Oil or Gas Well or to establish a Commercial Discovery, as the case may be. However, any such extension of up to six (6) months shall reduce the length of the next succeeding Exploration period, as applicable, by that amount.

‫تداول‬ ‫ل‬

‫عند ا‬

CONTRACTOR may, voluntarily, during any period relinquish all or any part of the Area in whole Exploration Blocks or parts of Exploration Blocks provided that at the time of such voluntary relinquishment its Exploration obligations under Article IV (b) have been satised for such period.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¶¶

tOK ÕuBM*Ç éÑU Ç vK Ç ÈU s rB WO UH Ç çc V u0 ÊUOK éà . ç à (Ã) W U)Ç ÉÏU*Ç v ÈuM 5 ãd A*Ç âUH U W U W à s vK Ç æuJ éÑU Ç áUA Ç bF tOK ÕuBM*Ç Y Ç Éd v UL Å W UN bM r éc Ç vK Ç ÁUM U p Ðè äèUI*Çè . tO UF VK vK ÁUM è ë ¬åÇe Ç Éd ÁUCI Ç bM èà Çc vK Ç X è bM ¬äèUI*Ç vK V rEM Uë I è dA WM U Ç ÉÏU*Ç v WMO *Ç WO O Ç `zÇuK Ç lOL ÙU Ç s b Q Ç ÈuM .WO d*Çè W u I*Ç WLOK Ç äèd Ç W UM W œU « … œU*« ϱέΎΟΗϟ΍ ϑΎηΗϛϻ΍ ΩόΑ ΕΎϳϠϣόϟ΍ åUOIK W d .Ù.å.Ì v U R æà äèUI*Çè ÈuM' sJ1 éÑU& áUA Ç vK Ñu F Ç bM (Ã)

‫صورة إ‬

W dA Ç" vK ULO UNOK oKD è) "Ï" o K*Çè (È) W ÏU Ç ÉÏULK UI ÊUOKLF U

bL F æà vK ¬UNL Ç vK UF äèUI*Çè ÈuM 5 âUH Ç r è (" ÊUOKLF U WLzUI Ç

‫تروني‬ ‫لك‬

ÈuM UNO r U ¬WL U W d æuJ áu W dA Ç çc è .r Ç p Ð äèd Ç d Òè v W ÑU Ç `zÇuK Çè 5 ÇuIK lC ¬(¥µ° ) WzU*U 5 L W M äèUI*Çè

‫ة ال يع‬

WO UH Ç çc ÕuB l `zÇuK Çè 5 ÇuI Ç çc UNO ÖÑUF v Ç Ïèb(Ç v .Ù.å.Ì . ÊUOKLF U WLzUI Ç W dA Ç fO Q bI èà ¬ WO UH Ç çc ÖÇd _ ¬ äèUI*Çè ÊUOKLF U WLzUI Ç W dA Ç æS ¬äU W à vK è

‫تد بها‬

U è WK I *Ç èà WO U(Ç UN bF tO Ç `zÇuK Çè 5 ÇuI Ç åUJ à oO D s æUOHF

‫عند ا‬

: `zÇu èà 5 Çu s UNK q

. åUF Ç ÙUDI Ç ÊU dA 5K UF Ç åUE æu U ÑÇb S ±¹·¸ WM ´¸ r Ñ æu UI Ç -

‫تداول‬ ‫ل‬

WO u Ç ÊU d è WL U *Ç ÊU d æu U ÑÇb S ±¹¸± WM ±µ¹ r Ñ æu UI Ç .ÉÏèb;Ç WO u *Ç ÊÇÐ ÊU dA Çè rN _U

¶·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç Any relinquishments hereunder shall be credited toward the mandatory provisions of Article V (a) above.

Following Commercial Discovery, GANOPE and CONTRACTOR shall mutually agree upon any area to be relinquished thereafter, except for the relinquishment provided for above at the end of the total Exploration period.

By the time of such relinquishment or the expiry date of the Concession period, CONTRACTOR shall ensure that all environmental regulations set out in Article XVIII have been followed, in accordance with sound and accepted Petroleum industry practices, if so requested

by GANOPE. ARTICLE VI OPERATIONS AFTER COMMERCIAL DISCOVERY

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(a) On Commercial Discovery, GANOPE and CONTRACTOR may form in the A.R.E. an operating company pursuant to Article VI (b) and Annex “D ” (hereinafter referred to as “Operating Company ”) which company shall be named by mutual agreement between GANOPE and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company shall be joint stock company, in which GANOPE and CONTRACTOR each contribute by fty percent (50%). Operating Company shall be subject to the laws and regulations in force in the A.R.E. to the extent that such laws and regulations are not inconsistent with the provisions of this Agreement or the Charter of Operating Company.

‫عند ا‬

‫تد بها‬

However, Operating Company and CONTRACTOR shall, for the purpose of this Agreement, be exempted from the following laws and regulations as now or hereafter amended or substituted: - Law No. 48 of 1978, on the employee regulations of public sector companies;

‫تداول‬ ‫ل‬

- Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies;

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¶¸

¬ t U d è åUF Ç ÙUDI Ç ÊU O æQ v æu U ÑÇb S ±¹¸³ WM ¹· r Ñ æu UI Ç è . åUF Ç äUL _Ç ÙUD ÊU d æu U ÑÇb S ±¹¹± WM ²°³ r Ñ æu UI Ç rOEM æQA ÓÏU Ç ÈU Ç s v U Ç qBH Ç åUJ à ²°°³ WM ¸¸ r Ñ æu UI Ç . v M _Ç bIM U q UF Ç ä v ."Ï" o KL WO UH Ç çcN o d ÊUOKLF U WLzUI Ç W dAààààà Ç fO Q bI (È) r U ) ÒUG Ç èà X e Ç WOLM bIF äèd Ç d Òè ÏUL Ç a ÑU bF U u ë (¹°) 5F W dA Ç æuJ è Çc U fO Q Ç bI æuJ ¬(äèUI*Çè ÈuM 5 p Ð á vK oH WM' q%è .éd à ÊÇÁÇd Å W à v Å W U æèÏ UOzUIK F WLzU ÊUOKLF U WLzUI Ç . ÊUOKLF U WLzUI Ç W dA Ç åUO Ïd 0 W ÑUA Ç Y Ç WOLM Çè Y Ç ÊUOKL s b eLK W ÒÇu è qL Z U d ÊUOKLF U WLzUI Ç W dA Ç bF (Ì) (¹°) 5F bF p Ðè ¬éÑU Ç áUA Ç UNO oI% v Ç WM Ç s vI *Ç Áe K

‫صورة إ‬

W dA Ç bF è . ç Ã (È) ÉdIHK UI ÊUOKLF U WLzUI Ç W dA Ç åUO a ÑU s U u ë

WO U Ç WO U*Ç WM K W ÒÇu*Çè qLF Ç Z U d è éuM ÌU Å Z U d ÊUOKLF U WLzUI Ç

‫تروني‬ ‫لك‬

dN Ã (´) WF ÑÃ ÒèU b u v p Ðè ¬WOLM Çè Y Ç ÊUOKL s b e ÁÇd

(äèUI*Çè ÈuM 5 tOK oH d  b u éà v èÃ) W ÑU'Ç WO U*Ç WM Ç W UN q

b u éà v èÃ) p Ð bF WO U WO U WM q W Çb WI U Ç dN à (´) WF Ñ_Ç v è

‫ة ال يع‬

fK * W ÒÇu*Çè qLF Ç Z U d è ÌU Ç Z U d åbI è .(äèUI*Çè ÈuM 5 tOK oH d  .ULNOK WI ÇuLK ÉÑÇÏ Ç

‫تد بها‬

dN q s (²°) s dAF Ç åuO Ç ébF b u v ÊUOKLF U WLzUI Ç W dA Ç åuI (Ï) nBM Ç v ÊUIHM Ç WODG W bIM Ç UN U UO Ç ÙuL 0 äèUI*Ç v Å Èu J d bI .bI

‫عند ا‬

¬WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb ÉÑbI v U Ç dNA Ç s v U Ç nBM Çè äè_Ç

‫تداول‬ ‫ل‬

v c R æà V d bI Ç Çc ÈU bM è ¬ÉbL F*Ç W ÒÇu*Ç U ÑU Ç v c Q æà vK . dNA Ç W UN v UN b U ÄUI l u W bI W à ÑU Ç

¶¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç - Law No. 97 of 1983 promulgating the law concerning public sector organizations and companies; - Law No. 203 of 1991 promulgating the law on public business sector companies; and - Provisions of part 2 of Chapter 6 of Law No. 88 of 2003, organizing dealings in foreign currencies.

(b) The Charter of Operating Company is hereto attached as Annex “D ”.

Within ninety (90) days after the date of the Minister ’s of Petroleum approval of a Development Lease for Oil or Gas (unless otherwise agreed upon by GANOPE and CONTRACTOR), the Charter shall take effect and Operating Company shall automatically come into existence without any further procedures. The Exploration Advisory Committee shall be dissolved forthwith upon the coming into existence of the Operating Company.

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(c) Ninety (90) days after the date Operating Company comes into existence in accordance with paragraph (b) above, it shall prepare a Work Program and Budget for further Exploration and Development for the remainder of the year in which the Commercial Discovery is made; and not later than four (4) months before the end of the current Financial Year (or such other date as may be agreed upon by GANOPE and CONTRACTOR) and four (4) months preceding the commencement of each succeeding Financial Year thereafter (or such other date as may be agreed upon by GANOPE and CONTRACTOR), Operating Company shall prepare an annual Production Schedule, Work Program and Budget for further Exploration and Development for the succeeding Financial Year. The Production Schedule, Work Program and Budget shall be submitted to the Board of Directors for approval.

‫تداول‬ ‫ل‬

‫عند ا‬

(d) Not later than the twentieth (20th) day of each month, Operating Company shall furnish to CONTRACTOR a written estimate of its total cash requirements for expenditure for the rst half and the second half of the succeeding month expressed in U.S. Dollars having regard to the approved Budget. Such estimate shall take into consideration any cash expected to be on hand at month end.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

·°

ÉdIH Ç v Ñu c*Ç q Çd*Ç pM Ç v Å dNA Ç p Ð s ÉÏb;Ç Éd H U W U)Ç m U *Ç l b è ÇÐÅè ¬w Çu Ç vK (±µ) dA f U)Ç åuO Çè (±) äè_Ç åuO Ç v p Ðè ¬ çU Ïà (à ) . tOK éc Ç qLF Ç åu v r l b Ç æS Ê DF Ç åU à s l bK Ïb;Ç åuO Ç æU Íu H ÈU v ÌÑU)Ç v UN dB X% kH % æQ ÊUOKLF U WLzUI Ç W dAK ÍdB (à ) bIM U äèUI*Ç UN bI v Ç m U *U ¬Éd UI U édB*Ç vK _Ç pM K q Çd pM éb r v Ç ÊU b)Çè lzUC Ç æUL à l b ÈU (Ç Çc s ÊU u *Ç åb è .v M _Ç WN Çu* .Ù.å.Ì v vK pM v Å W Ò Ç m U *Ç q u è ÌÑU)Ç v UNOK äuB(Ç v UNOK ÕuBM*Ç UN DA à æQA édB*Ç tOM'U ÊUOKLF U WLzUI Ç W dA Ç ÊUIH . WO UH Ç çc

‫صورة إ‬

WLzUI Ç W dA Ç åbI WO U WM q W UNM WO U Ç U u (¶°) 5 Ç ä v è V J s tOK U bB U UO .Ù.å.Ì v WB *Ç bIM Ç W U Ñ ÊUDK v Å ÊUOKLF U m U *Çè ÈU (Ç p c szÇb Ç V U'Ç v ÉbOI*Ç m U *Ç 5 ¬t ád F ÊU U WF Çd .WM Ç W UN v vI *Ç bO d Çè tM W dBM*Ç

WF U « … œU*«

‫تروني‬ ‫لك‬

W dAK sJ1 v Çè Ê ON Ç v ÉbzÇÒ W U ¬ ÌU Ç ÊUOKL Éd ä Êb è ÇÐÅ (è) v X Ñ ÇÐÅ ÉbzÇe Ç W UD Ç pK åb ÈuM æS ¬UN Çb Ç ÊUOKLF U WLzUI Ç .ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç ÊUOKLF ÑÇd{à èà WO U ÁU à W à æèÏ p Ð

‫ة ال يع‬

ΝΎΗϧϹ΍ ϡΎγΗϗ΍ϭ ΕΎϓϭέλϣϟ΍ϭ ϑϳϟΎϛΗϟ΍ Ω΍ΩέΗγ΍

:ϑϳϟΎϛΗϟ΍ Ω΍ΩέΗγϻ ιλΧϣϟ΍ ϝϭέΗΑϟ΍ (˺) (΃)

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

qààààà äèUàààI*Ç Ïd ¬WO UH Ç çcààààà vààààà WF Çd*U W U)Ç ÕuBM Ç ÉU Çd làààà W U)Ç ÊUàIHM Çè ÊU èdB*Çè nO UJ Ç Wààà U s ÈuM WD Çu çÏUL Ç - U WM l Ñ v ¬WO UH Ç çcàà V uàààà0 UààN WIKF *Ç ÊUOKLF Çè WOLM Çè Y Ç ÊUààOKL lààOL t kH ;Çè Zàà M*Ç äèd Ç q s ¬(¥³µ) WzU*Ç v 5 è W L s ULB è Ïèb ë åb r éc Çè ¬WO UH Ç çcàà vC I0 WIDM*Ç Ïèb q ÇÏ WOLM Ç ÏuI lOL s hB *Ç äèd Ç" ÉÑU F vK ULO äèd Ç Çc v Å ÑUA è .WO èd Ç ÊUOKLF Ç v ."nO UJ Ç ÏÇÏd

·±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

Payment for the appropriate period of such month shall be made to the correspondent bank designated in paragraph (e) below on the rst (1st) day and fteenth (15th) day respectively, or the next following business day, if such day is not a business day. (e) Operating Company is authorized to keep at its own disposal abroad in an account opened with a correspondent bank of the National Bank of Egypt, Cairo, the foreign funds advanced by CONTRACTOR. Withdrawals from said account shall be used for payment for goods and services acquired abroad and for transferring to a local bank in the A.R.E. the required amount to meet the expenditures in Egyptian Pounds for Operating Company in connection with its activities under this Agreement.

Within sixty (60) days after the end of each Financial Year, Operating Company shall submit to the appropriate exchange control authorities in the A.R.E. a statement, duly certied by a recognized rm of auditors, showing the funds credited to that account, the disbursements made out of that account and the balance outstanding at the end of the Year. (f) If and for as long during the period of production operations there exists an excess capacity in facilities which cannot during the period of such excess be used by the Operating Company, GANOPE shall have the right to use the excess capacity if it so desires without any nancial or operational disadvantage to the CONTRACTOR or the Operating Company.

ARTICLE VII RECOVERY OF COSTS AND EXPENSES AND PRODUCTION SHARING (a) (1) Cost Recovery Petroleum: Subject to the auditing provisions under this Agreement, CONTRACTOR shall recover quarterly all costs, expenses and expenditures in respect of all the Exploration, Development and related operations under this Agreement and which was approved by GANOPE to the extent and out of thirty ve percent (35%) of all Petroleum produced and saved from all Development Leases within the Area hereunder and not used in Petroleum operations. Such Petroleum is hereinafter referred to as “Cost Recovery Petroleum ”.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

·²

ÊU èdB*Çè nO UJ Ç q nOMB b b% ÖdG WO U Ç ÊUH dF Ç o D è :r ÏÇÏd ÊUIHM Çè ÊU èdB*Ç s UNB U è Y Ç ÊU èdB è nO UJ q vMF "Y Ç ÊUIH " (±) . WO uLF Ç è W ÑÇÏ Ç ÊU èdB*Ç è Éd U *Ç dO ÊU èdB ÁUM ààà U ) ¬ WOLM Ç ÊU èdB è nO UJ q vMF "WOLM Ç ÊUIH " (²) W ÑÇÏ Ç ÊUààà èdB*Ç è Édààà U *Ç dO ÊU èdB*Ç sààà UNB Uààà è ¬ (qOGàààA Ç . WO uLF Çè bF X9 v Ç ÊUIHM Ç è ÊU èdB*Ç è nO UJ Ç q vMF "qOGA Ç ÊU èdB "(³) ÉÏU WK UI Ç dO ÊUIHM Ç è ÊU èdB*Ç è nO UJ Ç v è v è_Ç éÑU Ç ÌU Ç .ã N

‫صورة إ‬

äu _Ç W UO è Í Å è ÑU Ç Í Å qOGA Ç ÊU èdB qLA ¬ p Ð l è ¬dH(Ç ÉÏU Å è (Sidetracking) v U'Ç dH(Ç:wK U2 Uàààààà Ã qLA UNMJ è

‫تروني‬ ‫لك‬

ÊU U{ Çè q à s Áe èà äu à äÇb Ç ¬ d K rzÇb Ç d N Ç ¬ d W U dOOG è .WO Ozd Ç ÉdLF Çè ÊÇb b Ç è ÊUMO Çè

hB *Ç äèd Ç s qOGA Ç ÊU èdB è WOLM Ç è Y Ç ÊUIH Ïd è

‫ة ال يع‬

:w U Ç u M Ç vK nO UJ Ç ÏÇÏd

¬w è_Ç éÑU Ç ÌU Ç Áb q UNM r Çd U p Ð v U0 ¬ "Y Ç ÊUIH " - ±

‫تد بها‬

WLE M WM äèà tO X9 éc Ç a ÑU Ç vMF WO UH Ç çc ÖÇd _ éc Çè

‫عند ا‬

fL äbF0 Ïd ¬ ÒUGK rOK ÊUOKàààL äèà åU9Å a ÑU èà åU)Ç X e Ç s XKL v Ç WO dC Ç WM Ç v U Å Ãb ¬ Uë uM (¥²µ) WzU*U s dA è

‫تداول‬ ‫ل‬

ÌU Ç UNO Ãb v Ç WO dC Ç WM Ç v èà ÊUIHM Ç çc UNO XF Ïè . UI æuJ 5 ÑU Ç éà ¬v è_Ç éÑU Ç

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

·³

For the purpose of determining the classication of all costs, expenses and expenditures for their recovery, the following terms shall apply: 1. “Exploration Expenditures ” shall mean all costs and expenses for Exploration and the related portion of indirect expenses and overheads.

2.

“Development Expenditures ” shall mean all costs and expenses for Development (with the exception of Operating Expenses) and the related portion of indirect expenses and overheads.

3.

“Operating Expenses ” shall mean all costs, expenses and expenditures made after initial Commercial Production, which costs, expenses and expenditures are not normally depreciable.

However, Operating Expenses shall include work over, repair and maintenance of assets but shall not include any of the

‫صورة إ‬

following: sidetracking, re-drilling and changing of the status of

a well, permanent abandonment of a well, replacement of assets overhauling.

‫تروني‬ ‫لك‬

or part of an asset, additions, improvements, renewals or major

Exploration Expenditures, Development Expenditures and Operating Expenses shall be recovered from Cost Recovery

‫ة ال يع‬

Petroleum in the following manner:-

(i) “Exploration Expenditures ”, including those accumulated prior to

‫تد بها‬

the commencement of initial Commercial Production, which for the purposes of this Agreement shall mean the date on which the rst regular shipment of Crude Oil or the rst deliveries of Gas

‫عند ا‬

are made , shall be recoverable at the rate of twenty ve percent ( 25 %) per annum starting either in the Tax Year in which such

‫تداول‬ ‫ل‬

expenditures are incurred and paid or the Tax Year in which initial Commercial Production commences, whichever is the later date.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

·´

¬w è_Ç éÑU Ç ÌU Ç Áb q UNM r Çd U p Ð v U0 ¬ "WOLM Ç ÊUIH " - ² WLE M WM äèà tO X9 éc Ç a ÑU Ç vMF WO UH Ç çc ÖÇd _ éc Çè äbF0 Ïd ¬ ÒUààààààGK rOK ÊUOKL äèà åUà9Å a ÑU èà åU)Ç Xàà e Ç sààààà v Ç WO dC Ç WM Ç v U Å Ãb ¬Uë uM (¥²µ) WzU*U æèdA è fL ÌU Ç UNO Ãb v Ç WO dC Ç WM Ç v èà ÊUIHM Ç çc UNO XF Ïè XKL .UI æuJ 5 ÑU Ç éà ¬w è_Ç éÑU Ç ¬w è_Ç éÑU Ç ÌU Ç a ÑU bF XF Ï è XKL v Ç "qOGA Ç ÊU èdB " - ³ WLE M WM äèà tO X9 éc Ç a ÑU Ç vMF WO UH Ç çc ÖÇd _ éc Çè U Å Ïd áu ¬ÒUGK rOK ÊUOKL äèà åU9Å a ÑU èà åU)Ç X e Ç s èà ÊU èdB*Çè nO UJ Ç çc UNO XF Ïè XKL v Ç WO dC Ç WM Ç v .UI æuJ

‫صورة إ‬

5 ÑU Ç éà ¬v è_Ç éÑU Ç ÌU Ç UNO Ëb v Ç WO dC Ç WM Ç v

‫تروني‬ ‫لك‬

ÊUIHM Ç èà ÊU èdB*Ç èà nO UJ Ç X U æà WO d{ WM W à v Ëb ÇÐÅ - ´ b e WI U Ç (³) è (²) è (±) ÊÇdIH Ç åUJ à V u0 U ÏÇÏd Ç V Çu Ç

¬WO dC Ç WM Ç pK v nO UJ Ç ÏÇÏd hB *Ç äèd Ç q WLO vK

‫ة ال يع‬

æà v Å WO U Ç WO dC Ç ÊÇuM Ç èà WM Ç v U ÏÇÏd q d ÉÏU e Ç æS W M U WO UH Ç çc ÁUCI Ç bF äU W Q p Ð r à vK ¬q UJ U Ïd

‫تد بها‬

.äèUILK

ÙÒuO ¬Uë I U UNO Å ÑUA*Ç Ê bF*Ç vK ÁUM ¬ÊU èdB*Çè nO UJ Ç ÏÇÏd Ç - µ

‫عند ا‬

W Ã æS ¬p Ð l è (WM l Ñ qJ l d Ç W M ) UO UM WM lààààààààà Ñ q vK

‫تداول‬ ‫ل‬

UF 5F WM l Ñ v U ÏÇÏd Ç r ÏÇÏd WK U ÊU èdB è nO UJ . tOK éc Ç WM Ç l Ñ v U ÏÇÏd q d ¬l Òu Ç ÇcN

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç (ii) “Development Expenditures ”, including those accumulated prior to the commencement of initial Commercial Production which for the purposes of this Agreement shall mean the date on which the rst regular shipment of Crude Oil or the rst deliveries of Gas are made, shall be recoverable at the rate of twenty ve percent ( 25 %) per annum starting either in the Tax Year in which such expenditures are incurred and paid or the Tax Year in which initial Commercial Production commences, whichever is the later date. (iii) “Operating Expenses ”, incurred and paid after the date of initial Commercial Production, which for the purposes of this Agreement shall mean the date on which the rst regular shipment of Crude Oil or the rst deliveries of Gas are made, shall be recoverable

‫صورة إ‬

either in the Tax Year in which such costs and expenses are

incurred and paid or the Tax Year in which initial Commercial

‫تروني‬ ‫لك‬

Production occurs, whichever is the later date.

(iv) To the extent that, in a Tax Year, costs, expenses or expenditures

recoverable per paragraphs (i), (ii) and (iii) preceding, exceed the

‫ة ال يع‬

value of all Cost Recovery Petroleum for such Tax Year, the excess shall be carried forward for recovery in the next succeeding Tax

Year(s) until fully recovered, but in no case after the termination

‫تد بها‬

of this Agreement, as to CONTRACTOR.

(v) The recovery of costs and expenses, based upon the rates referred

‫عند ا‬

to above, shall be allocated to each quarter proportionately (one fourth to each quarter). However, any recoverable costs and expenses not recovered in one quarter as thus allocated, shall be

‫تداول‬ ‫ل‬

·µ

carried forward for recovery in the next quarter.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

·¶

l ÑÃd  ä Éb b ÊUIH èà ÊÇÑUL Ç W à ç à -²è -± bM Ç s vM - ¶ vK UO UM Ïd UN S ¬WO UH Ç çcN ÉÏÑÇu Ç åÇe Ç Éd s ÊÇuM (´) l Ñ s ÇÁb åÇe Ç WO UH Ç Éd s W U *Ç WOI *Ç W uM l d Ç ÊÇd H Ç ÑÇb v è ÊUIHM Ç çc UNO XF Ïè XKL v Ç WO dC Ç WM Ç ä v WM Ç .ÁUN Ç a ÑU

‫تروني‬ ‫لك‬

‫صورة إ‬

ÉdIH Ç è WF U Ç ÉÏU*Ç s (³) (Ã) ÉdIH Ç v tOK ÕuBM u U ÁUM U (²) l Ñ q pK 1 è vK qB æà t o äèUI*Ç æS ¬ WF U Ç ÉÏU*Ç s (±) (à ) ádB Ç è tOK äuB(Ç r éc Ç nO UJ Ç ÏÇÏd hB *Ç äèd Ç q ¬WM

q WLO b e U bM è . (à ) ÉdI WF U Ç ÉÏULK UI è ÉÏb;Ç WOHOJ U tO ÉÏU*Ç s (Ì) ÉdIH Ç v Ïb;Ç u M Ç vK ) nO UJ Ç ÏÇÏd hB *Ç äèd Ç U ÏÇÏd Ç l e*Ç è ÏÇÏd WK UI Ç WOKFH Ç ÊUIHM Ç è nO UJ Ç vK (WF U Ç ¬ (´) (±) (Ã) WF U Ç ÉÏULK UI q d b U p Ð v U0 ãÇÐ WM Ç l Ñ v ÈuM 5 r I nO UJ Ç ÏÇÏd hB *Ç äèd Ç v ÉÏU e Ç pK WLO æS v ÉÏU e Ç pK WLO ÈuM' äèUI*Ç l b è ÌU Ç åU Ç V M UI äèUI*Çè ÕuBM*Ç WI dD U p Ð è ÇbI (±) U Å nO UJ Ç ÏÇÏd hB *Ç äèd Ç Uààààà Å è (à ) oàààà K*Ç v ÏÑÇu Ç v U;Ç åUEM Ç sàààà WF Çd Ç ÉÏU*Ç v UNOK . (³) (Ã) WààààààF U Ç ÉÏULK UI è UMO (²)

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

ÑUD Å V u0 ÑU æà ÈuM' o U u (¹°) 5F WO1uI WM q Áb q (³) s (¥±°°) WzU*Ç v WzU v UN OB ÏÇb VKD æà ¬ äèUILK tK d v U X e U æuJ ÏÇb Ç Çc è .UMO nO UJ Ç ÏÇÏd hB *Ç äèd Ç izU ×dA UNOK oH éd à rOK WDI éà èà d bB Ç WDI "Èu " WIDM*Ç s åU)Ç X e Ç WLO vK WM l Ñ éà v UMO ÈuM çc Q éc Ç åU)Ç X e Ç WOL b e à WHB äèUI*Ç tO ádB éc Ç è F Ðu Q*Ç nO UJ Ç ÏÇÏd hB *Ç åU)Ç v{UI v ÈuM âUI Ç æU ÇÐÅ è ¬ o U Ç WM Ç l Ñ ä WIDM*Ç s ÉÏdHM ×dA U ÇbOI nO UJ Ç ÏÇÏd hB *Ç äèd Ç izU s UMO UN OB ÏÇb

.ÇbI l b âUI Ç Çc s v U Ç æS ¬çd Ð o U Ç

··

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç (vi) Any new investments or costs during the last four (4) years from the obligation period stated in this Agreement shall be excluded from item 1- and 2- above, and shall be recoverable proportionately over the remaining available quarters of the Concession Agreement period starting from the quarter in which such costs are incurred and paid during the Tax Year, and till the end date.

‫تروني‬ ‫لك‬

‫صورة إ‬

(2) Except as provided in Article VII (a) (3) and Article VII (e) (1), CONTRACTOR shall each quarter be entitled to take and own all Cost Recovery Petroleum, which shall be taken and disposed of in the manner determined pursuant to Article VII (e). To the extent that the value of all Cost Recovery Petroleum [as determined in Article VII (c)] exceeds the actual recoverable costs and expenditures, including any carry forward under Article VII (a) (1) (iv), to be recovered in that quarter, then the value of Excess Cost Recovery Petroleum shall be shared between GANOPE and CONTRACTOR in accordance with the percentages mentioned below in paragraph (b) “Production Sharing ” , the value of such Excess Cost Recovery Petroleum shall be paid by CONTRACTOR to GANOPE either (i) in cash in the manner set forth in Article IV of the Accounting Procedure contained in Annex “E ” or (ii) in kind in accordance with Article VII (a) (3).

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

(3) Ninety (90) days prior to the commencement of each Calendar Year GANOPE shall be entitled to elect by notice in writing to CONTRACTOR to require payment of up to one hundred percent (100%) of GANOPE ‘s share of Excess Cost Recovery Petroleum in kind. Such payment will be in Crude Oil from the Area F.O.B. export terminal or other agreed delivery point provided that the amount of Crude Oil taken by GANOPE in kind in a quarter shall not exceed the value of Cost Recovery Crude Oil actually taken and separately disposed of by CONTRACTOR from the Area during the previous quarter. If GANOPE ‘s entitlement to receive payment of its share of Excess Cost Recovery Petroleum in kind is limited by the foregoing provision, the balance of such entitlement shall be paid in cash.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

·¸

:ΝΎΗϧϹ΍ ϡΎγΗϗ΍ (Ώ) äèUI*Çè ÈuM 5 r I äèd Ç s WOI *Ç (¥¶µ) WzU*Ç v æu Ç è fL)Ç (±) : WO U Ç W B UI èè X d åU dF UI .(à ) ÉdIH Ç WF U Ç ÉÏULK UI UNO ádB Ç r è W B Ç pK c R :(éuM l Ñ j u ) :åU)Ç X e Ç -± qO d WO èd Ç ÊUOKLF Ç v åb r éc Çè WO UH Ç çc vC I0 t kH ;Çè Z M*Ç åU)Ç X e Ç ( éuM l Ñ j u ) (ê/È) åu qJ X Ò

äèUI*Ç

ÈuM

s d à ±°[°°° qI è é/È éèU èà s ±µ[°°° ê/È

s d à µ[°°° qI è é/È éèU èà s ±°[°°° ê/È

èà s qI µ[°°° éèU ê/È

äèUI*Ç

ÈuM

äèUI*Ç

ÈuM

äèUI*Ç

ÈuM

äèUI*Ç

ÈuM

¥

¥

¥

¥

¥

¥

¥

¥

¥

³´

¶¶

³µ

¶µ

³¶

¶´

³·

¶³

³¸

¶²

³³

¶¹

³²

³°

·°

³±

¶·

¶¸

³µ

¶µ

¶¹

³·

¶³

Ñ èÏ ´° s d à s q à è vJ d Ã Ñ èÏ ¶° éèU èà wJ d Ã

³¶

¶´

³µ

¶´

Ñ èÏ ¶° s d à q à è vJ d à ¸° éèU èà s wJ d Ã Ñ èÏ

³µ

¶µ

Ñ èÏ ¸° s d à s q à è vJ d à ±°° éèU èà wJ d Ã Ñ èÏ

³²

³´

¶¶

vJ d Ã Ñ èÏ ±°° d Q

³´

³³

¶¶

¶·

¶µ

³´

¶¶

‫تداول‬ ‫ل‬

³±

¶¶

éèU èà s q à wJ d Ã Ñ èÏ ´°

‫ة ال يع‬

¶¸

³´

¶¸

³¶

‫تد بها‬

³²

¶·

US $ X d

‫عند ا‬

³³

åU dF

‫تروني‬ ‫لك‬

¥

åu / qO d

‫صورة إ‬

²µ[°°° d Q é/È

s d à ±µ[°°° qI è é/È éèU èà s ²µ[°°° ê/È

³³

¶·

·¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) Production Sharing: (1) The remaining sixty ve percent (65%) of Petroleum shall be divided between GANOPE and CONTRACTOR based on Brent price and according to the following shares: Such shares shall be taken and disposed of pursuant to Article VII (e) . (i) Crude Oil (Quarterly Average ): Crude Oil produced and saved under this Agreement and not used in Petroleum operations, Barrel of Oil Per Day (BOPD) (quarterly average) Brent Price US$/bbl

Less than or equal to 5,000 BOPD

More than 5,000 BOPD and less than or equal to 10,000 BOPD

More than 10,000 BOPD and less than or equal to 15,000 BOPD

More than 15,000 BOPD and less than or equal to 25,000 BOPD

More than 25,000 BOPD

62

38

63

37

64

36

65

More than 40 US$ and less than or equal to 60 US$

63

37

64

36

65

35

66

More than 60 US$ and less than or equal to 80 US$

64

36

65

35

66

More than 80 US$ and less than or equal to 100 US$

65

35

66

34

More than 100 US$

66

66

67

‫ة ال يع‬

34

67

33

‫تد بها‬

34

34

33

68

32

‫عند ا‬

67

33

68

32

69

31

67

32

69

31

70

30

‫تداول‬ ‫ل‬ 34

35

‫تروني‬ ‫لك‬

Less than or equal to 40 US$

‫صورة إ‬

GANOPE Cont. GANOPE Cont. GANOPE Cont. GANOPE Cont. GANOPE Cont. % % % % % % % % % %

33

68

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¸°

: (ϯϭϧγ ϊΑέ ργϭΗϣ) " LPG"ϝΎγϣϟ΍ ϝϭέΗΑϟ΍ ίΎϏ ϭ ίΎϐϟ΍ -˻

v åb dOG Çè WO UH Ç çc V u0 t kH ;Çè Z M*Ç äU *Ç äèd Ç ÒU è ÒUG Ç l Ñ j u ) ((SCFD) åu /ÒUG Ç s v UO VFJ åb ) WO èd Ç ÊUOKLF Ç .äèUI*Çè ÈuM 5 r I (éuM

ϝϭΎϘϣϟ΍ Ώϳλϧ

ΏϭϧΟ Ώϳλϧ

̃

̃

´°

¶°

åu /w UO VFJ åb æuOK ²µ s q Ã

³¹

¶±

s q Ãè åu /w UO VFJ åb æuOK ²µ éèU åu /w UO VFJ åb æuOK µ°

³¸

¶²

s q Ãè åu /w UO VFJ åb æuOK µ° éèU åu /w UO VFJ åb æuOK ±°°

³·

¶³

q Ãè åu /w UO VFJ åb æuOK ±°° éèU åu /w UO VFJ åb æuOK ±²µ s

³¶

¶´

d Q åu /w UO VFJ åb æuOK ±²µ éèU

‫صورة إ‬

Δ˰ϳϣϛϟ΍

‫تروني‬ ‫لك‬

WF U Ç ÉÏULK UI è åd ÒU lO bI éà Éb ÁUM à v W b UF WM q W UN bF (²) ÓUàààà Å èà W ON Ç èà ÈuM v Å (5FzU ULN HB ) äèUI*Çè ÈuM åbI ¬(à ) ÉdI U ÑÇbI0 XBI v Ç WOLJK W èU ¬b è æÅ ¬ÒUG Ç s WOLJ Uë UO (d A UN HB )

‫ة ال يع‬

W L s (d A UN HB ) ÓU Å èà W ON Çèà ÈuM UN LK v Ç ÒUG Ç WOL ÒUG Ç lO bI çÑdI U* Uë I UNOK b UF *Ç ÒUG Ç ÊUOL s (¥·µ)WzU*Ç v 5F è

‫تد بها‬

ë ÓU Å èà W ON Ç èà ÈuM l b è ¬ Çd u ÒUG Ç æuJ æà ×dA ¬ (hIM Ç) éÑU Ç ÈuM v Å æUO Ç p Ð UN Ç sààààààààà Uë u (¶°) 5 ä (d A UN HB )

‫عند ا‬

ÊUI v hIM Ç Çc ÌÑb è .b è æÅ ¬ hIM Ç WLO (5FzU ULN HB ) äèUI*Çè l Ñ v p Ð è ¬ WF U Ç ÉÏU*Ç s (È) ¬ (Ã) 5 dIH Ç V u0 ÒUG Ç s äèUI*Ç è ÈuM

‫تداول‬ ‫ل‬

.ÉÑu c*Ç W b UF Ç WM Ç s (´) l Çd Ç WM Ç

¸±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(ii) Gas &LPG (Quarterly Average): Gas and LPG produced and saved under this Agreement and not used in Petroleum operations (Standard Cubic Feet of Gas Per Day (SCFD) (quarterly average) divided between GANOPE and CONTRACTOR. Contractor %

Less than 25 MMSCF/Day

60

40

Equal to 25 and less than 50 MMSCF/ Day

61

39

Equal to 50 and less than 100 MMSCF/Day

62

38

Equal to 100 and less than 125 MMSCF/Day

63

37

Equal 125 MMSCF/Day and above

64

36

‫صورة إ‬

GANOPE %

(2) After the end of each contractual year during the term of any Gas Sales Agreement entered into pursuant to Article VII (e), GANOPE and

‫تروني‬ ‫لك‬

CONTRACTOR (as sellers) shall render to GANOPE or EGPC or

EGAS (as buyer) a statement for an amount of Gas, if any, equal to the amount by which the quantity of Gas of which GANOPE or

‫ة ال يع‬

EGPC or EGAS (as buyer) has taken delivery falls below seventy

ve percent (75%) of the Contract quantities of Gas as established by the applicable Gas Sales Agreement (the "Shortfall"), provided the

‫تد بها‬

Gas is available. Within sixty (60) days of receipt of the statement, GANOPE or EGPC or EGAS (as buyer) shall pay GANOPE and

‫عند ا‬

CONTRACTOR (as sellers) for the amount of the Shortfall, if any.

The Shortfall shall be included in GANOPE ›s and CONTRACTOR ›s

‫تداول‬ ‫ل‬

entitlement to Gas pursuant to Article VII (a) and Article VII (b) in the fourth (4th) quarter of such contractual year.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¸²

qI ÈU v ¬UN q UI l b U/Å è U c à r v Ç ¬ÒUG Ç ÊUOL q è ("wC uF Ç ÒUG Ç") ÒUG Ç ÊUOL q è"l b Ç èà c _Ç ÈU " ÖdG Ç ÇcN WzU*Ç v 5F Ç è W L)Ç W vK ÉÏU e U WO U Ç ÊÇuM Ç v tLOK r éc Ç ¬ éÑU Ç ÒUG Ç lO bI çÑdI U V UNOK b UF *Ç ÒUG Ç ÊUOL s (¥·µ) ÑÇbI*Ç fHM UNCH è "l b Ç èà c _Ç" ÈU v ÉbOI*Ç ÒUG Ç ÊUOL s d q ¬ÑÇbI*Ç Çc v Å ÒUG Ç Çcààààààààààà ÕuB l b Ç WàààààI mààààààà U ãUM æuJ è (Ã) 5 dIH Ç V u0 ÒUG Ç sàààà äèUI*Ç ÊUI sL{ vC uF Ç ÒUG Ç Çc ÌÑb è .wC uF Ç ÒUG Ç Çc v âuI äèUILK æuJ è WF U Ç ÉÏU*Ç s (È)è rOK v (5FzU ULN HB ) äèUI*Çè ÈuM U IH à ÇÐÅ t b UF tM éà W UN v W dF*Çè UNOK b UF *Ç W uM Ç ÒUG Ç WOL s (¥·µ) WzU*Ç v 5F è W L)Ç

‫صورة إ‬

æS (d A UN HB ) ÓU Å èà W ON Çèà ÈuM l ÒUàààG Ç ÊUFO WààààààààO UH Ç v

UNOK b UF *Ç W uM Ç ÒUG Ç WOL s (¥·µ) WzU*Ç v 5F è W L)Ç 5 âdH Ç

‫تروني‬ ‫لك‬

ÈuM' o à è . l b Ç èà rOK Ç ÑuB ÒUG UNO Å ÑUA è WLK *Ç WOKFH Ç ÒUG Ç WOL è rOK Ç ÑuààààB ÒUààààG t èU WOL c à (d A UN HB ) ÓU Å èà W ON Ç èÃ

‫ة ال يع‬

ÒUààààG Ç dF sààà (¥¹°) WzU*Ç v 5F äÏUF dF rOI WOLJ Ç çc è l b Ç èÃ

v l b Ç èà å Ç åuNH WO  b b% r O è . ÒUG Ç ÊUFO WO UH Ç v ádF*Ç

‫تد بها‬

. ÒUG Ç ÊUFO WO UH Ç

WMO *Ç W u *Ç Vààà M Ç rOKààà K d u *Ç tKàà (LPG) äUààà *Ç äèd Ç ÒU vK o D è

‫تداول‬ ‫ل‬

‫عند ا‬

äUààà *Ç äèd Ç ÒU ÕuB ¬ WF Uààà Ç ÉÏUààà*Ç s (È) ÉdàààIH Ç è (Ã) ÉdàààIH Ç vààà äèUI*Çè ÈuàààM W dF0 tKOGàààA - è TàààA Ãï b æuJ qLF éà sààà Zààà M*Ç (LPG) .ULNM W UO èÃ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç Quantities of Gas not taken but to be paid for shall be recorded in a separate “Take-or-Pay Account “.Quantities of Gas ( “Make Up Gas ”) which are delivered in subsequent years in excess of seventy ve percent (75%) of the contract quantities of Gas as established by the applicable Gas Sales Agreement, shall be set against and reduce quantities of Gas in the “Take-or-Pay ” account to the extent thereof and, to that extent, no payment shall be due in respect of such Gas. Such Make Up Gas shall not be included in CONTRACTOR ’s entitlement to Gas pursuant to Article VII (a) and (b). CONTRACTOR shall have no rights to such Make Up Gas. If at the end of any Contractual year, GANOPE and CONTRACTOR (as sellers) fail to deliver seventy ve percent (75%) of the annual

‫صورة إ‬

contract quantity of Gas as dened in the Gas Sales Agreement with GANOPE or EGPC or EGAS (as buyer), the difference between

seventy ve percent (75%) of the annual Contract quantity of Gas and

‫تروني‬ ‫لك‬

the actual Gas quantity delivered shall be referred to as the “Deliveror - Pay Shortfall Gas ”. GANOPE or EGPC or EGAS (as buyer)

shall have the right to take a quantity of Gas equal to Deliver-or-Pay

‫ة ال يع‬

the Shortfall Gas and such quantity of Gas shall be priced at ninety percent (90%) of the Gas price as dened in the Gas Sales Agreement the Gas Sales Agreement .

‫تد بها‬

.The mechanism for the Deliver-or-Pay concept will be determined in

‫عند ا‬

The percentages set forth in Article VII (a) and (b) in respect of LPG produced from a plant constructed and operated by or on behalf of GANOPE and CONTRACTOR shall apply to all LPG available for delivery.

‫تداول‬ ‫ل‬

¸³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¸´

: ϝϭέΗΑϟ΍ ϡϳϳϘΗ (Ν) : ϡΎΧϟ΍ Εϳίϟ΍(˺) çc vC I0 äèUI*Ç tI éc Ç nO UJ Ç ÏÇÏd hB *Ç åU)Ç X e Ç - ± WM l Ñ q s "âu Ç dF "à äèUI*Çè ÈuM W dF0 tLOOI 5F WO UH Ç .WO1uI s WM Ç l Ñ ä WII;Ç ÑUF ` d*Ç j u *Ç u "âu Ç dF " ÏuBI*Ç - ² u è W b *Ç ÊUFO *Ç æuJ æà WD d vK à ULN à äèUI*Ç èà ÈuM ÊUFO ÊUOLJ WF U dO ÊU d v Å ÊUFO * W d*Ç ÊUD u *Ç èà j u *Ç v Å ¬ ÉÒU M dO ÊUIHB d(Ç q u K WK U WKLF W ÑUI l Ï ×èdA t ÑUI X e Ç lO ÏuI W UJ UI p Ð è d bB Ç WDI v (Èu ) WK UM Ç dN rOK éuDM v Ç åU)Ç X e Ç lO ÏuI ÏUF Ç l sJ è ¬c MO äuFH*Ç W ÑU Ç åU)Ç

‫صورة إ‬

è ¬ WC UI vK

éà v Å äèUI*Ç èà ÈuM s Éd U dO èà Éd U WHB r v Ç ÊUFO *Ç (±

‫تروني‬ ‫لك‬

.t èà jO è o d s p Ð æU à ÁÇu WF U W d

v Ç èà d(Ç q u K WK U WKLF l b Ç á q UI vK éuDM v Ç ÊUFO *Ç (²

‫ة ال يع‬

W ÏUB Ç e Çu(Ç á ÊÇÑU Ç WOze èà WOK WHB UNO Y U Ç æuJ

.eO Ç s WO U)Ç W ÑU Ç åU)Ç X e Ç ÙuO v ÉÏU F*Ç

‫تد بها‬

nO UJ q UI W Ò Ç ÊUCOH Ç éd& "nO " ÙuO Ç W U v t à åuNH*Ç sàà - ³ æà vK è ¬ d bB Ç WDI v "Èu " dF Ç ÈU ( u 5 Q Ç è qIM Ç

‫عند ا‬

U Çe è åU)Ç X e Ç ÙuM W M U V UM*Ç q bF Ç ÁÇd Å ÑU Ç v ULzÇÏ c R W UM éd Ã Ê bF s p Ð dO è s A Ç ÁUMO0 W U)Ç æu uM Ç ÆèU èÃ

‫تداول‬ ‫ل‬

W M U è åU X Ò jOK èà åU X Ò qJ W M U Éb vK "âu Ç dF " Ïb è .s ÁUMO qJ

¸µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(c) Valuation of Petroleum: (1) Crude Oil: (i) The Cost Recovery Crude Oil to which CONTRACTOR is entitled hereunder shall be valued by EG GANOPE PC and CONTRACTOR at “Market Price ” for each calendar quarter. (ii) “Market Price ” shall mean the weighted average prices realized from sales by GANOPE or CONTRACTOR during the quarter, whichever is higher, provided that the sales to be used in arriving at the weighted average(s) shall be sales of comparable quantities on comparable credit terms in freely convertible currency from F.O.B. point of export sales to non-afliated companies at arm ’s length under all Crude Oil sales contracts then in effect, but excluding Crude Oil sales contracts involving barter, and

‫صورة إ‬

(1) Sales, whether direct or indirect, through brokers or otherwise, of GANOPE or CONTRACTOR to any Afliated Company.

‫تروني‬ ‫لك‬

(2) Sales involving a quid pro quo other than payment in a freely

convertible currency or motivated in whole or in part by

considerations other than the usual economic incentives for

‫ة ال يع‬

commercial arm ’s length Crude Oil sales.

(iii) It is understood that in the case of “C.I.F. ” sales, appropriate

‫تد بها‬

deductions shall be made for transport and insurance charges to calculate the F.O.B. point of export price; and always taking into account the appropriate adjustment for quality of Crude

‫عند ا‬

Oil, freight advantage or disadvantage of port of loading and other appropriate adjustments. Market Price shall be determined

‫تداول‬ ‫ل‬

separately for each Crude Oil or Crude Oil mix, and for each port of loading.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¸¶

èà äèUI*Çè ÈuM V U s WO1uI WM l Ñ éà ä ÊUFO *Ç çc q r r ÇÐÅ - ´ æà äèUI*Çè ÈuM vK 5F t S ¬ W ÑU Ç åU)Ç X e Ç lO ÏuI V u0 ULN à t ULF Ç 5F éc Ç åU)Ç X e Ç s qO d K W M U "âu Ç dF " vK UF UIH v U0 W U *Çè W UM*Ç W Ï_Ç lOL ÏU d Ç ULNOK è ¬ ãÇÐ WM Ç l Ñ s v Ç WO Ozd Ç åU)Ç Êu eK W M U d(Ç q u K WK U WKLF W ÑU'Ç ÑUF _Ç p Ð (j u *Ç d Ç WIDM0 èà v dF Ç ZOK)Ç v ) äèd K W M*Ç æÇbK Ç éd UN M l sJ ¬WOKF lO ÏuIF UI W u H*Ç âÇu _Ç v WLE M WHB ÙU v Ç YO è .åU X Ò rOK r U*U lO U b u Çè WO Ñu Ç ÊUFO *Ç ÏUF Ç nK (dF Ç ÁUM U ) åUJ à o è è ×èdA X9 b ÊUFO *Ç çc æuJ æà vK è ¬t LO d bI ÈuKD*Ç åU)Ç X e Ç UN lO v Ç pK s ÇdO U Ç ÆèU èà U Çe è åU)Ç X e Ç ÉÏu' UF W UM*Ç Ê bF Ç ÁÇd Å ULzÇÏ v Çd ¬äÇu _Ç V ¬ W UM*Ç Ê bF Ç s p Ð dO è s A Ç ÁUMO0 W U)Ç æu uM Ç

‫صورة إ‬

q ÇuàààààF Ç s p Ð dO è X d J Ç Wààààààà è W U J Ç W ÑÏ v âèdHK UF è ¬ åU)Ç ÑUF à vK d R v Ç è s d A*Çè 5FzU Ç 5 W U UNOK áÑUF *Ç

‫تروني‬ ‫لك‬

ÉÏU F*Ç dO åu d Ç è ¬ U u (¹°) 5F Éb* qIM U W U)Ç 5 Q Ç ×U Ã

l Ï ×èdA ÊUFO *Ç sL vK Ê bF Ç çc éd& UL ¬ lzU Ç UNKL v Ç

‫ة ال يع‬

v Ç ÊU ULC Ç èà ÖèdI Ç nO UJ vK è ¬ U u (¶°) 5 vK b e Éb*

. ÉbzU Ç ÉbzUH Ç ÑUF Ã ÓU Ã vK 5FzU Ç ` UB åbI

ÏÇÏd hB *Ç åU)Ç X e Ç WLO fJF æà vK áÇd _Ç WO ÊbIF Ç b è

‫تد بها‬

.åU)Ç X e Ç Çc q * âu Ç v bzU Ç dF Ç nO UJ Ç

vC I0 Ïb;Ç u M Ç vK "âu Ç dF " æà äèUI*Ç èà ÈuM s éà ÊÃÑ ÇÐÅ - µ

‫عند ا‬

UIH à ÇÐÅ U W U v èà bzU Ç âu Ç dF fJF ç à (²) WO dH Ç ÉdIH Ç

‫تداول‬ ‫ل‬

WO UH Ç çc V u0 Z M åU X Ò é_ W M U "âu Ç dF " vK âUH Ç v WM Ç l Ñ W UN bF U u (±µ) dA W L ä v p Ðè ¬WM l Ñ éà s

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(iv) If during any calendar quarter, there are no such sales by GANOPE and/or CONTRACTOR under the Crude Oil sales contracts in effect, GANOPE and CONTRACTOR shall mutually agree upon the Market Price of the barrel of Crude Oil to be used for such quarter, and shall be guided by all relevant and available evidence including current prices in freely convertible currency of leading Crude Oils produced by major Oil producing countries (in the Arabian Gulf or the Mediterranean Area), which are regularly sold in the open market according to actual sales contracts terms but excluding paper sales and sales promises where no Crude Oil is delivered, to the extent that such sales are effected under such terms and conditions (excluding the price) not signicantly different from those under which the Crude Oil to be valued, was sold, and always taking into consideration appropriate adjustments for Crude Oil quality, freight advantage or disadvantage of port of loading and other appropriate adjustments, as the case may be, for differences in gravity, sulphur, and other factors generally recognized by sellers and purchasers, as reected in Crude prices, transportation ninety (90) days insurance premiums, unusual fees borne by the seller, and for credit terms in excess of sixty (60) days, and the cost of loans or guarantees granted for the benet of the sellers at prevailing interest rates.

‫تد بها‬

It is the intent of the Parties that the value of the Cost Recovery Crude Oil shall reect the prevailing market price for such Crude Oil.

‫عند ا‬

(v) If either GANOPE or CONTRACTOR considers that the Market Price as determined under sub-paragraph (ii) above does not reect the prevailing Market Price or in the event GANOPE and CONTRACTOR fail to agree on Market Price for any Crude Oil produced under this Agreement for any quarter within fteen (15) days after the end thereof, any party may elect at any time

‫تداول‬ ‫ل‬

¸·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¸¸

v Å äÇR U åbI æà p Ð bF X è éà v ÑU æà ád é_ Òu t S ¬ãÇÐ éÃÑ v q 1 éc Ç åU)Ç X e Ç p Ð s qO d K Ïb;Ç dF Ç s b Çè rJ X æà rJ;Ç vK è ¬wMF*Ç WM Ç l d W M U âu Ç dF qO 9 âb ìrJ;Ç p Ð ÑÇd æuJ è ¬Ñu c*Ç WM Ç l Ñ VI sJ2 X è Ùd à v Ùu{u*Ç Çc v .çU Ïà WMO *Ç WI dD U rJ;Ç ÑUO Ç r è ¬áÇd _Ç lOL' U eK è UOzUN rJ;Ç U u ë (³°) 5 ä v rJ;Ç vK âUH Ç v äèUI*Çè ÈuM XIH à ÇÐÅ âu Ç dF b b% W U Å Ñd b t Q d Ç ádD Ç ád éà ÑUD Å a ÑU s ÉÏULK UIë è ÉÏb;Ç WMOF*Ç W ON Ç W dF0 rJ;Ç p Ð ÑUO Ç r t S rJ;Ç v Å vK Éd )Ç pK UN b d u éd à WMOF W O éà W dF0 èà (à ) s dAF Çè WF Çd Ç 5LJ;Ç ÊUO ÑU Ç v c _Ç l ¬äèUI*Çè ÈuM tOK oH U u ¬äèUI*Ç èà ÈuM s éà t åbI v U VK vK ÁUM p Ðè ¬bF ULO WMO *Ç ádD Ç v Å 5 dD Ç s éà s åbI*Ç VKD Ç s ÉÑu äU ÑÅ 5F è ¬UL èÃ

‫صورة إ‬

.ÑuH Ç vK d _Ç W UM dzÇèÏ v WO UF Ç WFL Ç éèÐ s æUJ Ç ÑbI ¬rJ;Ç æuJ æà V è

‫تروني‬ ‫لك‬

è .WO èb Ç ÉÑU Ç v åU)Ç X e Ç o u è dOF v dO WO*UF Ç äèd Ç

q lààààà WO U uK Ï ÊU UN X O W èÏ U U Ñ s rJ;Ç æuJ æà Òu

èà U b ÑUO Ç X è æuJ æà Òu UL ¬äèUI*Ç WO M è .Ù .å .Ì s

‫ة ال يع‬

WLEM0 èà vJ d _Ç äèd Ç bNF0 ¬ÉÑdJ èà ÉdL WHB ÇÑUA èà ULJ

ÇÑUA èà ¬äèd K ÉÑbB*Ç WO dF Ç äèb Ç WLEM0 èà äèd K ÉÑbB*Ç äèb Ç

‫تد بها‬

Uààààààà à .ULNM é_ WF U Ç ÊU dA Ç éb èà äèUILK èà ¬ÈuM' ÉdL WHB ÊU d s U dOG èà ÊU dA Ç çcN v{U*Ç v X9 v Ç W{ÑUF Ç ÊÇÑUA Ç

‫عند ا‬

è .çÏUF U d F çcN ¬WO uJ(Ç ÊU ON Ç èÃ Ê U uK èà ¬äèd Ç (²) 5 M Ç ä ÊU è_Ç s X è éà v qG b rJ;Ç æuJ æà Òu

‫تداول‬ ‫ل‬

W U è W à èà äèd Ç ÊU d s éQ nzU u Ç éb Å çÑUO Ç vK 5 I U Ç .WO uJ W O èà WO uJ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç thereafter to submit to a single arbitrator the question, what single price per Barrel, in the arbitrator ’s judgment, best represents for the pertinent quarter the Market Price for the Crude Oil in question. The arbitrator shall make his determination as soon as possible following the quarter in question. His determination shall be nal and binding upon all the parties. The arbitrator shall be selected in the manner described below.

‫صورة إ‬

In the event GANOPE and CONTRACTOR fail to agree on the arbitrator within thirty (30) days from the date any party noties the other that it has decided to submit the determination of the Market Price to an arbitrator, such arbitrator shall be chosen by the appointing authority designated in accordance with Article XXIV (e), or such other appointing authority with access to such expertise as may be agreed to between GANOPE and CONTRACTOR, with regard to the qualications for arbitrators set forth below, upon written application of one or both of GANOPE and CONTRACTOR. Copy of such application by one of them shall be promptly sent to the other.

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

The arbitrator shall be as nearly as possible a person with an established reputation in the international Petroleum industry as an expert in pricing and marketing Crude Oil in international commerce. The arbitrator shall not be a citizen of a country which does not have diplomatic relations with both the A.R.E. and CONTRACTOR ’s nationality. He may not be, at the time of selection, employed by, or an arbitrator or consultant on a continuing or frequent basis to, the American Petroleum Institute, the Organization of the Petroleum Exporting Countries or the Organization of Arab Petroleum Exporting Countries, or a consultant on a continuing basis to GANOPE , CONTRACTOR or an Afliated Company of either, but past occasional consultation with such companies, with other petroleum companies, governmental agencies or organizations shall not be a ground for disqualication. He may not have been, at any time during the two (2) years before selection, an employee of any Petroleum company or of any governmental agency or organization.

‫تداول‬ ‫ل‬

¸¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¹°

åb W U v èà ¬ rJ;Ç qLF åUOI Ç s çÑUO Ç - h åU Å W U v è ÑÇdI Ç ÐU Ç q rJ;Ç VBM ÇÐÅ èà ¬ qLF Ç p c åUOI Ç vK t Ñb çc v UNOK ÕuBM*Ç WI dD Ç fHM d  h ÑUO Ç r t S ¬ ÈuKD*Ç .rJ;Ç ÊU èdB WH UM äèUI*Çè ÈuM qL è ¬ ÉdIH Ç W U *Ç W Ï_Ç qC Ç ÓU à vK ÉdIH Ç çc åUJ _ UI è çÑÇd ÐU U rJ;Ç åuI è W U)Ç ÊU uKF*Ç è ÊU UO Ç s U dO è X e Ç lO ÏuI WF Çd0 åuI è . t èà ÏuI W à WLz èà WO éb d bI v W d(Ç t æuJ æà vK ¬ ÊUFO *U l ÑèUA Ç v o(Ç äèUI*Ç è ÈuM s q vK L* æuJ è .ÊU uKF èà ÊU UO ÇÏuO ÖdH æà rJ LK Òu t à vK ¬ W u J ÊU UO t Çu bI æÃè rJ;Ç vB à v Å rJ;Ç l äèUI*Ç è ÈuM s q æèUF è ¬ o(Ç Çc vK W uIF

‫صورة إ‬

`L è .tF W ÑU Ç UN U d æèUF ULNM q qHJ UL ¬æèUF Ç Ïèb WIKF *Ç ÊU uKF*Çè ÊU UO Ç Çc è åU)Ç X e Ç lO ÏuI vK Ù U rJ LK

‫تروني‬ ‫لك‬

rJ;Ç éd v Ç è U dO u W ÑU Ç ULN U d èà äèUI*Ç è ÈuM' sJ1 v Ç UN . rOK ÑÇd ÐU Ç vK çb U b UN Ã

vMF*Ç WM Ç l d o U Ç WM Ç l Ñ s tOK oH *Ç âu Ç dF æU d dL è - ¶

‫ة ال يع‬

d dI 5( èà äèUI*Ç è ÈuM 5 "âu Ç dF " vK âUH Ç 5 v Å W R WHB

ÉÑU äèUI*Ç èà ÈuM s éà XKL% ÇÐÅ U W U v è .rJ;Ç W dF0 dF Ç p Ð

‫تد بها‬

¬o U Ç WM Ç l d ÕU)Ç "âu Ç dF "à ¬ W R WHB ¬ qLF Ç ÑÇdL Ç W O

vK WDO ÉbzU làààà d Ç ádD Ç s ÇÑu ÉÑU )Ç pK Ñb ÏÇÏd Ç r t S

‫عند ا‬

u M Ç vK U uM (¥²[µ) WzU*Ç v nB è æUM Ç tO Å U UC Ñu O dF ÓU Ã

‫تداول‬ ‫ل‬

mK *Ç ÏÇb tO o æU éc Ç a ÑU Ç s p Ð è ¬(è) WF Çd Ç ÉÏU*Ç v Ïb;Ç .ÏÇb Ç a ÑU v UNOK ÙÒUM *Ç m U *Ç èÃ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç Should a selected person decline or be unable to serve as arbitrator or should the position of arbitrator fall vacant prior to the decision called for, another person shall be chosen in the same manner provided in this paragraph. GANOPE and CONTRACTOR shall share equally the expenses of the arbitrator.

‫تروني‬ ‫لك‬

‫صورة إ‬

The arbitrator shall make his determination in accordance with the provisions of this paragraph, based on the best evidence available to him. He will review Oil sales contracts as well as other sales data and information but shall be free to evaluate the extent to which any contracts, data or information is substantiated or pertinent. Representatives of GANOPE and CONTRACTOR shall have the right to consult with the arbitrator and furnish him written materials provided the arbitrator may impose reasonable limitations on this right. GANOPE and CONTRACTOR each shall cooperate with the arbitrator to the fullest extent and each shall insure such cooperation of its trading companies. The arbitrator shall be provided access to Crude Oil sales contracts and related data and information which GANOPE and CONTRACTOR or their trading companies are able to make available and which in the judgment of the arbitrator might aid the arbitrator in making a valid determination.

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

(vi) Pending Market Price agreement by GANOPE and CONTRACTOR or determination by the arbitrator, as applicable, the Market Price agreed for the quarter preceding the quarter in question shall remain temporarily in effect. In the event either GANOPE or CONTRACTOR should incur a loss by virtue of the temporary continuation of the Market Price of the previous quarter, it shall promptly be reimbursed such loss by the other party plus simple interest at the LIBOR plus two and one - half percent (2.5%) per annum rate provided for in Article IV (f) from the date on which the disputed amount(s) should have been paid to the date of payment.

‫تداول‬ ‫ل‬

¹±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¹²

: (LPG) ϝΎγϣϟ΍ ϝϭέΗΑϟ΍ ίΎϏ ϭ ίΎϐϟ΍ (˻)

ÏÇÏd hB *Ç ÒUG Ç dF vK äèUI*Çè ÓU Å èà ÈuM 5 âUH Ç r -± âu K t u*Ç ¬b è æÅ ¬ ÏÇÏd Ç izU ÒU è ¬ ÌU Ç åU Çè nO UJ Ç U à . WOLM (ÏuI ) bI v Å WIDM*Ç q u% q è éÑU Ç áUA Ç bF vK;Ç . F oI;Ç dF U æuJ áu çd bB l u *Ç ÌU Ç åU Ç ÒU dF

nO UJ Ç ÏÇÏd U W U)Ç (LPG) äU *Ç äèd Ç ÒU hB Éb vK rOI - ² W UO èà äèUI*Ç è ÈuM W dF0 tKOGA - è TA Ãï qLF s W M*Ç ÌU Ç è äèd Ç ÒU qLF ÌÑU) cHM*Ç bMàà æU uO Çè æU èd K W M U p Ð è ¬ULNM äèUI*Ç è ÈuM oH r U Çc ) WO U Ç W ÏUFLK UI è ¬Ñu c*Ç (LPG) äU *Ç : (p Ð á vK Ñ È . , ¹µ

=åÈÚÓ

‫صورة إ‬

: ΙϳΣ W M U WKI ÉÑuB ÇÏb ) (LPG) äU *Ç äèd Ç ÒU dààF = å È Ú Ó Éb *Ç ÊU u Ç ÊÇÑ èb U uI éd s qJ (æU uO Çè æU èd K

‫تروني‬ ‫لك‬

.WOJ d _Ç

vK UO b Ç è UOKF Ç ÑUF _Ç 5 vD u Ç WLOIK WK L*Ç åU Ñ_Ç j u =

‫ة ال يع‬

V WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb ¬ éd s qJ dN Éd éb

Ñ È

W M U "d Çè ÒU v äÅ f " d dI v dNA Ç Çc ä sKF u U q UF ÊU Ïu ÌÑU (Èu ) WK UM Ç dN rOK æU uO Ç è æU èd K

‫تد بها‬

.j u *Ç d Ç Èd Ex-Ref /Stor d dJ Ç

åU à v ÑbB "d Çè ÒU v äÅ f " d dI æU ÇÐÅ U W U v è

‫عند ا‬

äULF U (Ñ È) WLO V % ¬ U dO æèÏ ÑuNA Ç s dN ä WMOF

‫تداول‬ ‫ل‬

dO s æU ÇÐÅ U Wàààààà U v è .U b è dNA Ç p Ð ä ÉÑuAM*Ç d ÑUI Ç ÒU v äÅ f " d dI dA åb V (Ñ È) WLO b b% ÙUD *Ç

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¹³

(2) Gas and LPG: (i) The Cost Recovery, Production Sharing and Excess Cost Recovery , if any, Gas Price for local market will be agreed upon between CONTRACTOR and GANOPE or EGPC or EGAS after the Commercial Discovery and before converting an area to a Development Lease(s). Production Sharing Gas Price for export will be valued at Netback Price. (ii) The Cost Recovery and Production Shares of (LPG) produced from a plant constructed and operated by or on behalf of GANOPE and CONTRACTOR shall be separately valued for Propane and Butane at the outlet of such LPG plant according to the following formula (unless otherwise agreed between GANOPE and PLPG =

‫صورة إ‬

CONTRACTOR): 0.95 PR

Where: in U.S. Dollars per metric ton.

‫تروني‬ ‫لك‬

PLPG = LPG price (separately determined for Propane and Butane)

‫ة ال يع‬

PR = The average over a period of a month of the gures representing

the mid-point between the high and low prices in U.S. Dollars per metric ton quoted in “Platt ’s LPGaswire ” during such month

‫تد بها‬

for Propane and Butane FOB Ex-Ref/Stor. West Mediterranean.

In the event that “Platt ’s LPGaswire ” is issued on certain days

‫عند ا‬

during a month but not on others, the value of (PR) shall be calculated using only those issues which are published during

‫تداول‬ ‫ل‬

such month. In the event that the value of (PR) cannot be determined because “Platt ’s LPGaswire ” is not published at all

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¹´

æUIH è äèUI*Çè ÈuM lL & ¬ÑuNA Ç s dN ä â Ç vààK "d Çè åb W U v è .éd _Ç ÉÑuAM*Ç ÑÏUB*Ç v Å Ùu d U (Ñ È) WLO vK WLO b b% ÙUD *Ç dO s æU ÇÐÅ èà ¬çcN ÉÑuAM ÑÏUB Ïu è vK æUIH è äèUI*Çè ÈuM lL & ¬d  V é_ o U* UI è (Ñ È) æU èd Ç) (LPG)äU *Ç äèd Ç ÒU WLO v Å Ùu d U (Ñ È) WLO .j u *Ç d Ç WIDM s "Èu " ÓU à vK tLOK r éc Ç (æU uO Çè rOK Ç r æà ÓU à vK (LPG)äU *Ç äèd Ç ÒUG rOOI Ç Çc åuI è .(³) (²) (à ) ÉdI WF U Ç ÉÏU*Ç v ÉÏb;Ç rOK Ç WDI v vK UN U r v Ç (LPG) äU *Ç äèd Ç ÒU è ÒUG Ç ÑUF à o D - ³ .dNA Ç fH ä u M Ç Çc

‫صورة إ‬

äU *Ç äèd Ç ÒU è ÒUG Ç s ÌU Çè nO UJ Ç ÏÇÏd Ç hB rOI - ´ èà ÈuM dO v Å äèUI*Çè ÈuM W dF0 ULNH dB r s cK Ç ¬(LPG) . (à ) ÉdI WF U Ç ÉÏULK Uë I ÓU Å èà W ON Ç

:Ε΍΅ΑϧΗϟ΍ (Ω)

‫ة ال يع‬

‫تروني‬ ‫لك‬

U u (¹°) 5F WO1uI WM nB q Áb q è) ÊUOKLF U WLzUI Ç W dA Ç bF v UL Å Ïb ÈuM è äèUILK t bI UO U ÇR M (rE M ÌU Å äèà bF q _Ç vK UN ØUH Ç è UN U Å sJ1 t à ÊUOKLF U WLzUI Ç W dA Ç ÑbI v Ç äèd Ç WOL WLOK Ç äu UI è ¬ÉÑu c*Ç WO1uI Ç WM Ç nB ä WO UH Ç çc vC I0 UNKI è .ÒUG Çè X e Ç W UM v WO d*Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

WM nB q v UN Q M *Ç WOLJ Ç ÌU Å W èU ÊUOKLF U WLzUI Ç W dA Ç vK è Z ÑUN v Å ÊUOKLF U WLzUI Ç W dA Ç W dF0 åU)Ç X e Ç qIM æà 5F è .WO1uI `zÇuK UI è qGA è æUB è åUI v Ç W d Ç s A Ç Ê ON v Å èà s e Ç ÖdG éd _Ç âdD U ÓUI èà éd *Ç ÓUOI U åU)Ç X e Ç UNO ÓUI è ¬ WO uJ(Ç W dF0 ÒUG Ç q UF è .WO UH Ç çc UN KD v Ç éd _Ç ÖÇd _Ç è ÉèU Ç ÈU Ç . (à ) WF U Ç ÉÏU*Ç åUJ _ UI è ÊUOKLF U WLzUI Ç W dA Ç

¹µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç during a month, GANOPE and CONTRACTOR shall meet and agree to the value of (PR) by reference to other published sources.

In the event that there are no such other published sources or if the value of (PR) cannot be determined pursuant to the foregoing for any other reason , GANOPE and CONTRACTOR shall meet and agree the value of (PR) by reference to the value of LPG (Propane and Butane) delivered FOB from the Mediterranean Area.

Such valuation of LPG is based upon delivery at the delivery point specied in Article VII (e) (2) (iii). (iii) The prices of Gas and LPG so calculated shall apply during the same month. (iv) The Cost Recovery and Production Shares of Gas and LPG disposed of by GANOPE and CONTRACTOR other than to EGPC or EGAS shall be valued pursuant to Article VII (e).

‫صورة إ‬

(d) Forecasts:

‫ة ال يع‬

‫تروني‬ ‫لك‬

Operating Company shall prepare (not less than ninety (90) days prior to the beginning of each calendar semester following rst regular production) and furnish in writing to CONTRACTOR and GANOPE a forecast setting out a total quantity of Petroleum that Operating Company estimates can be produced, saved and transported hereunder during such calendar semester in accordance with good Oil and Gas industry practices.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

Operating Company shall endeavor to produce each calendar semester the forecast quantity. The Crude Oil shall be run to storage tanks or offshore loading facilities constructed, maintained and operated according to GOVERNMENT Regulations, by Operating Company in which said Crude Oil shall be metered or otherwise measured for royalty, and other purposes required by this Agreement. Gas shall be handled by Operating Company in accordance with the provisions of Article VII (e).

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¹¶

:ϝϭέΗΑϟ΍ ϰϓ ϑέλΗϟ΍ (˰ϫ) tI éc Ç åU)Ç X e Ç qààà vK B æQ U e K è äèUI*Ç è ÈuM' o (±) u M Ç vK WLE M WHB ¬ UL ÏdH0 tO U dB è W d çÇÑbB è UààààààLNM q æà v o(Ç äèUILK è .WF U Ç ÉÏU*Ç s (È) ÉdIH Ç è (Ã) ÉdIHK UI Ïb;Ç WKOB p Ð v U0 UNOK qB v Ç äÇu _Ç lOààL ÌÑU)Ç v kH è äu ÈuM' WI *Ç m U *Ç Ïb b æuJààà æà ×dA p Ð è ¬ äèd Ç s t B lO .WF U Ç ÉÏU*Çè (²) (Ã) WF Uààà Ç ÉÏU*Ç V u0

‫تروني‬ ‫لك‬

‫صورة إ‬

ÊU UO Ç WN Çu* W u è_Ç vDF ¬ WO UH Ç çc v p c U Ïd U2 r d Ç vK è V u0 äèUI*Ç VOB s p Ð è WIDM*Ç s Z M*Ç åU)Ç X e Ç s .Ù.å.Ì âu

X e Ç p Ð ÁÇd v W u è_Ç o ÈuM' æuJ è ¬ WF U Ç ÉÏU*Ç s (È) ÉdIH Ç çÇd A*Ç åU)Ç X e Ç WOL d F è . (Ì) WF U Ç ÉÏULK UI è Ïb dF åU)Ç ë u M Ç Çc vK . WF U Ç ÉÏU*Ç s (È) ÉdIH Ç V u0 äèUI*Ç VOB s ÇÁe s åU)Ç X e Ç ÌU Å v UL Å l äèUI*Ç VOB s ÉÇd A*Ç WOLJ Ç pK V UM è æuJ è .ÁÇdA Ç W u èà v ÈuM o( UC à lC v Ç .Ù.å.Ì v åÇe Ç o UM éà èà WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb çÇd A*Ç WOLJ Ç pK WLOI ÈuM ÏÇb

. äèUI*Ç W dF0 ÌÑU K d(Ç q u K WK U éd à WKL

‫ة ال يع‬

5F Ñà è W L o ÑUD S ¬ äèUI*Ç dD áu ÈuM æà tOK oH *Ç s è ä UNzÇd ÏÇd*Ç WOLJ U ¬ WO1uI Ç WM Ç nB Áb q q _Ç vK U u (´µ) . (±) (à ) WààààF U Ç ÉÏU*Ç çcN UààààI è WàààM nààààBM Ç p Ð

: ΔϘρϧϣϟ΍ ϥϣ ϥϳΟΗϧϣϟ΍ (LPG)ϝΎγϣϟ΍ ϝϭέΗΑϟ΍ ίΎϏϭ ίΎϐϟ΍ ιΧϳ Ύϣϳϓ (˻)

‫تد بها‬

v c _Ç l ¬ÈuM U Ïb% UL WOK;Ç âu Ç ÊU UO U ÁU uK W u è_Ç vDF -± :WO Ç Ê U(Ç ÑU Ç

‫تداول‬ ‫ل‬

‫عند ا‬

ÌU Ç åU Ç ÒU s t B s Áe èà q n dB v äèUI*Ç W Ñ W U v vK V t S ¬WOK;Ç âu K çÏdH0 ¬b è æÅ ¬nO UJ Ç ÏÇÏd Ç izU ÒU è äuB(Ç tOK V UL ÒUG Ç d A è t UOL è ÒUG Ç dF ÈuM dD æÇ äèUI*Ç ..Ù .å .Ì v WB *Ç ÊUDK Ç WI Çu vK

¹·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(e) Disposition of Petroleum: (1) GANOPE and CONTRACTOR shall have the right and the obligation to separately take and freely export or otherwise dispose of, currently all of the Crude Oil to which each is entitled under Article VII (a) and (b). Subject to payment of sums due to GANOPE under Article VII (a) (2) and Article IX, CONTRACTOR shall have the right to remit and retain abroad all funds acquired by it including the proceeds from the sale of its share of Petroleum.

Notwithstanding anything to the contrary under this Agreement, priority shall be given to meet the requirements of the A.R.E. market from CONTRACTOR ’s share under Article VII ( b ) of the Crude Oil produced from the Area and GANOPE shall have the preferential right to purchase such Crude Oil at a price to be determined pursuant to Article VII ( c ) . The amount of Crude Oil so purchased shall be a portion of CONTRACTOR ’s share under Article VII (b). Such amount shall be proportional to CONTRACTOR ’s share of the total production of Crude Oil from the concession areas in the A.R.E. that are also subject to GANOPE ‘s preferential right to purchase. The payment for such purchased amount shall be made by GANOPE in U.S. Dollars or in any other freely convertible currency remittable by CONTRACTOR abroad.

It is agreed upon that GANOPE shall notify CONTRACTOR, at least forty-ve (45) days prior to the beginning of the Calendar Semester, of the amount to be purchased during such semester under this Article VII (e) (1).

(2) With respect to Gas and LPG produced from the Area: (i) Priority shall be given to meet the requirements of the local market as determined by GANOPE, taking into consideration the following cases:- In case CONTRACTOR elects to dispose all or part of its share of Production Sharing Gas and Excess Cost Recovery Gas, if any, by itself to local market, CONTRACTOR shall notify GANOPE of the Gas price, Quantities and Gas buyer and shall also obtain the competent authorities ’ approval in A.R.E..

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¹¸

UF äèUI*Çè ÓU Ç/ W ON Ç /ÈuM èà ÓU Ç/ W ON Ç /ÈuM âUH Ç W U v vK äuB(Ç ULNOK V t S (LPG) äU *Ç äèd Ç ÒU èà ÒUG Ç d bB vK .d bB K WBB *Ç WOLJ Çè dF Ç vK .Ù.å.Ì v WB *Ç ÊUDK Ç WI Çu ádB Ç æuJ ¬ÒUGK W d A*Ç v ÓU Åèà W ON Ç èà ÈuM æu W U v -² WK u ÒUG Ç lO ÏuI vC I0 ¬tO UF 5 u UL WOK;Ç âÇu ÒUG Ç v ÓU Å èà W ON Ç èà ÈuM è (5FzU ULN HB ) äèUI*Çè ÈuM 5 åd q _Ç .(d A UN HB ) 5 *Ç rOK Ç æUJ v ÒUG Ç rOK (5FzU ULN HB ) äèUI*Çè ÈuM åe K è lO Ç ÖÇd _ p Ðè éd *Ç ÓUOI Ç WI dD ÒUG Ç Çc ÓUO r YO ¬wK ULO : WO UH Ç çc UN KD v Ç éd _Ç ÖÇd _Ç s p Ð dO è ÉèU Çè

‫صورة إ‬

¬ÒUG Ç Çc W'UF* (LPG)äU *Ç äèd Ç ÒUG qLF ÁUA Å åb W U v - à WIDM VO U à j ÁUI Ç bM æuJ v Ç WDIM Ç v ¬ rOK Ç WDI æuJ u UL WO uI Ç ÒUG Ç VO U à ×uD WJ vK tDI Èd Q WOLM Ç bI ÈuM 5 tOK âUH Ç r UL èà ¬ WO UH Ç çc v "è" o K*Ç v `{u .p c U äèUI*Ç è

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

r ¬ÒUG Ç Çc W'UF* (LPG)äU *Ç äèd Ç ÒUG qLF ÁUA Å W U v - È cHM*Ç bM éd *Ç ÓUOI Ç WI dD lO Ç è rOOI Ç ÖdG ¬ÒUG Ç p Ð ÓUO ¬ åuI áu äèUI*Ç æà dO ¬Çc (LPG)äU *Ç äèd Ç ÒU qLF ÌÑU) qLF ÌÑU) cHM*Ç bM r áu éd *Ç ÓUOI Ç æà WIOI s dEM Ç ádB ÁUA S ÊUOKLF U WLzUI Ç W dA Ç ä s ¬ (LPG)äU *Ç äèd Ç ÒU äèd Ç ÒU qLF ÌÑU) cHM*Ç sàààà Z UF*Ç ÒUG Ç qIM V UM VO U à j ÒUG Ç VO U à ×uD) WO uI Ç WJ A Ç vK WDI Èd à v Å (LPG)äU *Ç vK âUH Ç r UL èà WO UH Ç çc v "è" o K*Ç v `{u u UL p Ð è Çc VO U _Ç j) ÈuM pK 9 è . äèUI*Çè ÈuM 5 p Ð á ÊU èdBL äèUI*Ç WD Çu Ïd è t HKJ äu9è ¬(Ã) WM U Ç ÉÏULK UI è .WF U Ç ÉÏULK UI è WOLM

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

¹¹ -

In case GANOPE /EGPC/EGAS or GANOPE /EGPC/EGAS and CONTRACTOR export Gas or LPG jointly, they should obtain the A.R.E. competent authorities ’ approval on the price and quantities allocated for export.

(ii) In the event that GANOPE or EGPC or EGAS is to be the buyer of Gas, the disposition of Gas to the local markets as indicated above shall be by virtue of long term Gas Sales Agreements to be entered into between GANOPE and CONTRACTOR (as sellers) and GANOPE or EGPC or EGAS (as buyer).

GANOPE and CONTRACTOR (as sellers) shall have the obligation to deliver Gas to the following point where such Gas shall be metered for sales, royalty, and other purposes required by this Agreement:

‫تروني‬ ‫لك‬

‫صورة إ‬

(a) In the event no LPG plant is constructed to process such Gas, the delivery point shall be at the ange connecting the Development Lease pipeline to the nearest point on the National Gas Pipeline Grid System as depicted in Annex “F ” hereto, or as otherwise agreed by GANOPE and CONTRACTOR.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

(b) In the event an LPG plant is constructed to process such Gas, such Gas shall, for the purposes of valuation and sales, be metered at the outlet to such LPG Plant. However, notwithstanding the fact that the metering shall take place at the LPG Plant outlet, CONTRACTOR shall through the Operating Company build a pipeline suitable for transport of the processed Gas from the LPG Plant outlet to the nearest point on the National Gas Pipeline Grid System as depicted in Annex “F ” hereto, or otherwise agreed by GANOPE and CONTRACTOR. Such pipeline shall be owned in accordance with Article VIII (a) by GANOPE , and its cost shall be nanced and recovered by CONTRACTOR as Development Expenditures pursuant to Article VII.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±°°

äèd Ç ÒUG qLF ÁUA Å 5F æU ÇÐÅ U d dI UF äèUI*Çè ÈuM ÑèUA -³ Z M ÒU éà s (LPG)äU *Ç äèd Ç ÒU ÌÇd Ç ÖdG (LPG)äU *Ç Çc ÁUA Å äèUI*Ç è ÈuM ÊÑdàààààà ÇÐÅ U W U v è ¬WO UH Ç çc V u0 vK rOK Ç WDI s ¬æUJ Ç ÑbI ¬ U d qLF*Ç Çc æuJ æà 5F O ¬qLF*Ç ÒU rOK r è .(²) (²) (àà ) WF U Ç ÉÏU*Çè WO U Ç ÉÏU*Ç s Ïb;Ç u M Ç UN KD v Ç ÖÇd _Ç s çdO è ÉèU Ç ÈU Ç ÖdG (LPG)äU *Ç äèd Ç Ïd è (LPG) äU *Ç äèd Ç ÒU qLF ÌÑU) cHM*Ç bM ¬WO UH Ç çc WO UH Ç çc ÕuBM UI è Çc (LPG)äU *Ç äèd Ç ÒUG qLF éà nO UJ . ÏÇÏd U qO F Ç vK äèd Ç d Òè o Çu r U

‫صورة إ‬

vC I0 ¬ ÑU ààà æà v o àààààààà Ç (d A UN HB ) ÓU èà W ONK èà ÈuM' -´ ¬(5FzU ULN HB ) äèUI*Çè ÈuM' tK d U u (¹°) 5F o v U ÑUD Å

‫تروني‬ ‫لك‬

lO bI tKLA éc Ç ÒUG Ç s ¬Uë MO (²) èà ÇbI (±) r O l b Ç æU ÇÐÅ U ÓU Å èà W ON Ç èà ÈuM è (5FzU ULN HB ) äèUI*Çè ÈuM 5 åd *Ç ÒUG Ç

‫ة ال يع‬

QAM qLF sààà Z M*Ç (LPG)äU *Ç äèd Ç ÒU Çc è (d A UN HB ) s (Ì) ÉdIHK UI è rOI u UL ¬ULNM W UO èà äèUI*Çè ÈuM W dF0 qGA è

‫تد بها‬

åU Çè nO UJ Ç ÏÇÏd Ç åUJ Ã vC I0 äèUI*Ç tI éc Çè ¬WF U Ç ÉÏU*Ç .WO UH Ç çc v WF U Ç ÉÏU*U tOK ÕuBM u UL ÌU Ç

‫عند ا‬

¬ (d A UN HB ) ÓU Å èà W ON Ç èà ÈuM W dF0 ¬ ÇbI ÊU u b*Ç æuJ è

‫تداول‬ ‫ل‬

¬ÌÑU)Ç v Å UNK u% äèUILK sJ1 v Ç WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb è .Ùu{u*U oKF *Ç ÒUG Ç lO bI v UNOK hM ÊÇd vK p Ðè

±°±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(iii) GANOPE and CONTRACTOR shall consult together to determine whether to build an LPG plant for recovering LPG from any Gas produced hereunder. In the event GANOPE and CONTRACTOR decide to build such a plant, the plant shall, as is appropriate, be in the vicinity of the point of delivery as determined in Article II and Article VII (e) 2 (ii). The delivery of LPG for, royalty and other purposes required by this Agreement shall be at the outlet of the LPG plant. The costs of any such LPG plant shall be recoverable in accordance with the provisions of this Agreement unless the Minister of Petroleum agrees to accelerated recovery. (iv) GANOPE or EGPC or EGAS (as buyer) shall have the option to elect, by ninety (90) days prior written notice to GANOPE and

‫صورة إ‬

CONTRACTOR (as sellers), whether payment for the Gas which is subject to a Gas Sales Agreement between GANOPE and

‫تروني‬ ‫لك‬

CONTRACTOR (as sellers) and GANOPE or EGPC or EGAS (as

buyer) and LPG produced from a plant constructed and operated by or on behalf of GANOPE and CONTRACTOR, as valued in

‫ة ال يع‬

accordance with Article VII (c), and to which CONTRACTOR

is entitled under the Cost Recovery and Production Sharing cash or 2) in kind.

‫تد بها‬

provisions of Article VII, of this Agreement, shall be made 1) in

‫عند ا‬

Payments in cash shall be made by GANOPE or EGPC or EGAS (as buyer) at intervals provided for in the relevant Gas

‫تداول‬ ‫ل‬

Sales Agreement in U.S. Dollars, remittable by CONTRACTOR abroad.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±°²

v Ç (LPG)äU *Ç äèd Ç ÒU è ÒUG Ç WLO q u WOMOF Ç ÊU u b*Ç V % äèUI*Ç UNOK qB v Ç åU)Ç X e Ç qO Çd s UN ÏUF U v Å äèUI*Ç UNI c _Ç æuJ ¬áU dO Çc åU)Ç X e Ç æU ÇÐÅ èà ¬ WIDM*Ç s X u Ç fH v éà s èà äèUILK WF U Ç éd _Ç åÇe Ç o UM s Ìd *Ç åU)Ç X e Ç s X e Ç s çdO v Å åU)Ç X e Ç Çc áUC è .tOK oààH UL éd à o UM W ÏUF*Ç qO Çd Ç çc V % è WO UH Ç çc vC I0 çc à äèUILK o éc Ç åU)Ç åU)Ç X e Ç rOOI WIKF *Ç è WF U Ç ÉÏU*Ç s (Ì) ÉdIH Ç ÕuB ÓU à vK . nO UJ Ç ÏÇÏd hB *Ç :ϥ΃ ρέΗηϳϭ

‫صورة إ‬

ÊÇÑ èb ÇbI ¬ åÇèb Ç vK (LPG)äU *Ç äèd Ç ÒU è ÒUG Ç WLO ÏÇb æuJ (à à ) W U v p Ð è ÌÑU)Ç v Å UNK u% äèUILK sJ1 v Ç WOJ d _Ç Éb *Ç ÊU u Ç .tO UF tOK ÕuBM u UL q u K ÍU *Ç åU)Ç X e Ç s vHJ U d u åb UI Uë MO ¬åÇèb Ç vK (LPG)äU *Ç äèd Ç ÒU è ÒUG Ç WLO ÏÇb æuJ (È È) .ÇbI l b U ÈuM åUO åb W U v p Ðè ¬ tO UF ÁU U*

‫ة ال يع‬

‫تروني‬ ‫لك‬

æuJàààààààà U bM ¬ (UMO èà ÇbI X U ÁÇu ) äèUILK WI *Ç ÊU u b*Ç ÌÑb äèUI*Ç æUO äèUI*Ç tI éc Ç nO UJ Ç ÏÇÏd hB *Ç äèd U WIKF ÏÑÇè u UL nO UJ Ç ÏÇÏd hB *Ç äèd Ç è nO UJ Ç ÏÇÏd U ÕU)Ç .WO UH Ç çcN "à " o K*Ç s WF Çd Ç ÉÏU*U

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

q _Ç q u ÇbI (d A UN HB ) ÓU Å èà W ON Ç èà ÈuM åÇd Å åb W U v -µ s ÊÇuM (´) l Ñà ä (5FzU ULN HB ) äèUI*Çè ÈuM l ÒUG Ç lO o(Ç äèUI*Çè ÈuM' æuJ ¬ W U Ç ÉÏULK UI è ÒUGK WOLM Ç bI ÏUL Ç a ÑU UN QA vD à v Ç (LPG) äU *Ç äèd Ç ÒU è ÒUG Ç WOL vK äuB(Ç v ÒU è ÒUG Ç d bB p Ðè W d(Ç oKD0 UNO ádB Çè éÑU Ç áUA U ÑUD Å ÊUDK Ç WI Çu vK äuB(Ç ×dA p Ðè s Ñu c*Ç (LPG) äU *Ç äèd Ç ÒUG èà ÒUG Ç ÇcN ÓU Å/ W ON Ç/ ÈuM ÌUO Ç åb Çc è p Ð vK WB *Ç . vK;Ç âu Ç ÊU UO Ç ÁUHO (LPG) äU *Ç äèd Ç

±°³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç Payments in kind shall be calculated by converting the value of Gas and LPG to which CONTRACTOR is entitled into equivalent Barrels of Crude Oil to be taken concurrently by CONTRACTOR from the Area, or to the extent that such Crude Oil is insufcient, Crude Oil from CONTRACTOR ’s other concession areas or such other areas as may be agreed. Such Crude Oil shall be added to the Crude Oil that CONTRACTOR is otherwise entitled to lift under this Agreement. Such equivalent Barrels shall be calculated on the basis of the provisions of Article VII (c) relating to the valuation of Cost Recovery Crude Oil.

Provided that: (aa) Payment of the value of Gas and LPG shall always be made in cash in U.S. Dollars remittable by CONTRACTOR abroad to the extent that there is insufcient Crude Oil available for conversion as provided for above.

‫صورة إ‬

(bb) Payment of the value of Gas and LPG shall always be made in kind as provided for above to the extent that payments in cash are not made by GANOPE .

‫ة ال يع‬

‫تروني‬ ‫لك‬

Payments to CONTRACTOR (whether in cash or kind), when related to CONTRACTOR ’s Cost Recovery Petroleum, shall be included in CONTRACTOR ’s Statement of Recovery of Costs and of Cost Recovery Petroleum referred to in Article IV of Annex “E ” of this Agreement.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

(v) Should GANOPE or EGPC or EGAS (as buyer) fail to enter into a long-term Gas Sales Agreement with GANOPE and CONTRACTOR (as sellers) within four (4) years from the approval date of a Gas Development Lease pursuant to Article III, GANOPE and CONTRACTOR shall have the right to take and freely dispose of the quantity of Gas and LPG in respect of which the notice of Commercial Discovery is given by exporting such Gas and LPG , subject to the approval of the competent authorities and in case GANOPE /EGPC/EGAS is not in need for such Gas or LPG to meet the needs of domestic markets.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±°´

ÒUG Ç s t B lO ÊÇbzUF ÌÑU)Ç v W d kH èà äu æà äèUILààààK o -¶ .ç à (µ) WO dH Ç ÉdIHK UI è ULNH dB - s cK Ç (LPG)äU *Ç äèd Ç ÒU è äèd Ç ÒU è ÒUGK Ïb 5 M äu vK äèUI*Ç è ÈuM âUH Ç W Uàà v -· Á R vààààK U Çe æuJ ¬ d bB K ÑU ÙèdA vààààà W ÑUALK (LPG)äU *Ç .- éc Ç ÑUL Ç v nBM è äÏU VOBM WL U *Ç 5 M*Ç (²) (à ) WF U Ç ÉÏU*U UNO Å ÑUA*Ç ÊÇuM (´) l Ñ_Ç Éd ÁUCI Ç bM ( à à ) -¸ ÊUO UO Ç d bB âu ÏU W uIF*Ç çÏuN äc æQàà äèUI*Ç åe K ¬ (µ) .ÒUG Ç W UN bM ÒUG Ç lO ÇbI äèUI*Çè ÈuM åÇd Å åbààààààààààà W Uàààà v (È È) ¬ (µ) (²) (à ) WF U Ç ÉÏU*Ç vààààà UNO Å ÑUA*Ç ÊÇuM (´) l Ñ_Ç Éd Éd H Ç pK ä ÈuM äèU%è (Ì Ì) (¸) (²) (àà ) WF U Ç ÉÏUààààLK UI è . ÒUG Ç ÊUO UO âu ÏU Å

‫صورة إ‬

(²) 5 M v éd à Éd H ÒUG Ç p Ð v UO Ç v t uI äèUI*Ç kH

‫تروني‬ ‫لك‬

ë äèUI*Ç è ÈuM åÇd Å åb è ÒUGK äèUI*Ç è ÈuM d bB åb W U v (Ì Ì) ÇbI (²) (à ) WF U Ç ÉÏU*Ç vC I0 ¬ ÓU Å / W ON Ç/ ÈuM l ÒUG Ç lO

d F ¬ ÒUGK WOLM Ç bI ÏUL Ç a ÑU s ÊÇuM (¶) X ÁUCI Ç q

‫ة ال يع‬

q I r è UN QA ÑUD Ç vD Ã v Ç ÒUG Ç ÊUO UO Ç s ÒUM äèUI*Ç

a ÑU s dN Ã (¶) W ä v ÈuM s ÒUG Ç lO bIF U{d äèUI*Ç

‫تد بها‬

åbI*Ç ÒUG Ç lO bI v ÑU Ç v c R æà ×dA ÖdF Ç p Ð .bI

WL U *Ç o UM*Ç v ÒUG Ç lO ÏuI l V UM v Ç ÒUG Ç ÑUF Ã äèUILK

‫عند ا‬

U ÑU& bIF Ç ` B vJ æÇe)Ç oL è çUO*Ç oL YO s dB0 WK UL*Ç èÃ/è

‫تداول‬ ‫ل‬

:p Ð qLA è

. UO U rOK äbF -

±°µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(vi) The proceeds of sale of CONTRACTOR ’s share of Gas and LPG disposed of pursuant to the above sub-paragraph (v) may be freely remitted or retained abroad by CONTRACTOR. (vii) In the event GANOPE and CONTRACTOR agree to accept new Gas and LPG producers to join in an ongoing export project, such producers shall have to contribute a fair and equitable share of the investment made. (viii) (aa) Upon the expiration of the four (4) year period referred to in Article VII (e) (2) (v), CONTRACTOR shall have the obligation to exert its reasonable efforts to nd an export market for Gas reserves. (bb) In the event at the end of the four (4) year period referred to under Article VII (e) (2) (v), CONTRACTOR and GANOPE have not entered into a Gas Sales Agreement, CONTRACTOR shall retain its rights to such Gas reserves for a further period up to two (2) years, subject to Article VII (e) (2) (viii) (cc), during which period GANOPE shall attempt to nd a market for Gas reserves. (cc) In the event that GANOPE and CONTRACTOR are not exporting the Gas and GANOPE & CONTRACTOR have not entered into a Gas Sales Agreement with GANOPE /EGPC / EGAS pursuant to Article VII (e) (2) prior to the expiry of six (6) years from the approval date of a Gas Development Lease, it shall be considered that CONTRACTOR has assigned the Gas reserves in respect of which such notice has been given. And CONTRACTOR does not accept an offer of a Gas Sales Agreement from GANOPE within six (6) months from the date such offer is made provided that the Gas Sales Agreement offered to CONTRACTOR shall take into consideration Gas prices commensurate with Gas Sales Agreements in the adjacent and/or comparable Areas in Egypt in terms of water depth and the reservoir depth to enable a commercial contract including: - A sufcient delivery rate.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±°¶

WDI bM WO uI Ç ÒUG Ç VO U à ×uD WJ åUE v äu bK rOK jG{ . rOK Ç VKD èà o D u U2 W Çd b à rK *Ç ÒUG Ç WO u ÊUH Çu æuJ à . WO uI Ç ÒUG Ç VO U à ×uD WJ åUEM . ÒUG Ç ÊUFO WO UH Ç v ÉÏb v UL ÒUG Ç ÑUF à (à ) WF Uààà Ç ÉÏULK UI è ÒUG Ç lO ÇbI äèUàààI*Ç åÇd Å åb Wààà U vààà (Ï Ï) ÁUN Ç bM U ÑU& ÒUàààG Ç Çc v ádB K Wààà u I WD bààà rààà èà (²) oH à ÇÐÅ èà ÒUàààGK WOLM Ç bàààI ÏUàààL Ç a ÑU sààà ÊÇuMààà (¶) Xààà

(¶) Xààà W UN bM ÒUG Ç v ádB Ç vK ÈuM l âUH Ç v äèUI*Ç áUA Ç - v Ç çc WOLM Ç (ÏuI ) bI s ÈuM' äèUI*Ç äÒUM ÊÇuM

.UN ÒUG Ç

‫صورة إ‬

æU ÇÐÅ ÒUGK éÑU& áUA Ç vK f R WOLM bI s äÒUM U äèUI*Ç åe K -¹ .WOLM Ç bI ÊÇÐ v W ÑU& ÊUOLJ nA à b åU)Ç X e Ç

‫تروني‬ ‫لك‬

:ΕΎϳϠϣόϟ΍ (ϭ) âuI W Ã ÉÏu VI WOLM Ç bI WIDM fH v ÒUG Ç v t uI äèUI*Ç kH Ç ÇÐÅ

X e Ç v t uI äèUI*Ç kH Ç ÇÐÅ èà ¬ WO UH Ç çc vC I0 ÈuM' åU)Ç X e Ç v

‫ة ال يع‬

çc vC I0 ÒUG Ç v t uI s vK Ç VI WOLM Ç bI WIDM fH v åU)Ç æuJ v Ç t G Ç èà äèd Ç s Y K ÊUOKLF åUOI Ç Òu t S ¬ WO UH Ç

‫تد بها‬

Å (W U(Ç æuJ UL ÒUG Ç èà X e Ç s ) UNM vK Ç - èà ÊbO à b tO âuI(Ç

r U ¬U b è ÈuM s W UO p Ð v u v Ç jI ÊUOKLF U WLzUI Ç W dA Ç W dF0

‫عند ا‬

.p Ð á vK ÈuM è äèUI*Ç o Çu :ΕϼϗΎϧϟ΍ ϥΣη ΔϟϭΩΟ (ί)

‫تداول‬ ‫ل‬

ÊÇÁÇd Å vK âUH éÑU Ç ÌU Ç Áb q äuIF X è v äèUI*Ç è ÈuM lL & .UNOK oH *Ç d bB Ç WDI s Ê UM Ç tM A U W èb'

±°·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç - Delivery pressure to enter the National Gas Pipeline Grid System at the point of delivery.

- Delivered Gas quality specications not more stringent than those imposed or required for the National Gas Pipeline Grid System.

- The Gas prices as specied in the Gas Sales Agreement.

(dd) In the event that CONTRACTOR has not entered into a Gas Sales Agreement pursuant to Article VII (e) (2) or otherwise found an acceptable scheme for commercial disposal of such Gas , at the time of the expiration of six (6) years from the approval date of a Gas Development Lease or failing agreement with GANOPE on Gas disposal at the expiration of six (6) years , CONTRACTOR shall surrender to GANOPE such Development Lease (s) in which Gas discovery is made.

‫صورة إ‬

(ix) CONTRACTOR shall not be obligated to surrender a Development Lease based on a Commercial Gas Discovery, if Crude Oil has been discovered in commercial quantities in the same Development Lease. (f) Operations:

‫عند ا‬

(g) Tanker Scheduling:

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

If following the reversion to GANOPE of any rights to Crude Oil hereunder, CONTRACTOR retains rights to Gas in the same Development Lease, or if, following surrender of rights to Gas hereunder, CONTRACTOR retains rights to Crude Oil in the same Development Lease, operations to explore for or exploit the Petroleum, the rights to which have reverted or been surrendered (Oil or Gas as the case may be) may only be carried out by Operating Company which shall act on behalf of GANOPE alone, unless CONTRACTOR and GANOPE agree otherwise.

‫تداول‬ ‫ل‬

At a reasonable time prior to the commencement of Commercial Production GANOPE and CONTRACTOR shall meet and agree upon a procedure for scheduling tanker lifting from the agreed upon point of export.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±°¸

WM U « … œU*« ϝϭλϷ΍ ΔϳϛϠϣ ÏÇÏd Ç vK UNKL è UNJK9è äèUI*Ç UNOK qB v Ç äu _Ç W UJ Uë J U ÈuM ` B (Ã) UI è ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç UN åuI v Ç ÊUOKLF U WIKF *Ç nO UJ Ç -: vK U* . UNzÇd Ïd 0 ÈuM' W uK2 v{ÇÑ_Ç ` B -± ÈuM v Å äèUI*Ç s Uë O Ñb è ë UOzUIK W uIM*Çè W U Ç äu _Ç WOJK qI M -² WOJK æà dO ¬ WF U Ç ÉÏU*Ç ÕuBM Uë I è ÏÇÏd Ç dBMF WF{U ` B YO æuJ U bM ÈuM v Å äèUI*Ç s Uë OzUIK qIM WK U W uIM*Çè W U Ç äu _Ç èà ¬ WF U Ç ÉÏU*Ç ÕuBM Uë I è q UJ U äu _Ç çc WHKJ Ïd à b äèUI*Ç ÊUOKLF Ç vK WKL;Ç äu _Ç W UJ oKF ULO p Ðè WO UH Ç çc ÁUCI Ç bM

‫صورة إ‬

. o à 5 ÑU Ç éà ¬ Ïd r åà ÊÏd Ç X U à ÁÇu

‫تروني‬ ‫لك‬

ÈuM ÑUD S ÊUOKLF U WLzUI Ç W dA Ç åuI èà ÈuM ÑUD S äèUI*Ç åuI WLOI U WO1uI WM l Ñ q W UN s Uë u (³°) 5 æuC v äèUI*Çè . WO1uI WM l Ñ q ÁUM à Êb Ç v Ç äu W d b Ç

‫ة ال يع‬

èà ÈuM WD Çu UN K Ïd 0 p Ðè ÈuM v Å WOMH Ç ÊU UO Çè ÊUMOF Ç q qI M -³ .WO UH Ç çc ÁUN Ç bM

‫تد بها‬

çc æU dàààà Ébàààààà ä àààààà ÊUàààOKLF U WLzUI Ç W dàààA Çè äèUààààILK è ÈuàààM' æuààààJ (È) äu _Ç W UJ q UJ U ÇèbOH ààà è ÇuKLF ààà æà v o(Ç U b b& Ébàààà è WàààO UH Ç

‫عند ا‬

çc vC I0 éd& v Ç ÊUOKLF Ç ÖÇdààà _ p Ðè tO UF UNO Å ÑUàààA*Ç W uIM*Çè Wààà U Ç W uààà Ç éd&è . áÇd _Ç UN d éd à v èd åÇe Ç WO UH Ç éà vC I0 èà WO UH Ç

‫تداول‬ ‫ل‬

Å äu _Ç çcààà v U dB Ã ÈuàààM è äèUI*Ç vàààK 5àààF è . Wààà Ò Ç WO ààà U;Ç . Uë F ULN UH U

±°¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ARTICLE VIII TITLE TO ASSETS

(a) GANOPE shall become the owner of all CONTRACTOR acquired and owned assets which assets were charged to Cost Recovery

by CONTRACTOR in connection with the operations carried out

by CONTRACTOR or Operating Company in accordance with the following: (1) Land shall become the property of GANOPE as soon as it is purchased.

‫صورة إ‬

(2) Title to xed and movable assets shall be transferred automatically and gradually from CONTRACTOR to GANOPE as they become subject to recovery in accordance with the provisions of Article VII; however the full title to xed and movable assets shall be transferred automatically from CONTRACTOR to GANOPE when its total cost has been recovered by CONTRACTOR in accordance with the provisions of Article VII or at the time of termination of this Agreement with respect to all assets chargeable to the operations whether recovered or not, whichever rst occurs.

‫تروني‬ ‫لك‬

The book value of the assets created during each calendar quarter shall be communicated by CONTRACTOR to GANOPE or by Operating Company to GANOPE and CONTRACTOR within thirty (30) days of the end of each quarter.

‫تد بها‬

‫ة ال يع‬

(3) All samples and technical data shall be transferred to GANOPE, EGPC upon GANOPE ’ s request or at the termination of the Agreement.

‫تداول‬ ‫ل‬

‫عند ا‬

(b) During the term of this Agreement and the renewal period GANOPE, CONTRACTOR and Operating Company are entitled to the full use and enjoyment of all xed and movable assets referred to above in connection with operations hereunder or under any other Petroleum concession agreement entered into by the Parties. Proper accounting adjustment shall be made. CONTRACTOR and GANOPE shall not dispose of the same except with agreement of the other.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±±°

LF è .Ù.å.Ì v Å ÇÏÑu æà v W d(Ç ÊUOKLF U WLzUI Ç W dA Çè äèUILK æuJ (Ì) v WO d*Ç WLOK Ç äu Uë I ÉÑU Ç èà dO Q U ÁÇu ÊÇbF*Çè Ê Ç UNO v Ç V U(Ç ÊÇbF ÑU Ç dB(Ç äU *Ç qO vK p Ð qLA è ¬W UMB Ç . äULF Ç p Ð s ÁUN Ç bF U ÇÑbB æà v W d(Ç ULN æuJ è ¬t Çd è WF U « … œU*« ΢˰˰˰˰˰˰ϧϣϟ΍ qàààJ W uJ(Ç ÏUL Ç a ÑU bM äÒUM W M ÈuM vààààà Å äèUI*Ç uC / äèUI*Ç l b (Ã) W ÏU(Ç ÉÏULK UI è tO Å äÒUM éà v Å äèUI*Ç ÁUC à s uC éà t KD äÒUM -: vK UL s dAF Çè t U Çèè t ÇÒUO Çè t uI s Áe èà q s äèUI*Ç uC /äèUI*Ç äÒUM W U v -± uC /äèUI*Ç ÊÇc WF U Ç W dA Ç á ) tO Å äÒUM éà v Å t U Çe Çè

‫صورة إ‬

uC /äèUI*Ç l b .(U b r UL ) Y Ç ÊÇd s Éd éÃ ä ¬(äèUI*Ç ë ÈuM' äèUI*Ç t LO v äÏUF WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb ÇÑë bI UGK

‫تروني‬ ‫لك‬

W ÑU'Ç Y Ç Éd H WO U*Ç ÊU Çe Ç v UL Å s (¥±°) WzU*Ç v ÉdA W .UNM äÒUM *Ç WB K UIë è äÒUM Ç UNO r v Çè

t ÇÒUO Çè t uI s Áe èà q s äèUI*Ç uC / äèUI*Ç äÒUM W U v è -²

‫ة ال يع‬

/äèUI*Ç ÊÇc WF U Ç W dA Ç á ) tO Å äÒUM éà v Å t U Çe Çè t U Çèè

ÈuM' äèUI*Ç uC /äèUI*Ç l b ¬U ÏÇb Ç èà WOLM Ç Éd ä ¬(äèUI*Ç uC ë WzU*Ç v ÉdA W äÏUF WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb ÇÑë bI UGK

‫تد بها‬

-: v U Ç u M Ç vK æuJ æà sJ1 v Çè äÒUM Ç WIH WLO s (¥±°)

‫عند ا‬

èà ¬ äÒUM *Ç v Å tO Å äÒUM *Ç s W u b*Ç WO U*Ç WLOI Ç èà ¬ WOLM Ç WD / WOMH Ç qLF Ç Z Çd WO U*Ç ÊU Çe Ç -

‫تداول‬ ‫ل‬

o UM sààààà tààààààO Å äÒUM *Çè äÒUM *Ç sàààààO W ÏU *Ç ÊUO UO WO U*Ç WLOI Ç èà ¬ WOLM Ç (ÏuI ) bI

±±±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(c) CONTRACTOR and Operating Company may freely import into the A.R.E., use therein and freely export at the end of such use, machinery and equipments which they either rent or lease in accordance with good industry practices, including but not limited to the lease of computer hardware and software.

ARTICLE IX BONUSES (a) CONTRACTOR/CONTRACTOR Member shall pay to GANOPE as an Assignment Bonus on the date of the GOVERNMENT ’s approval of each assignment requested by any of the CONTRACTOR Members to any assignee, pursuant to Article XXI, as follows:1- During any Exploration period (as it may be extended), CONTRACTOR / CONTRACTOR Member assigns in whole or in part of its rights, privileges, duties and obligations to any assignee ( other than an Afliated Company of the same CONTRACTOR /CONTRACTOR Member), CONTRACTOR/CONTRACTOR Member shall pay to GANOPE the sum equivalent to ten percent (10%) valued in U.S. Dollars of the total nancial commitment of the then current Exploration period during which the assignment is made and according to the assigned percentage.

2- During the Development period or its extensions, in case CONTRACTOR / CONTRACTOR Member assigns in whole or in part of its rights, privileges, duties and obligations to any assignee (other than an Afliated Company of the same CONTRACTOR / CONTRACTOR Member), CONTRACTOR/CONTRACTOR Member shall pay to GANOPE the sum equivalent to ten percent (10%), valued in U.S. Dollars, of the value of each assignment deal which could be any of the following: • The nancial value to be paid by the Assignee to the Assignor ; or • The nancial commitments for technical programs/Development plan; or • The nancial value of the reserves , to be swapped between the Assignor and the Assignee from the Development Lease(s) areas; or

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±±²

èà ¬ tO Å äÒUM *Çè äÒUM *Ç 5 W ÏU *Ç W B _Ç èà / è rN WO U*Ç WLOI Ç . tM ÍUB Ç r ÊUIHB Ç s d  Ùu éà t U Çèè t ÇÒUO Çè t uI s Áe èà q s äèUI*Ç uC /äèUI*Ç äÒUM W U v -³ uC /äèUI*Ç ÊÇc WF U Ç W dA Ç á ) tO Å äÒUM éà v Å t U Çe Çè /äèUI*Ç l b ¬WOLM bI `M bF è Y Ç ÊÇd s Éd éÃ ä ¬(äèUI*Ç ë ÈuM' äèUI*Ç uC v äÏUF WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb ÇÑë bI UGK .ç à (²) ¬ (±) v Ñu c u U ÙuL t LO :WO U Ç `M*Ç oO D r ç à (Ã) ÉdIH U ÏÑÇu Ç äÒUM Ç W U v ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (±°°[°°°) n à WzU mK ÈuM' äèUI*Ç l b (± q vK WI Çu*Ç bM WOLM ÙUD q s WOLM bI W ML WOJ d _Ç Éb *Ç .WOLM bI

‫صورة إ‬

ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (±[°°°[°°°) æuOK mK ÈuM' äèUI*Ç l b (²

‫تروني‬ ‫لك‬

Éd äèUI*Ç äu Ï vK WI Çu*Ç bM WOLM bI ÏÇb Ç W ML WOJ d _Ç Éb *Ç .(È È) (³) (Ï) ÉdI W U Ç ÉÏULK UIë è ÊÇuM (µ) WG U Ç ÏÇb Ç

s Ñ èÏ (²°°[°°°) n à v zU mK ÈuM' äèUI*Ç uC /äèUI*Ç l b (³

‫ة ال يع‬

s äèUI*Ç uC èà äèUI*Ç äÒUM W U v WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ

ÊÇc WF U W d v Å t U Çe Ç èà t U Çè èà t ÇÒUO Ç èà t uI s Áe èà q

‫تد بها‬

.äÒUM VK qJ W uJ(Ç ÏUL Ç a ÑU v äèUI*Ç uC /äèUI*Ç

ë ÈuM' äèUI*Ç l b (´ ÊÇÑ èÏ s Ñ èÏ (±°°[°°°) n à WzU çÑÇbI UGK

‫عند ا‬

ÌU Ç j u ÙuL qB U bM ÌU Å W ML WOJ d _Ç Éb *Ç ÊU u Ç èà åuO Ç v X Ò qO d (³[°°°) á  W v Å Éd äè_ WIDM*Ç sàààà v uO Ç

‫تداول‬ ‫ل‬

æuC v ÏÇb Ç r è .WO Çu ÌU Å åu (³°) 5 éb vK tà ÏUF Uààà .a ÑU Ç Çc bF U u ë (±µ) dA W L

±±³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç • The nancial value of shares and/or stocks to be exchanged between the Assignor and the Assignee; or • Any other type of deals to be declared.

3- During any Exploration phase and after a Development Lease is granted, in case CONTRACTOR / CONTRACTOR Member assigns in whole or in part of its rights, privileges, duties and obligations to any assignee (other than an Afliated Company of the same CONTRACTOR /CONTRACTOR Member) CONTRACTOR/ CONTRACTOR Member shall pay to GANOPE the sum value, in U.S. Dollars, as mentioned in 1- and 2- above.

In case of Assignment in paragraph (a) above, the following bonuses shall apply:

‫صورة إ‬

1) CONTRACTOR shall pay to GANOPE as a Development Lease bonus the sum of one hundred thousand U.S. Dollars ($100,000) per each Development Block upon the approval of each Development Lease.

‫تروني‬ ‫لك‬

2) CONTRACTOR shall pay to GANOPE as a Development Lease Extension bonus the sum of one million U.S. Dollars ($1,000,000) upon the approval on CONTRACTOR ’s request to enter into the ve (5) year Extension Period pursuant to Article III (d) (iii) (bb).

‫تد بها‬

‫ة ال يع‬

3) CONTRACTOR/ CONTRACTOR Member shall pay to GANOPE the sum of two hundred thousand U.S. Dollars ($200,000), in case CONTRACTOR or CONTRACTOR Member assigns in whole or in part of it ’s rights, privileges, duties and obligations to an Afliated Company of the same CONTRACTOR/ CONTRACTOR Member, on the date of the GOVERNMENT ’s approval of each assignment request.

‫تداول‬ ‫ل‬

‫عند ا‬

4) CONTRACTOR shall pay to GANOPE the sum of one hundred thousand U.S. Dollars ($100,000) as a production bonus when the total average daily production from the Area rst reaches the rate of three thousand (3,000) Barrels of Oil per day or equivalent for a period of thirty (30) consecutive producing days. Payment will be made within fteen (15) days thereafter.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±±´

ë äèUI*Ç l b (µ s Ñ èÏ (²°°[°°°) n à v zU çÑÇbI UOë U{Å Uë GK ÈuM' UC à j u ÙuL qB U bM ÌU Å W ML WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ v X Ò qO d (µ[°°°) á  W L v Å Éd äè_ WIDM*Ç s v uO Ç ÌU Ç ÏÇb Ç r è .WO Çu ÌU Å åu (³°) 5 éb vK tà ÏUF U èà åuààààààààO Ç .a ÑU Ç Çc bF Uë u (±µ) dA W L æuC v Ñ èÏ (³°°[°°°) n à WzUL çÑÇbI UOë U{Å Uë GK ÈuM' UC à äèUI*Ç l b (¶ j u ÙuL qB U bM ÌU Å W ML WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s X Ò qO d (±°[°°°) á  ÉdA v Å Édààààààààààà äè_ WIDM*Ç s v uO Ç ÌU Ç r è .WO Çu ÌU Å åu (³°) 5 éb vK tà ÏUF U èà åuààààààààààààO Ç v .a ÑU Ç Çc bF Uë u (±µ) dA W L æuC v ÏÇb Ç Ñ èÏ (µ°°[°°°) n à WzUL L çÑÇbI UOë U{Å Uë GK ÈuM' UC à äèUI*Ç l b (·

‫صورة إ‬

j u ÙuL qB U bM ÌU Å W ML WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s (²µ[°°°) n à s dA è W L v Å Édàààà äè_ WIDM*Ç s v uO Ç ÌU Ç

‫تروني‬ ‫لك‬

.WO Çu ÌU Å åu (³°) 5 éb vK tà ÏUF U èà åuààààO Ç v X Ò qO d .a ÑU Ç Çc bF Uë u (±µ) dA W L æuC v ÏÇb Ç r è

‫ة ال يع‬

ë äèUI*Ç l b (¸ Ñ èÏ (±[°°°[°°°) æuOK çÑÇbI UOë U{Å Uë GK ÈuM' UC à ÙuL qB U bM ÌU Å W ML WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s (±°°[°°°) n à WzU v Å Édààààààààààà äè_ WIDM*Ç s v uO Ç ÌU Ç j u

‫تد بها‬

ÌU Å åu (³°) 5 éb vK tà ÏUF U èà d Q åuàààààO Ç v X Ò qO d .a ÑU Ç Çc bF Uë u (±µ) dA W L æuC v ÏÇb Ç r è .WO Çu

‫عند ا‬

Uë GK ¬Y Ç ÊÇd s Éd éà ÁUM à WO U WM q W Çb v ÈuM' äèUI*Ç l b (¹ WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (µ°[°°°) n à 5 L çÑb è

‫تداول‬ ‫ل‬

äU v qLF v Ç ÊÇÑÇÏ Ç s ÈuM vH u V Ñb hB V Ñb W ML .W d A*Çè WO M _Ç ÊU dA Ç vK W U d Çè ÌU Çè áUAJ Çè ÊUO UH Ç

±±µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

5) CONTRACTOR shall also pay to GANOPE the additional sum of two hundred thousand U.S. Dollars ($200,000) as a production bonus when the total average daily production from the Area rst reaches the rate of ve thousand (5,000) Barrels of Oil per day or equivalent for a period of thirty (30) consecutive producing days.

Payment will be made within fteen (15) days thereafter.

6) CONTRACTOR shall also pay to GANOPE the additional sum of three hundred thousand U.S. Dollars ($300,000) as a production bonus when the total average daily production from the Area rst reaches the rate of ten thousand (10,000) Barrels of Oil per day or equivalent for a period of thirty (30) consecutive producing days.

Payment will be made within fteen (15) days thereafter.

‫تروني‬ ‫لك‬

‫صورة إ‬

7) CONTRACTOR shall also pay to GANOPE the additional sum of ve hundred thousand U.S. Dollars ($500,000) as a production bonus when the total average daily production from the Area rst reaches the rate of twenty ve thousand (25,000) Barrels of Oil per day or equivalent for a period of thirty (30) consecutive producing days. Payment will be made within fteen (15) days thereafter.

‫تد بها‬

‫ة ال يع‬

8) CONTRACTOR shall also pay to GANOPE the additional sum of one million U.S. Dollars ($1,000,000) as a production bonus when the total average daily production from the Area rst reaches a rate of one hundred thousand (100,000) Barrels of Oil per day and above or equivalent for a period of thirty (30) consecutive producing days. Payment will be made within fteen (15) days thereafter.

‫تداول‬ ‫ل‬

‫عند ا‬

9) CONTRACTOR shall pay to GANOPE at the beginning of every Financial Year during any of the Exploration periods an amount equal to fty thousand U.S. Dollars ($50,000) as a training bonus for the training of GANOPE employees in departments of Agreements , Exploration , Production and Financial Control Foreign and Joint Venture companies. CONTRACTOR shall

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±±¶

Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (µ°[°°°) n à 5 L Uë C à äèUI*Ç l b è éd _Ç ÊÇÑÇÏ Ç s ÈuM vH u V Ñb hB V Ñb W ML WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (±°°[°°°) n à WzU çÑb è mK v UL S .WOJ d _Ç Uë GK ¬WOLM Ç ÊÇd s Éd éà ÁUM à WO U WM q W Çb v ÈuM' äèUI*Ç l b (±° WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (µ°[°°°) n à 5 L çÑb è äU v qLF v Ç ÊÇÑÇÏ Ç s ÈuM vH u V Ñb hB V Ñb W ML .W d A*Çè WO M _Ç ÊU dA Ç vK W U d Çè ÌU Çè áUAJ Çè ÊUO UH Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (µ°[°°°) n à 5 L Uë C à äèUI*Ç l b è éd _Ç ÊÇÑÇÏ Ç s ÈuM vH u V Ñb hB V Ñb W ML WOJ d _Ç

‫صورة إ‬

Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (±°°[°°°) n à WzU çÑb è mK v UL S .WOJ d _Ç

‫تروني‬ ‫لك‬

.äÇu _Ç s äU éQ U ÏÇÏd Ç äèUILK Òu UNO Å ÉÑU Ç o U Ç `M*Ç lOL (È)

WO u *Ç åUJ _ Uë I è WIDM*Ç s Áe éà vLM æà ÈuM ÊÑU Ç ÇÐÅ U W U v (Ì)

‫ة ال يع‬

WO u *Ç W U s ÌU Ç æS ¬ (´) (Ì) W U Ç ÉÏU*Ç v ÉÏÑÇu Ç W ÏÇdH Ç

äèUI*Ç ÓÑU ÇÐÅ Å WF U Ç ÉÏU*Ç çc ÖÇd _ æU (Ç v c R s çc W ÏÇdH Ç

‫تد بها‬

. W ÑUA*Ç pK Áb a ÑU s jI p Ð æuJ è ¬ÌU Ç Çc v W ÑUA*Ç ÑUO Ç v tI

Uë I è WIDM*Ç s v uO Ç ÌU Ç j u ÙuL b b% ÖÇd _ æU (Ç v ÒUG Ç c R (Ï)

‫عند ا‬

qO Çd v Å Uë O u rK *Ç ÒUG Ç q u p Ðè (¸) v Å (´) s ÊÇdIH Ç WF U Ç ÉÏULK

‫تداول‬ ‫ل‬

: WO Ç W ÏUFLK Uë I è Uë O u Z M*Ç åU)Ç X e Ç s W UJ . åU)Ç X e Ç s W UJ*Ç qO Çd Ç = °[±¶· X à X v UO VFJ åb ±°°°

±±·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç also pay fty thousand U.S. Dollars ($50,000) as a training bonus for the training of GANOPE employees from other departments with a total amount of one hundred thousand U.S. Dollars ($100,000).

10) CONTRACTOR shall pay to GANOPE at the beginning of every Financial Year during any of the Development periods an amount equal to fty thousand U.S. Dollars ($50,000) as a training bonus for the training of GANOPE employees in departments of Agreements , Exploration , Production and Financial Control Foreign and Joint Venture companies. CONTRACTOR shall also pay fty thousand United States Dollars ($50,000) as a training bonus for the training of GANOPE employees from other departments with a total amount of one hundred thousand

‫صورة إ‬

U.S. Dollars ($100,000).

(b) All the above mentioned bonuses shall in no event be recovered by

‫تروني‬ ‫لك‬

CONTRACTOR.

(c) In the event that GANOPE elects to develop any part of the Area pursuant to the sole risk provisions of Article III (c) (iv), production

‫ة ال يع‬

from such sole risk area shall be considered for the purposes of this Article IX only if CONTRACTOR exercises its option to share in

‫تد بها‬

such production, and only from the initial date of sharing.

(d) Gas shall be taken into account for purposes of determining the total

‫عند ا‬

average daily production from the Area under Article IX (4-8) by converting daily Gas delivered into equivalent Barrels of daily Crude

‫تداول‬ ‫ل‬

Oil production in accordance with the following formula: MSCF x H x 0.167 = equivalent Barrels of Crude Oil

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±±¸ : ϥ΃ ΙϳΣ

ÒUG Ç s v UO VFJ åb n à = v UO VFJ åb ±°°° åb ±°°° qJààà uààà vààà vààà åÅ åÅ) WàààO UD d Wààà ÑÇd Ébààà è æuàààOK Ïbààà = àààà . (w UO VFJ …d UF « … œU*« Ε΍έΎρΧϹ΍ ώϳϠΑΗϭ ΏΗϛϣϟ΍ έϘϣ ÇÐÅ Uë O ÊÇÑUD U tGOK æuJ è .Ù.å.Ì v Uë J t c æà äèUI*Ç vK 5F . V J*Ç Çc v Å XK ÑÃ

‫تروني‬ ‫لك‬

‫صورة إ‬

vK ÇcHM vJ WO U ÊUDK åUF Ç d b*Ç VzU è åUF Ç d b*Ç Ïèe æà äèUI*Ç vK V ÏuM UIë è UNOK 2 èà W uJ(Ç sàà ULNO Å ÉÑÏUB Ç W u J*Ç WOK;Ç ÊUNO u Ç W U ÑuH Ç æuJ è ¬ bF ULO ÑbB v Ç èà WLzUI Ç WO u UI Ç `zÇuK Ç q o D æà V è .WO UH Ç çc åUF Ç d b*Ç WDA Ãè ÊU Çè vK ¬UNF ÖÑUF è WO UH Ç çc q v oO D Ç W Çè . åUF Ç d b*Ç VzU è èà åUF Ç d b*Ç V J v XLK ÇÐÅ Uë O Uë Å WMKF d F ÊÇÑUD Çè Ñu _Ç lOL è . .Ù.å.Ì v äèUI*Ç V J æÇuM vK q *Ç b d U tO Å XK ÑÃï ÇÐÅ

écOHM Ç fOzd Ç V J v XLK ÇÐÅ Uë O Uë Å WMKF d F ÊÇÑUD Çè Ñu _Ç W U è . Éd UI Ç v ÈuM' v Ozd Ç V J*Ç æÇuM vK q *Ç b d U tO Å XK ÑÃï ÇÐÅ èà ÈuM'

‫ة ال يع‬

dA W œU(« … œU*«

ΓέΎγΧϟ΍ ˯έΩϭ ϝϭέΗΑϟ΍ ϰϠϋ ΔυϓΎΣϣϟ΍

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

W u I*Ç âdDK UI è W Ò Ç ÊÇÁÇd Ç W U c æà ÊUOKLF U WLzUI Ç W dA Ç vK (Ã) X% èà âu t UO{ èà äèd Ç bI lM* ÒUG Çè X e Ç W UM v WF *Çè W U WHB èà l Òu Ç èà lOL Ç èà ÌU Ç èà dH(Ç ÊUOKL ÁUM à qJ éà vK ÖÑ_Ç `D

vK ÁUM ¬ XF u ÇÐÅ d W à vK WOKL W à lM9 æà v o(Ç W uJ K è . s e Ç X e Ç qI èà d K nK èà ÉÑU v Å éÏR áu WOKLF Ç çc æà ¬ äuIF ÓU à . ÒUG Ç èÃ

±±¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

where MSCF = one thousand Standard Cubic Feet of Gas. H

= the number of million British Thermal Units (MMBTU) per MSCF. ARTICLE X OFFICE AND SERVICE OF NOTICES

CONTRACTOR shall maintain an ofce in A.R.E. at which notices shall be validly served.

‫صورة إ‬

The General Manager and Deputy General Manager shall be entrusted

by CONTRACTOR with sufcient power to carry out immediately all local written directions given to them by the GOVERNMENT or its representatives under the terms of this Agreement. All lawful regulations issued or hereafter to be issued which are applicable hereunder and not in conict with this Agreement shall apply to the duties and activities of the General Manager and Deputy General Manager.

‫تروني‬ ‫لك‬

All matters and notices shall be deemed to be validly served which are delivered to the ofce of the General Manager or which are sent to him by registered mail to CONTRACTOR ’s ofce in the A.R.E..

‫ة ال يع‬

All matters and notices shall be deemed to be validly served which are delivered to the ofce of the Chief Executive Ofcer of GANOPE or which are sent to him by registered mail at GANOPE ’s main ofce in Cairo.

ARTICLE XI

SAVING OF PETROLEUM AND PREVENTION OF LOSS

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

(a) Operating Company shall take all proper measures, according to generally accepted methods in use in the Oil and Gas industry to prevent loss or waste of Petroleum above or under the ground in any form during drilling, producing, gathering, and distributing or storage operations. The GOVERNMENT has the right to prevent any operation on any well that it might reasonably expect would result in loss or damage to the well or the Oil or Gas eld.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±²°

èà W uJ(Ç ÑUD S ÊUOKLF U WLzUI Ç W dA Ç åuI ¬ W M d dH äULJ Ç bM (È) s oI Çè d Ç ÑU Ç b u s " WO bF*Ç Éèd Çè äèd Ç d Òè / bO Ç " UNK 2 . UN U Å äbF v ÉÏbF t M ÊUM uJ s ÌU Ç U ÏUB Ç UNO sJ1 v Ç Ê U(Ç ÁUM U (Ì) ÊUI s äèd Ç ÌU Å Òu t S dO Çu*Ç s b Çè ÏuL äULF U Å d Ç ÊÇÐ äuB(Ç bF Å b Çè X è v dO Çu*Ç s b Çè ÏuL äULF U X eK WK U ÉÏbF . W uIF dO ÈU _ UN V v Çè UNK 2 èà W uJ(Ç s WI WI Çu vK çUO*Çè äèd Ç ÊUàààOLJ W U)Ç ÊU UO Ç q ààà æà ÊUOKLF U WLzUI Ç W dàààA Ç vàààK (Ï) UNK 2 èà W uJ(Ç vààà Å ÊU UO Ç çc qààà d è . WOLM bI q sààà Uë dNààà Z M vààà Ç a ÑU s Uë u (³°) 5 ä p Ðè ÖdàààG Ç ÇcN ÉbF*Ç W U)Ç ÊÇÑUL ààà Ç vK s ÌU U W U)Ç WO u _Ç èà WO uO Ç ÊUOzUB Ç U à . ÊU UO Ç çc vK äuB(Ç

‫صورة إ‬

W uJ(Ç vK 2 W dF0 W uIF*Ç ÊU è_Ç lOL v h HK Ée U æuJ æà V O WàààIDM*Ç

.5{uH*Ç

‫تروني‬ ‫لك‬

W ÇÏ ÑU Ç q WO UO Ç ÊU u d Çè dH(Ç s Uë O u WK *Ç ÊU UO Ç æuJ æà 5F ( à ) ÊUI D Ç W UOB d Ç v WKLF éd à ÏÇu W à WOL vK è XML _Ç Ùu è WOL vK . W cF Ç çUO*Ç èà ÊÇÒUGK WK U(Ç èà WO èd Ç

‫ة ال يع‬

Uë F{U æuJ æà V UN UL Å bF d K WOJO UJO*Ç áèdE Ç v éd u dOOG éà (è) . W uJ(Ç q 2 WI Çu*

‫تد بها‬

dA WO U « … œU*«

‫عند ا‬

ΔϳϛέϣΟϟ΍ Ε΍˯ΎϔϋϹ΍

s æuHF è ÌÑU)Ç s ÏÇdO U ÊUOKLF U WLzUI Ç W dAK è äèUILK è ÈuM' `L (Ã)

‫تداول‬ ‫ل‬

V u0 ÉÑdI*Ç ÈUF _Ç p Ð v U0) ÈUF à èà åu Ñ èà VzÇd{ W à èà WO dL'Ç åu d Ç èà WO U(Ç t bF WO U*Ç d Òè s ÑÏUB Ç ±¹¹³ WM ²µ´ r Ñ éÑÇÒu Ç ÑÇdI Ç

±²±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) Upon completion of the drilling of a productive well, Operating Company shall inform the GOVERNMENT or its representative “ The Minister of Petroleum and Mineral Resources ” of the time when the well will be tested and the production rate ascertained. (c) Except in instances where multiple producing formations in the same well can only be produced economically through a single tubing string, Petroleum shall not be produced from multiple Oil bearing zones through one string of tubing at the same time, except with the prior approval of the GOVERNMENT or its representative, which shall not be unreasonably withheld.

‫صورة إ‬

(d) Operating Company shall record data regarding the quantities of Petroleum and water produced monthly from each Development Lease.

Such data shall be sent to the GOVERNMENT or its representative on the special forms provided for that purpose within thirty (30) days after the data are obtained. Daily or weekly statistics regarding the production from the Area shall be available at all reasonable times for examination by authorized representatives of the GOVERNMENT.

‫تروني‬ ‫لك‬

(e) Daily drilling records and the graphic logs of wells must show the quantity and type of cement and the amount of any other materials used in the well for the purpose of protecting Petroleum, Gas bearing or fresh water strata.

‫تد بها‬

‫ة ال يع‬

(f) Any substantial change of mechanical conditions of the well after its completion shall be subject to the approval of the representative of the GOVERNMENT. ARTICLE XII

CUSTOMS EXEMPTIONS

‫تداول‬ ‫ل‬

‫عند ا‬

(a) GANOPE, CONTRACTOR, and Operating Company shall be permitted to import and shall be exempted from customs duties, any taxes, levies or fees (including fees imposed by Ministerial Decision No. 254 of 1993 issued by the Minister of Finance, as now or hereafter

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±²²

W ÏÇdO Ç b ÇuI Ç sààà è ¬ Ùuàààà éà sàà (ÊÇÑÇd s tK q U è WOK I *Ç äUI Çè qIM Ç qzU èè ÏÇu*Çè ÊULN*Çè ÉeN _Çè ÊÇbF*Çè Ê Ç ÏÇdO U Wààààààà U)Ç W b *Ç ÊÇÑUO K W àààààà M U ÊÇÑUO Ç vK åu d Çè VzÇdàààC Ç s ÁUàH Ç éd è) ÊU AM è s U *è V UJLK nOOJ Ç ÉeN Ãè WOzU dNJ Ç ÉeN _Çè (jI ÊUOKLF Ç v W Ò Ç ÑUOG Ç lD p c è v Ç V U(Ç Z Çd è ÊÇbF è WO èd J Ç ÉeN _Çè qI(Ç äu *Ç q L*Ç s ÉbL F ÉÏUN .bI ×dA tK p Ðè ÉÏÑu *Ç ÁUO _Ç çc s é_ cOHM W Ò ÉÏÑu *Ç ÁUO _Ç æà vK hM v Ç è ¬ ÖdG Ç ÇcN ÈuM s 5F*Ç Uë OzUIK UNM Z M è W eK è WOzUN ÉÏUNA Ç çc æuJ è .WO UH Ç çcN UI è ÊUOKLF Ç . d à ÊÇÁÇd Å èà dO Q èà ÊUI Çu W à æèb ÁUH Ç Çc l ÏÇdO Ç qIM Ç qzU èè ÉeN _Çè ÊÇbF*Çè Ê Ç s X R*Ç ÌÇd Ç åUE X% ÌÇd Ç r (È) ÊUOKLF U WààààLzUI Ç W dA Çè äèUI*Çè ÈuM v èUI W dF0 ÏÑu vààà Ç äUI Çè

‫صورة إ‬

ÊUOKLFK UI è WDA à éà v W R WHB UN Çb Ç r v Ç s U Ç s rNO èUI è

v U0) ÈUF à èà åu Ñ èà VzÇd{ W à èà WO dL åu Ñ ÏÇb æèÏ WO UH Ç çc Ùu{u

‫تروني‬ ‫لك‬

WO U*Ç d Òè s ÑÏUB Ç ±¹¹³ WM ²µ´ r Ñ éÑÇÒu Ç ÑÇdI Ç V u0 ÉÑdI*Ç ÈUF _Ç p Ð .bI bF p Ðè Ùu éà s (ÊÇÑÇd s tK q U è WOK I *Çè WO U(Ç t bF

‫ة ال يع‬

ÉÏÑu *Ç ÁUO _Ç æQ ÖdG Ç ÇcN ÈuM tMOF äu q 2 s U u U ÉbL F ÉÏUN ÉdIH Ç v UNOK ÕuBM*Ç ÁUO _Ç U Ã . WO UH Ç çcN UI è ÊUOKLF U åUOIK W Ò

‫تد بها‬

(ÊUOKLF Ç v W b dOG Ç Èu d Ç ÊÇÑUO Çb ULO ) dA WO U Ç ÉÏU*Ç s (Ã) s rNO èUI è ÊUOKLF U WLzUI Ç W dA Çè äèUI*Çè ÈuM v èUI W dF0 ÏÑu v Ç

‫عند ا‬

UN N Ç èà WLzÇÏ WHB UN Çb Ç èà UN O d ÖdG UNO Å ÑUA*Ç ÊUOKLFK s U Ç .bI bF p Ðè dA WO U Ç ÉÏU*Ç s (Ã) ÉdIH U ÉÏÑÇu Ç ÁUH Ç ×èd UNOK o DMO

‫تداول‬ ‫ل‬

v äULF W Ò ÁUO _Ç çc æQ ÈuM äu q 2 sààà U u U ÉbL F ÉÏUN . WO UH Ç çcN UI è ÊUOKLF Ç

±²³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

amended or substituted) of any nature and from the importation rules with respect to the importation of machinery, equipment, appliances, materials, items, means of transport and transportation (the exemption from taxes and duties for cars shall only apply to cars to be used in operations), electric appliances, air conditioners for ofces, eld housing and facilities, electronic appliances, computer hardware and software, as well as spare parts required for any of the imported items, all subject to a duly approved certicate issued by the responsible representative nominated by GANOPE for such purpose, which states that the imported items are required for conducting the operations pursuant to this Agreement . Such certicate shall be nal and binding and shall automatically result in the importation and the exemption without any further approval, delay or procedure.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(b) Machinery, equipment, appliances and means of transport and transportation imported by GANOPE ’s, CONTRACTOR ’s and Operating Company ’s contractors and sub-contractors temporarily engaged in any activity pursuant to the operations which are the subject of this Agreement, shall be cleared under the “Temporary Release System ” without payment of customs duties, any taxes, levies or fees (including fees imposed by Ministerial Decision No. 254 of 1993 issued by the Minister of Finance, as now or hereafter amended or substituted) of any nature ,upon presentation of a duly approved certicate issued by an GANOPE responsible representative nominated by GANOPE for such purpose which states, that the imported items are required for conducting the operations pursuant to this Agreement. Items (excluding cars not to be used in operations) set out in Article XII (a) imported by GANOPE ‘s, CONTRACTOR ’s and Operating Company ’s contractors and sub-contractors for the aforesaid operations, in order to be installed or used permanently or consumed shall meet the conditions for exemption set forth in Article XII (a) after being duly certied by an GANOPE responsible representative to be used for conducting operations pursuant to this Agreement.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±²´

rNO èUI è ÊUOKLF U WLzUI Ç W dA Çè äèUILK æuF U Ç V U _Ç æuH u*Ç l L (Ì) åu d Çè VzÇdC Ç s U dO è WO dL'Ç åu d Ç s ÊÇÁUH Å W Q s U Ç s rNO èUI è ÌdH ¬ p Ð l è .Ù.å.Ì v WI D*Ç `zÇuK Çè 5 ÇuI Ç åUJ à Ïèb v Å UN WI K*Ç [ (±) Éb Çè ÉÑUO p Ð v U0 ] vB A Ç äULF ËU _Çè WO eM*Ç ÊULN*Ç s p Ðè UàààLNM é_ l U èà ÊUOKLF U WLzUI Ç W dA Çè äèUILàààK l U v M Ç n u qJ WI K*Ç VzÇdC Ç s U dO è WO dL åu Ñ W à l Ï æèb ) X R*Ç ÌÇd Ç åUààààE V u0 q 2 s bL F ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç s ÈUD .bI vC I0 ( UN ÉÏÑu *Ç ÁUO _Ç æà vK hM WB *Ç WO dL'Ç ÊUDK Ç v Å ÈuM s äu ÉÏÑu *Ç ÁUO _Ç çc æÃè t d Çè v M _Ç n uLK vB A Ç äULF Ç Ïd * ÊÏÑu Ç . vMF*Ç v M Ç n u*Ç qO Ñ bM .Ù.å.Ì ÌÑU v Å U d bB ÏUF áu

‫صورة إ‬

ÉÏU Å ¬ äuIF Ñd æèÏ V % s v Ç WI Çu*Ç v è ¬ ÈuM WI Çu bF ¬ Òu (Ï) åu d Ç s nF r èà XOH à b X U ÁÇu .Ù.å.Ì v Å ÊÏÑu Ç v Ç ÁUO _Ç d bB

‫تروني‬ ‫لك‬

v p Ðè WO UH Ç çc åUJ _ Uë I UN WI K*Ç åu d Çè VzÇdC Ç s U dO è WO dL'Ç

t à èà d bB åu Ñ W à UNOK o æà æèÏ U ÏÑu Ç éc Ç ádD Ç W dF0 X è éÃ

‫ة ال يع‬

UL . UNM XOH à b ÁUO _Ç çc X U WI D åu Ñ èà VzÇd{ W à èà åu Ñ èà VzÇd{ s v Ç WI Çu*Ç v è ÈuM WI Çu vK äuB(Ç bF .Ù.å.Ì v ÁUO _Ç çc lO Òu

‫تد بها‬

åu d Ç lOL ÏÇb ÁUO _Ç çc éd A åe K W U(Ç çc v è . äuIF Ñd æèÏ V % W è UN LO è UN U( UI è UN WI K*Ç åu d Çè VzÇdC Ç s U dO è W ÑU Ç WO dL'Ç

‫عند ا‬

v Å XFO b ÁUO _Ç çc sJ r U p Ðè lO Ç a ÑU v W ÑU Ç WO dL'Ç WH dF Ç

‫تداول‬ ‫ل‬

WOJK sJ r èà ÁUH Ç fHM WF L è ÈuM èà ¬ Êb è æÅ ¬ äèUILK tF U W d . ÈuM v Å XKI Ç b ( ÊUOKLF Ç v WKLF dOG Ç ÊÇÑUO Ç Çb ) ÁUO _Ç çc

±²µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫صورة إ‬

(c) The expatriate employees of CONTRACTOR, Operating Company and their contractors and sub-contractors shall not be entitled to any exemptions from customs duties and other ancillary taxes and charges except within the limits of the provisions of the laws and regulations applicable in the A.R.E. However, personal household goods and furniture (including one (1) car) for each expatriate employee of CONTRACTOR and/or Operating company shall be cleared under the “Temporary Release System ” (without payment of any customs duties and other ancillary taxes) upon presentation of a letter to the appropriate customs authorities by CONTRACTOR or Operating Company approved by an GANOPE responsible representative that the imported items are imported for the sole use of the expatriate employee and his family, and that such imported items shall be reexported outside the A.R.E. upon the repatriation of the concerned expatriate employee.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

(d) Items imported into the A.R.E. whether exempt or not exempt from customs duties and other ancillary taxes and charges hereunder, may be , exported by the importing party at any time after obtaining GANOPE s approval, which approval shall not be unreasonably withheld, without any export duties, taxes or charges or any taxes or charges from which such items have been already exempt, being applicable. Such items may be sold within the A.R.E. after obtaining the approval of GANOPE which approval shall not be unreasonably withheld. In this event, the purchaser of such items shall pay all applicable customs duties and other ancillary taxes and charges according to the condition and value of such items and the tariff applicable on the date of sale, unless such items have already been sold to an Afliated Company of CONTRACTOR, if any, or GANOPE, having the same exemption, or unless title to such items (excluding cars not used in operations) has passed to GANOPE.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±²¶

ÙÒu (Ï) ÉdIH Ç çc v tO Å ÑUA*Ç u M Ç vK ÙuM Ç Çc s lO éà ÁÇd Å W U v è - : v U Ç u M Ç vK lO Ç Çc Ê B U l b è ¬ b è æÅ ¬ ÁUO _Ç çc nO UJ s çÏd r U ÏÇÏd Ç äèUI*Ç o . ÈuM v Å ¬ b è æÅ ¬p Ð vK b e ÁUO à W à vK dA WO U Ç ÉÏU*Ç s (Ã) ÉdIH Ç v tOK ÕuBM*Ç ÁUH Ç éd (à ) Z M U2 ÉÏu è UHM dO b v Å WN UA èà WN UA dzUE UN X U ÇÐÅ ÉÏÑu ULNM éà èà ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç ÊUH Çu UNO d Çu v Çè Uë OK .Ù.å.Ì v ÇÑu O V UM*Ç X u Ç v UN Çè U ÄÇd æuJ è æU _Çè ÉÏu K W M U W U{Å q ÏÑu *Ç ÁvA Ç WHKJ s (¥±°) WzU*Ç v ÉdA s d Q b e dF . b è æÅ ¬5 Q Çè æu uM Ç nO UJ W U{Å bF sJ è WO dL'Ç åu d Ç

‫صورة إ‬

WIDM*Ç s Z M*Ç äèd Ç d bB v o(Ç ULNM éà s s d A*Çè ÈuM è äèUILK æuJ (è) éà èà VzÇd{ èà WO dL åu Ñ éà s äèd Ç Çc ÁUH Å l ¬ WO UH Ç çcN Uë I è

‫تروني‬ ‫لك‬

. WO UH Ç çcN Uë I è äèd Ç d bB WIKF éd à åu Ñ èà izÇd dA W U « … œU*«

ΕΎϋϭϓΩϣϟ΍ϭ ΔΑγΎΣϣϟ΍ – ΕΎΑΎγΣϟ΍ έΗΎϓΩ

‫ة ال يع‬

V UJ v ÊU U d U Ï p 0 ÊUOKLF U WLzUI Ç W dA Çè äèUI*Çè ÈuM s q åuI (Ã) ÙU{è Uë I èè "à " o K*Ç v 5 *Ç v U;Ç åUEMK Uë I è p Ðè .Ù.å.Ì v UNKL

‫تد بها‬

d U b Ç p 9 p c è ¬ äèd Ç W UM v W U WHB UN äuLF*Çè W u I*Ç WO U;Ç

v U0 ¬ WO UH Ç çc vC I0 äUL Ã s cHM U `O{u W Ò Ç Ê Çè éd _Ç

‫تداول‬ ‫ل‬

‫عند ا‬

äèUI*Ç p 1è ¬ WO UH Ç çc vC I0 t kH ;Çè Z M*Ç äèd Ç q WLO è WOL p Ð ë ÊÇÑ èb ÈU (Ç UNO ÇbOI ULN U U Ê è d U Ï ÊUOKLF U WLzUI Ç W dA Çè .WOJ d _Ç Éb *Ç ÊU u Ç

±²·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

In the event of any such sale under this paragraph (d), the proceeds from such sale shall be divided in the following manner: CONTRACTOR shall be entitled to reimbursement of its unrecovered cost, if any, in such items and the excess, if any, shall be paid to GANOPE. (e) The exemption provided for in Article XII (a) shall not apply to any imported items when items of the same or substantially the same kind and quality are manufactured locally meeting CONTRACTOR ’s and/ or Operating Company ’s specications for quality and safety and are available for timely purchase and delivery in the A.R.E. at a price not higher than ten percent (10%) of the cost of the imported item, before customs duties but after freight and insurance costs, if any, have been added.

ARTICLE XIII

‫تروني‬ ‫لك‬

‫صورة إ‬

(f) CONTRACTOR, GANOPE and their respective buyers shall have the right to export the Petroleum produced from the Area pursuant to this Agreement and such Petroleum shall be exempted from any customs duties, any taxes, levies or any other imposts in respect of the export of Petroleum hereunder.

‫ة ال يع‬

BOOKS OF ACCOUNT: ACCOUNTING AND PAYMENTS

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

(a) GANOPE, CONTRACTOR and Operating Company shall each maintain at their business ofces in the A.R.E. books of account, in accordance with the Accounting Procedure in Annex “E ” and accepted accounting practices generally used in the Petroleum industry, and such other books and records as may be necessary to show the work performed under this Agreement, including the amount and value of all Petroleum produced and saved hereunder. CONTRACTOR and Operating Company shall keep their books of account and accounting records in United States Dollars.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±²¸

äèd Ç WOL `{u ÊU UO UNK 2 èà W uJ K Uë dN ÊUOKLF U WLzUI Ç W dA Ç åbI è t KD éc Ç qJA U ÊU UO Ç çc bF è ¬ WO UH Ç çcààà vC I0 t kH ;Çè Z M*Ç ÖuH d  ÈèbM éà èà åUF Ç d b*Ç VzU èà åUF Ç d b*Ç UNOK l u è UNK 2 èà W uJ(Ç éc Ç dNA Ç W UN s Uë u (³°) 5 ä UNK 2 èà W uJ K rK è ¬ p Ð v . ÊU UO Ç çc tODG æà V tO UF UNO Å ÑUA*Ç Ê Çè d U b Ç s U dO è Uë H  ÉÑu c*Ç ÊU U (Ç d U Ï (È) .W uJ(Ç s 5{uH*Ç 5 èbM*Ç W dF0 h HK W UM*Ç ÊU è_Ç lOL v Ée U æuJ v t W U)Ç WO dC Ç WM Ç s dzU )Çè ÍU Ñ_Ç ÈU Uë UO ÈuM' äèUI*Ç åbI (Ì) v U tO `{u WO U Ç WO dC Ç WM Ç Áb bF dN à (´) WF Ñà ÒèU b u çc V u0 WO èd Ç ÊUOKLF Ç s 5&UM Çè WO dC Ç WM Ç pK sàà t ÑU èà t Ñ

‫صورة إ‬

. WO UH Ç ¬ WO dC Ç WM Ç ÊÇc åUF Ç d  WO ÇeO t ÇÐ X u Ç v ÈuM v Å äèUI*Ç åbI è dA WF «d « … œU*« εϳΗϔΗϟ΍ϭ έϳέΎϘΗϟ΍ϭ ΕϼΟγϟ΍

‫تروني‬ ‫لك‬

. bL F édB v U V J s WO U*Ç ÊÇÑÇd Çè WO ÇeO*Ç bL F è

‫ة ال يع‬

Éb äÇu ÊU è_Ç lOL v ULN à èà ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç kH è bF (Ã) q d è ¬WIDM*Ç v W ÑU'Ç ÊUOKLF Ç UNO bOI WIO Ï Ê WO UH Ç çc æU d

‫تد بها‬

W ÑU Ç `zÇuK UI è UNK 2 èà W uJ(Ç v Å ULN à èà ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç

¬äèd Ç W UM v WO d*Çè WLOK Ç äu UI è UNOK 2 èà W uJ(Ç X K ULK èÃ

‫تداول‬ ‫ل‬

‫عند ا‬

W dA Ç åuI è .WO UH Ç çc vC I0 W ÑU'Ç UN UOKLF W U)Ç ÊU UO Çè ÊU uKF*Ç UL U Ñèb Uë I è dA WF Çd Ç ÉÏU*Ç çc v UNO Å ÑUA*Ç åUN*Ç ÁÇÏQ ÊUOKLF U WLzUI Ç . W ÏU Ç ÉÏU*Ç v Ïb u

±²¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

Operating Company shall furnish to the GOVERNMENT or its representatives monthly returns showing the amount of Petroleum produced and saved hereunder. Such returns shall be prepared in the form required by the GOVERNMENT, or its representative and shall be signed by the General Manager or by the Deputy General Manager or a duly designated deputy and delivered to the GOVERNMENT or its representative within thirty (30) days after the end of the month covered in the returns. (b) The aforesaid books of account and other books and records referred to above shall be available at all reasonable times for inspection by duly authorized representatives of the GOVERNMENT. (c) CONTRACTOR shall submit to GANOPE a Prot and Loss Statement of its Tax Year not later than four (4) months after the commencement of the following Tax Year to show its net prot or loss from the Petroleum operations under this Agreement for such Tax Year.

ARTICLE XIV

‫تروني‬ ‫لك‬

‫صورة إ‬

CONTRACTOR shall at the same time submit a year-end Balance Sheet for the same Tax Year to GANOPE. The Balance Sheet and nancial statements shall be certied by an Egyptian certied accounting rm.

RECORDS, REPORTS AND INSPECTION

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

(a) CONTRACTOR and/or Operating Company shall prepare and, at all times while this Agreement is in force, maintain accurate and current records of its operations in the Area. CONTRACTOR and/or Operating Company shall furnish the GOVERNMENT or its representative, in conformity with applicable regulations or as the GOVERNMENT or its representative, in accordance with sound and accepted Petroleum industry practices, may require information and data concerning its operations under this Agreement. Operating Company will perform the functions indicated in this Article XIV in accordance with its role as specied in Article VI.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±³°

Áe W uIF WOM Ò Éb* ULN à èà ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç kH è e (È) ÑU Ç dH s W d *Ç dH(Ç ÊUMO s è WO ÇuD _Ç ÊUMOF Ç s WMO q q 1 U Çd v Ç WI dD U ULN à v Å UN1bI èà UNK 2 èà W uJ(Ç W dF0 UNO ádB K p Ðè èà ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç UNOK qB v Ç ÊUMOF Ç lOL è . W uJ(Ç W dF0 V UM X è éà v UNOK gO H K Ée U d F ULN W U)Ç ULN{Çd _ ULN à . UNOK 2 èà W uJ(Ç rOK d bB Ç Çc q 5F t S .Ù.å.Ì ÌÑU W d ÊUMO W à d bB W U v (Ì) ÈuM o Çu r U p Ðè ¬W uJ K ë 2 UNH u ÈuM v Å U u è Uë L UN qO .p Ð á vK W d _Ç X U ÇÐÅ p Ð l è ¬ ÈuM s ` dB Å Ê O Ç äu à d bB Òu ( Ï)

‫صورة إ‬

Òu t S .Ù.å.Ì ÌÑU UNKOK% è U ÏÇb Å åeK U2 éd à ÊU UO W Ãè WO O UMG*Ç .Ù.å.Ì v ¬ p Ð d u ÇÐÅ ¬ q q U2 qO èà q _U kH Ãï ÇÐÅ U d bB

ÑU U qOK Ç èà ÏÇb Ç Çc VI ÇÑu .Ù.å.Ì v Å ÊÇÑÏUB Ç çc ÏUF æà ×dA è

‫تروني‬ ‫لك‬

. ÈuM' W uK2 UN Ã

ÈuM vH u èà vK L* æuJ ¬ Y Ç ÊUOKLF UNzUM à v äèUI*Ç åuI v Ç Éb*Ç ä (à )

‫ة ال يع‬

ÊU è_Ç lOL v p Ðè q UJ U WIDM*Ç ÁÇe à W U v Å äu b Ç v o(Ç 5{uH*Ç Ê Çè äu _Ç W U h è W ÑU'Ç ÊUOKLF Ç W Çd v o(Ç rNK u l W UM*Ç pK t ÑU2 ÁUM à ÈuM q 2 v Çd æà vK ¬ äèUI*Ç UN kH v Ç ÊU UO Çè

‫عند ا‬

‫تد بها‬

. äèUI*Ç ÊUOKLF ÑÇd{ Ç åb (à ) ÉdIH Ç çc s WI U Ç WKL'Ç vC I0 âuI(Ç äU *Ç qO vK WK U ) X U Uë Ã ÊU UO Ç lOL s Uë ÈuM v Å äèUI*Ç åbI è

q p c è ( UN U UD è ÑU Ç Ê O è WOI eO uO'Çè WO u uO'Ç d ÑUI Ç dB(Ç

‫تداول‬ ‫ل‬

ÉÒu v æuJ v Ç éd _Ç ÊU uKF*Çè ÊU UO Ç çcN WIKF *Ç ÊÇdO H Çè ÊU uKF*Ç . äèUI*Ç

±³±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) CONTRACTOR and/or Operating Company shall save and keep for a reasonable period of time a representative portion of each sample of cores and cuttings taken from drilling wells, to be disposed of, or forwarded to the GOVERNMENT or its representative in the manner directed by the GOVERNMENT. All samples acquired by CONTRACTOR and/or Operating Company for their own purposes shall be considered available for inspection at any reasonable time by the GOVERNMENT or its representatives. (c) Unless otherwise agreed to by GANOPE, in case of exporting any rock samples outside A.R.E., samples equivalent in size and quality shall, before such exportation, be delivered to GANOPE as representative of the GOVERNMENT.

‫تروني‬ ‫لك‬

‫صورة إ‬

(d) Originals of records can only be exported with the permission of GANOPE; provided, however, that magnetic tapes and any other data which must be processed or analyzed outside the A.R.E. may be exported if a monitor or a comparable record, if available, is maintained in the A.R.E. and provided that such exports shall be repatriated to A.R.E. promptly following such processing or analysis on the understanding that they belong to GANOPE.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

(e) During the period CONTRACTOR is conducting the Exploration operations, GANOPE ’s duly authorized representatives or employees shall have the right to full and complete access to the Area at all reasonable times with the right to observe the operations being conducted and to inspect all assets, records and data kept

by CONTRACTOR. GANOPE ’s representative, in exercising its rights under the preceding sentence of this paragraph (e), shall not interfere with CONTRACTOR ’s operations. CONTRACTOR shall provide GANOPE with copies of any and all data (including, but not limited to, geological and geophysical reports, logs and well surveys) information and interpretation of such data, and other information in CONTRACTOR ’s possession.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±³²

ÊU ÇÑÏ ÁÇd Å èà Éb b Öèd vK äuB(Ç ÖdG ¬ ULNM éà èà ÈuM è W uJààààààà K WOI e uO'Ç ÊU UO Ç vK d  ád éà ٠Š¬ v è_Ç Y Ç Éd W UN bF WOLOK Å vK äèUI*Ç o Çu r U WOK _Ç WIDM*U W U)Ç Éd H*Ç dO WO U _Ç WO u uO'Çè . q à Éd dA W U)« … œU*« έ΍έοϷ΍ ϥϋ Δϳϟϭ΋γϣϟ΍ Ëb Ñd{ éà s dOG Ç WN Çu v æu UIK Uë I q UJ U WO u *Ç çb è äèUI*Ç qL i uF tOK è .äèUI*Ç UN åuI v Çè ¬ UL èà ä G Ç èà Y Ç ÊUOKLF W O tI U vK UN O u lI b v Ç ÑÇd{_Ç W U s ULNM éà èà ÈuM è .Ù.å.Ì W uJ .ÊUOKLF Ç çc s éà V W ÑuNL W uJ s tO u èà W z èà d à éà Ñèb W O Ëb Ñd{ éà æS ¬ p Ð l è

‫صورة إ‬

UL b à èà UL äèUI*Çè ÈuM vHF p Ð dO èà æu U qJ v æU ÁÇu WO dF Ç dB

‫تروني‬ ‫لك‬

æU U*U WO UH Ç çc V u0 ÑdI åÇe Ç éQ ÁU u Ç v dO Q Ç èà ÁU u Ç åb WO u s t{dH U Ïèb v d Çè_Ç èà `zÇuK Ç èà 5 ÇuI Ç çc Ñèb s Uë U dO Q Ç èà ÁU u Ç åb

s "UM Ç ÑdC Ç Í W Ò Ç Éb*Ç äèUI*Ç `M1 æà vK d Çè_Ç èà `zÇuK Ç èà 5 ÇuI Ç pK ë vK ÇÑuBI p Ð æuJ æà ×dA WO UH Ç æU d Éb v Å áUC tO dO Q Ç èà ÁU u Ç åb

‫ة ال يع‬

. d Çè_Ç èà `zÇuK Ç èà 5 ÇuI Ç çcN Êd Q v Ç ÊU UDI Ç èà ÙUDI Ç dA W œU « … œU*«

‫تد بها‬

ΔϣϭϛΣϟ΍ ϰϠΛϣϣ Ε΍ίΎϳΗϣ·

‫عند ا‬

ë WO UH Ç çc Ùu{u WIDM*Ç v Å äu b Ç v o(Ç UOë u U UC uH 5{uH*Ç W uJ(Ç vK L* ÊU UO è Ê è d U Ï h 5K L*Ç Á RN Òu è .UNO éd& v Ç ÊUOKLF Ç l Çu v Åè

‫تداول‬ ‫ل‬

ÊU u d Çè ` *Ç ÊUOKL s äuIF Ïb ÁÇd Åè ÊUOKLF U WLzUI Ç W dA Çè äèUI*Çè ÈuM ÊÇèÏÃè Ê Â ÇuKLF æà rN o ¬ÖdG Ç ÇcN è ¬WO UH Ç çc cOHM ÖdG ÊÇÑU Çè

±³³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

For the purpose of obtaining new offers or carrying out regional studies, the GOVERNMENT and/or GANOPE shall after the end of the rst Exploration period, show any other party non-interpreted basic geophysical and geological data with respect to the original Area unless CONTRACTOR agrees to a shorter period.

ARTICLE XV RESPONSIBILITY FOR DAMAGES CONTRACTOR shall entirely and solely be responsible in law toward third parties for any damage caused by CONTRACTOR ’s Exploration and/or Exploitation, operations and shall indemnify the GOVERNMENT and/or GANOPE against all damages for which they may be held liable on account of any such operations.

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

However, any damage resulting from issuing any order, regulation or direction of the GOVERNMENT of the Arab Republic of Egypt whether in the form of a law or otherwise, GANOPE and/or CONTRACTOR shall be exempted from the responsibility of non-performance or delay of any obligation hereunder, in consequence of issuing these orders, regulations or directions in the limitation of imposing these orders, regulations or directions. CONTRACTOR shall be granted the necessary period to restore the damage done of the non-performance or delay by adding a period to the period of the Agreement, with respect to the Block or Blocks affected by these orders , regulations or directions.

‫تد بها‬

ARTICLE XVI

PRIVILEGES OF GOVERNMENT REPRESENTATIVES

‫تداول‬ ‫ل‬

‫عند ا‬

Duly authorized representatives of the GOVERNMENT shall have access to the Area covered by this Agreement and to the Operations conducted thereon. Such representatives may examine the books, registers and records of GANOPE, CONTRACTOR and Operating Company and make a reasonable number of surveys, drawings and tests for the purpose of

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±³´

¬äULF Ç Çc s QAM à ×dA W uIF*Ç Ïèb(Ç v ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç ¬WO UH Ç çcN UI è éd& v Ç ÊUOKLFK o uF èà dD éà ¬d U dO èà d U o dD Á RN W UM*Ç Éb U *Ç .bI ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç vH u è v èbM vK è åbI è .ÊUOKLF Ç ÉÁUH èà W o uF èà ÑÇd{à éà v WDA à W à V v 5K L*Ç UN bI v Ç Ê ON Çè U Çe*Ç W U 5K L*Ç Á RN ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç W R s U è rN ULF UN UJ v Uë UM Uë UJ Uë U rN åbI è qI(Ç v UNOH u* åb l è .ÉÏU*Ç çc s ÏuBI*Ç oI% dO O ÖdG qI(Ç v r b Çu ÁUM à oz qJA ÊU uKF W à èà q W d vK ØUH(Ç V t S ¬(à ) ÉdI dA WF Çd Ç ÉÏU*U ä Ç .dA W ÏU Ç ÉÏU*Ç çc V u0 U uK 2 èà W uJ(Ç UNOK qB% WIDM*U WIKF dA WF U « … œU*« Ω΍έϓ΃ ΏϳέΩΗϭ ϡ΍ΩΧΗγϻ΍ ϕϭϘΣ

‫صورة إ‬

ΔϳΑέόϟ΍ έλϣ ΔϳέϭϬϣΟ

WOKL WI dD WO UH Ç çc Ùu{u ÊUOKLF Ç éd& æà vK äèUI*Çè ÈuM Õd% ( à )

‫تروني‬ ‫لك‬

:ÉÁUHJ U r

WLzUI Ç W dA Ç èà äèUI*Ç vH u s 5OMH Çè 5OMN*Çè 5 ÑÇÏ Ç s V U _Ç `M1 -±

‫ة ال يع‬

¬WO UH Ç çc vC I0 ÊUOKLF Ç cOHM 5 b *Ç rNO èUI vH u è ÊUOKLF U

ÑÇdI Çè ¬ äbF*Ç ±¹¶° WM ¸¹ r Ñ æu UI Ç v tOK ÕuBM*Ç W U Ç o æà vK äèUI*Ç o Çu è q bF s tOK ÃdD U è ±¹¹¶ WM ¸±¸° r Ñ éÑÇÒu Ç

‫تد بها‬

nO u Çè ÊÇdO Q Çè dH Ç ÊÇÒÇu è Éd N U W U)Ç .Ù.å.Ì `zÇu W U o D

. .Ù.å.Ì v æuKLF s c Ç V U _Ç äèUI*Ç v b lOL vK

‫عند ا‬

s (¥²µ) WzU*Ç v s dA è W L s qI U W dB*Ç WKLF U Uë dN l b - ²

‫تداول‬ ‫ل‬

5OMH Çè 5OMN*Çè 5 ÑÇÏ Ç V U _Ç 5H u*Ç s n u q Ñu Ãè ÊU d ÙuL . ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç rN b s c Ç

±³µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

enforcing this Agreement. They shall, for this purpose, be entitled to make reasonable use of the machinery and instruments of CONTRACTOR or Operating Company on the condition that no danger or impediment to the operations hereunder shall arise directly or indirectly from such use. Such representatives shall be given reasonable assistance by the agents and employees of CONTRACTOR or Operating Company so that none of the activities shall endanger or hinder the safety or efciency of the operations.

CONTRACTOR or Operating Company shall offer such representatives all privileges and facilities accorded to its own employees in the eld and shall provide them, free of charge, the use of reasonable ofce space and of adequately furnished housing while they are in the eld for the purpose of facilitating the objectives of this Article. Without prejudice to Article XIV (e) any and all information obtained by the GOVERNMENT or its representatives under this Article XVI shall be kept condential with respect to the Area.

EMPLOYMENT RIGHTS AND TRAINING OF ARAB REPUBLIC OF EGYPT PERSONNEL

‫صورة إ‬

ARTICLE XVII

‫تروني‬ ‫لك‬

(a) It is the desire of GANOPE and CONTRACTOR that operations hereunder be conducted in a business-like and efcient manner:

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

(1) The expatriate administrative, professional and technical personnel employed by CONTRACTOR or Operating Company and the personnel of its contractors for the conduct of the operations hereunder, shall be granted a residence as provided for in Law No. 89 of 1960 as amended and Ministerial Order No. 8180 of 1996 as amended, and CONTRACTOR agrees that all immigration, passport, visa and employment regulations of the A.R.E., shall be applicable to all alien employees of CONTRACTOR working in the A.R.E..

‫تداول‬ ‫ل‬

(2) A minimum of twenty-ve percent (25%) of the combined salaries and wages of each of the expatriate administrative, professional and technical personnel employed by CONTRACTOR or Operating Company shall be paid monthly in Egyptian Currency.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±³¶

rNM åÒ Ç ÏbF Ç Ïb è tOH u ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç s q ÑU (È) . WO UH Ç çc V u0 ÊUOKLF Ç v åÇb

lOL' WBB V Ñb Z Çd cOHM è ÏÇb S ÈuM l ÑèUA Ç bF äèUI*Ç åuI (Ì) h ULO p Ðè WO UH Ç çc V u0 ÊUOKLF U æu uI s c Ç .Ù .å .Ì v tOH u ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç bNF è ¬äèd Ç W UMB WO U*Çè WOIO D Ç v ÇuM U .5K R*Ç 5 dB*Ç 5M Çu*Ç nO u W u è_Ç ÁUD S ë W dH Ç ÈuM vH u s UNOK Uë IH ÇÏÇb à äèUI*Ç `M1 ¬WOLM Çè Y Ç ÊÇd ÁUM à (Ï) ULO t WF U Ç ÊU dA Çè äèUI*Ç UN åuI v Ç V Ñb Ç Z Çd v ãÇd Çè ÑuC(Ç v (µ°[°°°) n à 5 L éuM mK v UL S p Ðè WOLM Çè Y Ç ÊUOKLF oKF WO UL Ç WHKJ Ç X U ÇÐÅ U W U v è .WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ

‫صورة إ‬

Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (µ°[°°°) n à 5 L s qI Z Çd Ç çcN mK ÈuM' l b æQ äèUI*Ç åe K ¬Éd H Ç çc ä ààààààà WO U tM W à vàààààààà WOJ d _Ç

‫تروني‬ ‫لك‬

ÈuM' o ¬p Ð l è .WO U*Ç WM Ç pK W UN bF Uë u (³°) 5 ä v e F Ç

s Ñ èÏ (µ°[°°°) n à 5 L çÑb è V Ñb K hB *Ç mK *Ç Çc l Ï VK . ÖdG Ç Çc cOHM Éd U UN WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ

‫ة ال يع‬

dA WM U « … œU*« ΢΋΍ϭϠϟ΍ϭ ϥϳϧ΍ϭϘϟ΍

‫تد بها‬

r UM*U ÕU)Ç ±¹µ³ WM ¶¶ r Ñ æu UIK ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç lC (Ã)

‫عند ا‬

p Ð v U0 ¬ çcOHM ÉÑÏUB Ç `zÇuK Çè t bF è ( tM ³· ÉÏU*Ç ÁUM U ) d U;Çè WE U LK è WO UH Ç çcN ÇcOHM r v Ç ÊUOKLF Ç ÁÇÏÃ ÉÁUH è W W U)Ç `zÇuK Ç

‫تداول‬ ‫ل‬

èà UN bF èà `zÇuK Ç çc s éà æuJ à ×dA .Ù.å.Ì v äèd Ç ÏÑÇu vK . WO UH Ç çc ÕuB l WOAL dO èà W{ÑUF UN ÇdO H

±³·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) CONTRACTOR and Operating Company shall each select its employees and determine the number thereof, to be used for operations hereunder. (c) CONTRACTOR, shall after consultation with GANOPE, prepare and carry out specialized training programs for all its A.R.E. employees engaged in operations hereunder with respect to applicable and nancial aspects of the Petroleum industry. CONTRACTOR and Operating Company shall give preference to the employment of qualied Egyptian nationals.

‫ة ال يع‬

ARTICLE XVIII

‫تروني‬ ‫لك‬

‫صورة إ‬

(d) During Exploration and Development phases, CONTRACTOR shall give mutually agreed numbers of GANOPE employees an opportunity to attend and participate in CONTRACTOR ’s and CONTRACTOR ’s Afliated Companies training programs relating to Exploration and Development operations, with annual total cost fty thousand ($50,000) U.S. Dollars In the event that the total cost of such programs is less than fty thousand ($50,000) U.S. Dollars in any Financial Year during such period, CONTRACTOR shall pay GANOPE the amount of the shortfall within thirty (30) days following the end of such Financial Year. However, GANOPE shall have the right that said amount fty thousand ($50,000) U.S. Dollars allocated for training, be paid directly to GANOPE for such purpose.

LAWS AND REGULATIONS

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

(a) CONTRACTOR and Operating Company shall be subject to Law No. 66 of 1953 for Mines and Quarries (excluding Article 37 thereof) and its amendments and the regulations issued for the implementation thereof, including the regulations for the safe and efcient performance of operations carried out for the execution of this Agreement and for the conservation of the Petroleum resources of the A.R.E. provided that no regulations, or modication or interpretation thereof, shall be contrary to or inconsistent with the provisions of this Agreement.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±³¸

æQA ±¹¹´ WM ´ r Ñ æu UI Ç åUJ _ ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç lC (È) s ë I ÑbB b U è Ê bF s ULNOK ÃdD b U è W cOHM Ç t z è W O Ç .W O Ç W UL oKF `zÇu èà 5 Çu ÈuM vHF ¬q b Ç VzÇd{ ÕuB (Ò) W U Ç ÉÏU*Ç v tB ÏÑè U ÁUM U (Ì) s ÖdH v Ç pK ÁÇu åu d Çè VzÇdC Ç W U s ÊUOKLF U WLzUI Ç W dA Çè äèUI*Çè WLOI Ç vK W dC Çè ÊUFO *Ç W d{ U dO sL{ qLA v Çè ÊUOK;Ç s èà W uJ(Ç t U Å èà t Çd Ç èà t OLM èà äèd Ç s Y Ç vK W{èdH*Ç VzÇdC Çè W UC*Ç åÇe Ç q è W Ãè (LPG) äU *Ç äèd Ç ÒU vK W{èdH*Ç Çc è tKI èà çd bB èà ÊU b)Ç ÈUF Ãè bzÇuH Çè ÍU Ñ_Ç ÊUF Òu vK ÖdH æà sJ1 v Ç W dC Ç rB ë äèUI*Ç vHF è .p Ð t U U è W ÑU Ç ÊU F Çè ÊÇÁÇd Ç ÊÇèU Åè WOMH Ç W à s UC à éà s è äèUI*Ç vL U * q Ï é_ ÊUF Òu W à vK èà äèUI*Ç WOHB vK VzÇd{

‫صورة إ‬

.äU*Ç ÓÃÑ vK W d{

WF{U æuJ UNK à äÇu W ÑU Çè WO UH Ç çc V u0 äèUI*Çè ÈuM ÊU Çe Çè âuI (Ï)

‫تروني‬ ‫لك‬

ãd A*Ç âUH U Å UNK bF èà U dOOG sJ1 è UN UIë è WO UH Ç çc åUJ _ WO UH Ç UN ÊÑb v Ç ÊÇÁÇd Ç ÊÇc ÉÑu c*Ç Éb UF *Ç áÇd _Ç 5 Èu J*Ç

‫ة ال يع‬

.WOK _Ç

W U)Ç åUJ s U Ç s UL u èUI è ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç u èUI lC (àà ) rNO èUI è ÊUOKLF U WLzUI Ç W dA Çè äèUI*Ç vK éd è ¬ WO UH Ç çc v rN

‫تد بها‬

éc Ç ÑbI U d X è s W uJ(Ç U ÑbB `zÇu W Ã 5OMF*Ç s U Ç s rNO èUI è

‫عند ا‬

. äU(Ç æuJ UL ¬ WO UH Ç çc ÕuB l tO vAL rNO èUI è ÊUOKLF U WLzUI Ç W dA Çè äèUI*Çè ÈuM vHF ¬WO UH Ç çc ÖÇd _è (è)

‫تداول‬ ‫ل‬

v Ç ÊU U 'Çè izÇdH Çè WOMN*Ç WG b Ç åu Ñ q s 5OMF*Ç s U Ç s rNO èUI è . WO UH Ç çcN ÉÏÑÇu Ç rN DA Ãè rN ÇbM vK WO UIM Ç 5 ÇuI Ç UN{dH

±³¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) CONTRACTOR and Operating Company shall be subject to the provisions of the Law No. 4 of 1994 concerning the environment and its executive regulation as may be amended, as well as any laws or regulations may be issued, concerning the protection of the environment. (c) Except as provided in Article III (g) for Income Taxes, GANOPE, CONTRACTOR and Operating Company shall be exempted from all taxes and duties, whether imposed by the GOVERNMENT or municipalities including among others, Sales Tax, Value Added Tax and Taxes on the Exploration, Development, extracting, producing, exporting or transporting of Petroleum and LPG as well as any and all withholding taxes that might otherwise be imposed on dividends, interest, technical service fees, patent and trademark royalties, and similar items. CONTRACTOR shall also be exempted from any tax on the liquidation of CONTRACTOR, or distributions of any income to the shareholders of CONTRACTOR, and from any tax on capital.

‫تروني‬ ‫لك‬

‫صورة إ‬

(d) The rights and obligations of GANOPE and CONTRACTOR hereunder, and for the effective term of this Agreement shall be governed by and in accordance with the provisions of this Agreement and can only be altered or amended by the written mutual agreement of the said contracting parties in the same procedures by which the original Agreement has been issued.

‫تد بها‬

‫ة ال يع‬

(e) The contractors and sub-contractors of CONTRACTOR and Operating Company shall be subject to the provisions of this Agreement which affect them. Insofar as all regulations which are duly issued by the GOVERNMENT apply from time to time and are not in accord with the provisions of this Agreement, such regulations shall not apply to CONTRACTOR, Operating Company and their respective contractors and sub-contractors, as the case may be.

‫تداول‬ ‫ل‬

‫عند ا‬

(f) GANOPE, CONTRACTOR, Operating Company and their respective contractors and sub-contractors shall for the purposes of this Agreement be exempted from all professional stamp duties, imposts and levies imposed by syndical laws with respect to their documents and activities hereunder.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±´°

v Ç WO UH Ç çc V u0 W uML*Ç .Ù.å.Ì `zÇu èà 5 Çu oO D s ÊÇÁUH Ç q (Ò) pK qLA s U Ç s rNO èUI è rNO èUI è ÊUOKLF U WLzUI Ç W dA Çè äèUI*Çè ÈuM . I UNK q èà q bF s UNOK ÃdD U è Uë O U W ÑU Ç `zÇuK Çè 5 ÇuI Ç dA WF U « … œU*« ΩϘόϟ΍ ϥί΍ϭΗ WI D*Çè WLzUI Ç `zÇuK Ç èà ÊUF dA Ç v dOOG ¬æU d Ç a ÑU bF ¬Ëb ÇÐÅ U W U v W ÏUB Ç ` UB*Ç vK U U ÇdO Q t æuJ U2 t U Åè t OLM è äèd Ç s Y Ç cOHM vK .å .Ì v Å äu æQ U Çe Ç äèUI*Ç vK ÖdH èà äèUI*Ç ` U dO v WO UH Ç çcàààààN W z Ç èà l dA Ç ÇcN ÈuM äèUI*Ç dD c MO ¬äèUI*Ç äèd lO s W&UM Ç m U *Ç .Ù vK dO Q Ç UN Q s æuJ v Çè W z Ç èà l dA Ç Çc Ñèb vK W d *Ç ÑU U UC Ãè WO UH Ç çcN WMJL*Ç Ê bF Ç æQA áÇd _Ç ÖèUààààààààààààààH W U(Ç çc v è .bIF Ç æÒÇu .æU d Ç a ÑU v ÇÏu u æU éc Ç WO UH éÏUB Ç æÒÇu Ç ÉÏU Å v Å ábN v Çè

‫صورة إ‬

U u (¹°) 5F ä WO UH Ç çc q bF vK âUH r ÏuN éÑUB áÇd _Ç äc è . ÑUD _Ç p Ð s

‫تروني‬ ‫لك‬

ÉÏU Ò èà ÕUI Ç v Å WO UH Ç çcN Ê bF Ç çc éÏR æà äÇu _Ç s äU éQ Òu è . æU d Ç a ÑU bM ULN QA âUH Ç - UL äèUI*Ç ÊU Çe Çè âuI v çc s s dAF Çè WF Çd Ç ÉÏU*Ç o D ¬rNMO ÊU ÒUM*Ç q v áÇd Ç âUH Å W U v è .WO UH Ç

‫ة ال يع‬

ÊËdAF « … œU*« ˯ϼϳΗγϹ΍ ϕΣ

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

èà Ùu u Ç WJO è Èd åUO l u V èà Èd(Ç V WOM u Ç ÆÑÇuD Ç W U v (Ã) - éc Ç ÌU Ç s Áe èà q vK v u æà W uJ K Òu t S ¬ WOK ÇÏ ÈU _ ÊUOKLF U WLzUI Ç W dA Ç s VKD æÃè WO UH Ç çc vC I0 WIDM*Ç s tOK äuB(Ç vK v u æà Uë C à W uJ K Òu UL ¬ sJ2 b vB à v Å ÌU Ç Çc ÉÏU Ò Ê ON Ç vK ¬ÁUC Ç bM è ¬ t Çc ULNM éà èà ¬ ÒUG Ç qI è X e Ç qI . t WIKF *Ç

±´±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(g) All the exemptions from the application of the A.R.E. laws or regulations granted to GANOPE, CONTRACTOR, the Operating Company, their contractors and sub-contractors under this Agreement shall include such laws and regulations as presently in effect or hereafter amended or substituted.

ARTICLE XIX STABILIZATION

‫صورة إ‬

In case of changes in existing legislation or regulations applicable to the conduct of Exploration, Development and production of Petroleum, which take place after the Effective Date, and which signicantly affect the economic interest of this Agreement to the detriment of CONTRACTOR or which imposes on CONTRACTOR an obligation to remit to the A.R.E. the proceeds from sales of CONTRACTOR ’s Petroleum, CONTRACTOR shall notify GANOPE of the subject legislative or regulatory measure and also the consequent effects upon issuing legislation or regulation which impact on the stabilization. In such case, the Parties shall negotiate possible modications to this Agreement designed to restore the economic balance thereof which existed on the Effective Date.

‫تروني‬ ‫لك‬

The Parties shall use their best efforts to agree on amendments to this Agreement within ninety (90) days from aforesaid notice.

These amendments to this Agreement shall not in any event diminish or increase the rights and obligations of CONTRACTOR as these were agreed on the Effective Date.

‫ة ال يع‬

In case of the parties ’ failure to solve the disputes, Article XXIV of this Agreement shall be applied.

‫تد بها‬

ARTICLE XX

RIGHT OF REQUISITION

‫تداول‬ ‫ل‬

‫عند ا‬

(a) In case of national emergency due to war or imminent expectation of war or internal causes, the GOVERNMENT may requisition all or part of the production from the Area obtained hereunder and require Operating Company to increase such production to the utmost possible maximum. The GOVERNMENT may also requisition the Oil and/or Gas eld itself and, if necessary, related facilities.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±´²

ÈUD ULNOK 2 èà äèUI*Çè ÈuM Éu Ï bF Å Á O Ç Çc r W U(Ç pK q v (È) . Á O Ç Çc æQA r dE ÊUN è s dO F K äu u Ç rKF q qI è X eK qI éà vK Á O Ç U à . éÑÇÒè ÑÇd V u0 ÌU Ç vK Á O Ç r (Ì) W ÑuNL'Ç fOzÑ s ÑÇdI r O t WIKF Ê ON W à èà ¬ ULNM éà èà t Çc ÒUGK ë . Uë O Uë O u U ÇÑUD à äèUI*Çè ÈuM t dàààààààD äèUI*Çè ÈuM ÖuF æQ åe K W uJ(Ç æS çd Ð o U* Uë I r Á O Ç éà W U v (Ï) : p Ð v U0 Á O Ç Éb s ë U Uë C uF è ¬ Á O Ç Çc s r M v Ç ÑÇd{_Ç W U (±) tM U uB äèd s W uJ(Ç t d Ç U q sL q UJ ÁU è W dN ÊUF Ï (²) . ÌU Ç Çc s ÉèU Ç v UN B åuNH âUD v q b ÁÇb _Ç åu N W O Ëb Ñd{ éà æS ¬ p Ð l è

‫صورة إ‬

ÊU u Ç ÊÇÑ èb äèUI*Ç v Å Çc V u0 WI *Ç m U *Ç l b è .(Ï) ÉdIH Ç çc

ÊËdAF «Ë W œU(« … œU*« ϝίΎϧΗϟ΍

‫تروني‬ ‫لك‬

v u *Ç äèd Ç dF V è . ÌÑU)Ç v Å q u K WK UI Ç WOJ d _Ç Éb *Ç . (Ì) ÉdI WF U Ç ÉÏU*Ç hM Uë I äèUILK l b éc Ç tOK

‫ة ال يع‬

q s W R èà W d èà h é_ äÒUM æà äèUI*Ç èà ÈuM s é_ Òu (Ã) ÁÇu WO UH Ç çc V u0 ÉÑdI*Ç t U Çe Ç èà t U Çè èà t ÇÒUO Å èà t uI iF èÃ

‫تد بها‬

dB(Ç äU *Ç qO vK d U dO äÒUM U bBI è) d U dO èà d U o dD

d à ádB éà èà äu _Ç èà äU*Ç ÓÃÑ èà rN q u% ¬ÁÇd ¬lO ÊUOKL éÃ

‫عند ا‬

æèÏ (W dA Ç äU ÓÃÑ s t B vK äèUI*Ç uC / äèUI*Ç ÉdDO dOOG t Q s vK äuB(Ç v ÈuM' W u è_Ç vDF äÇu _Ç lOL v è ¬ W uJ(Ç s WO U WI Çu

‫تداول‬ ‫ل‬

ÊÇc WF U W dA äÒUM Ç Çb ) p Ð v ÈuM X Ñ U ÇÐÅ UNM äÒUM Ç ÏÇd*Ç WB(Ç . (äèUI*Ç uC

±´³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) In any such case, such requisition shall not be effected except after inviting GANOPE and CONTRACTOR or their representative by registered letter, with acknowledgement of receipt, to express their views with respect to such requisition. (c) The requisition of production shall be effected by Ministerial Order.

Any requisition of an Oil and/or Gas eld, or any related facilities shall be effected by a Presidential Decree duly notied to GANOPE and CONTRACTOR. (d) In the event of any requisition as provided above, the GOVERNMENT shall indemnify in full GANOPE and CONTRACTOR for the period during which the requisition is maintained, including: (1) All damages which result from such requisition; and (2) Full repayment each month for all Petroleum extracted by the GOVERNMENT less the royalty share of such production.

ARTICLE XXI ASSIGNMENT

‫تروني‬ ‫لك‬

‫صورة إ‬

However, any damage resulting from enemy attack is not within the meaning of this paragraph (d). Payment hereunder shall be made to CONTRACTOR in U.S. Dollars remittable abroad. The price paid to CONTRACTOR for Petroleum taken shall be calculated in accordance with Article VII (c).

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

(a) Neither GANOPE nor CONTRACTOR may assign to a person, rm or corporation, in whole or in part, any of its rights, privileges, duties or obligations under this Agreement either directly or indirectly (indirect assignment shall mean, for example but not limited to , any sale, purchase, transfer of stocks, capital or assets or any other action that would change the control of CONTRACTOR/CONTRACTOR MEMBER on its share in the company ’s capital) without the written consent of the GOVERNMENT, and in all cases priority shall be given to GANOPE, if it so desires, to obtain such interest intended to be assigned (except assignment to an Afliated Company of the same CONTRACTOR Member).

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±´´

èà q s äÒUM Ç äèUILK Òu ¬ (Ã) s dAF Çè W ÏU(Ç ÉÏU*Ç åUJ Q ä Ç æèÏ (È) ÊÇc WF U W d v Ç WO UH Ç çc V u0 t U Çe Çè t U Çèè t ÇÒUO Çè t uI s éà vK äuB(Çè W U W uJ(Çè ÈuM ÑUD U äèUI*Ç åUO ×dA ¬ äèUI*Ç uC /äèUI*Ç .äÒUM Ç vK W U W uJ(Ç WI Çu äÒUM *Çè äÒUM *Ç s q qE ¬WF U W d v Å âuI(Ç iF èà q s äÒUM Ç W U v çc s W UM Ç äèUI*Ç ÊU Çèè ÊU Çe Ç q s s ÏdHM èà 5FL 5 u tO Å .WF U W dA WHB Ç fHM WF L WF U Ç W dA Ç qE æà ×dA ¬WO UH Ç (Ã) ÉdIH Ç v UNO Å ÑUA*Ç W uJ(Ç WI Çu vK äuB K VK éà v dEM Ç sJ1 v (Ì) :WO Ç ×èdA Ç ÁUHO Ç V ç Ç (È)è vK WO UH Ç çc s W UM Ç äÒUM *Ç ÊU Çe U ÁU u Ç - b æuJ æà V (±) . VKD Ç Çc .bI a ÑU v `O B Ç u M Ç

‫صورة إ‬

tO Å äÒUM *Ç æà W b Ç t è vK ÑdI ÕuB vK äÒUM Ç WIO è qL A æà V (²) UNOK q Ïà b æuJ U è WO UH Ç çc UNOK éuDM v Ç ÊÇbNF Ç W UJ åe K

‫تروني‬ ‫لك‬

äÒUM Ç WIO è ÙèdàààààA åbI è . t ÑU v ÊU U{Å èÃ Ê bF s W U . Uë OL Ñ UN Çd Å q U ÏUààL Çè UààNB H ÈuM v Å çcàààà

‫ة ال يع‬

X v Ç W Ò Ç ÊÇbM *Ç ÈuM' åbI æà (5 ÒUM *Ç) äÒUM *Ç vK 5F (³) W dA Ç WOF X v Ç ÊÇbM *Ç UC Ãè tO Å äÒUM LK WOMH Çè WO U*Ç ÉÁUHJ Ç .äèUI*Ç uC / äèUILK WF U Ç

‫تد بها‬

çc ÕuBM UI è éd à W Çu(Ç çc q * éd à WKO è éà èà W Çu èà lO èà äÒUM éà (Ï) U èà äU*Ç ÓÃÑ ÍU Ñà vK èà W Çu(Ç vK VzÇd{ W à s vHF s dAF Çè W ÏU(Ç ÉÏU*Ç

‫عند ا‬

W U dB(Ç fO è äU *Ç qO vK p Ð v U0 åu Ñ èà ÁU à èà VzÇd{ s t oKF

‫تداول‬ ‫ل‬

VzÇdC Ç èà WG b Ç åu Ñ è W UC*Ç rOI Ç W d{è ÊUFO *Ç W d{è q b Ç vK VzÇdC Ç .WN UA ÊU u b éà èà éd _Ç

±´µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) Without prejudice to Article XXI (a) , CONTRACTOR may assign all or any of its rights, privileges, duties and obligations under this Agreement to an Afliated Company of the same CONTRACTOR/ CONTRACTOR Member, provided that CONTRACTOR shall notify GANOPE and the GOVERNMENT in writing and obtain the written approval of the GOVERNMENT on the assignment.

In the case of an assignment either in a whole or in a part to an Afliated Company, the assignor together with the assignee shall remain jointly and severally liable for all duties and obligations of CONTRACTOR under this Agreement provided such Afliated Company remains in the same capacity as an Afliated Company. (c) To enable consideration to be given to any request for such GOVERNMENT ’s consent referred to in (a) or (b) above, the following conditions must be fullled:

‫صورة إ‬

(1) The obligations of the assignor deriving from this Agreement must have been duly fullled as of the date such request is made.

‫ة ال يع‬

‫تروني‬ ‫لك‬

(2) The instrument of assignment must include provisions stating precisely that the assignee is bound by all covenants contained in this Agreement and any modications or additions in writing that up to such time may have been made. A draft of such instrument of assignment shall be submitted to GANOPE for review and approval before being formally executed.

‫تد بها‬

(3) The assignor(s) must submit to GANOPE reasonable documents that evidence the assignee ’s nancial and technical competence, and the documents that conrm the afliation of such company to the CONTRACTOR/CONTRACTOR MEMBER.

‫تداول‬ ‫ل‬

‫عند ا‬

(d) Any assignment, sale, transfer or other such conveyance made pursuant to the provisions of this Article XXI shall be free of any transfer, capital gains taxes or related taxes, charges or fees including without limitation, all Income Tax, Sales Tax, Value Added Tax, Stamp Duty, or other Taxes or similar payments.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±´¶

vK WF U Ç W dA Ç á Íd I*Ç tO Å äÒUM *Ç Y U Ç ádD Çè äÒUM *Ç âUH Ç bM (àà ) ÊU u Ç ÊÇÑ èb çÑbI äÒUM q WIH WLO WMLC äÒUM K WOzUNM Ç ×èdA Ç WOzUNM Ç ×èdA Ç çc s ë OBH ÍUB Ç äÒUM *Ç vK r t S ¬WOJ d _Ç Éb *Ç UNM äÒUM Ç ÏÇd*Ç WB(Ç vK äuB(Ç ÈuM' o .ÈuM v Å W U äÒUM Ç ÇcN äÒUM *Ç ÑUD Å a ÑU s U u ë (¹°) 5F ä UOë U ÇÑë UD Å äÒUM *Ç rK æà ×dA äÒUM *Ç Íd I*Ç Y U Ç ádD Ç l UNOK oH *Ç ×èdA Ç fH UN u çdD è UN v U J Ç o çc U u (¹°) 5F Éb ä ÑUD Ç ÇcN ÈuM rOK åb W U v .tO Å ¬Íd I*Ç tO Å äÒUM *Ç Y U Ç ádD Ç v Å UNM äÒUM Ç ÏÇd*Ç WB(Ç s äÒUM Ç äÒUM LK .ÉÏU*Ç çc s "Ã" ÉdIHK UIë è W uJ(Ç WI Çu ×dA äÒUM Ç ÏÇdààà*Ç WàààB(Ç vK äuààààààB(Ç ÑUàààO Ç vààà UNI ÈuàààM Wààà ÑU2 Wààà U vààà

‫صورة إ‬

äèUI*Ç ÁUààààààC Ã 5 "ãd àààA qàààààOGàààA WO UH Ç" Ïuààà è åbààààààà W U vààà è UàààNM

äuààààààà bààààK WààààààO sàààààà äèUàààI*Çè ÈuàààM ÖèUàààHààà äÒUàààM *Ç ràààààààNO UàààLààà

‫تروني‬ ‫لك‬

WààààDààà Çuààà ÑuàààààAM*Ç ÌÐuàààLàMàK UàààëàààààI ¬"ãdàà àààA qàààOGàààA WàààààààO UH Ç" vààà pààà Ðè "Association for International Petroleum Negotiators"

‫ة ال يع‬

oH r ÇÐÅ .ÈuM ÑUD Å a ÑU s U u ë (±²°) s dA è WzU ä âUH Ç Çc åU9 (±²°) U u ë s dàààAF Çè WzU*Ç Éb ä ãd àààA qOGàààA WO UH Ç vK äèUI*Çè ÈuM

‫تد بها‬

WI Çu ×dàààA ¬Íd I*Ç tO Å äÒUM *Ç Y U Ç ádDK äÒUM æà äÒUM LK o t S ¬çcààà .ÉÏU*Ç çc s "Ã" ÉdIHK UIë è W uJ(Ç

‫عند ا‬

ÊU Çè qJ ÁU u Ç v 5M UC 5M U{ UF tO Å äÒUM *Çè äÒUM *Ç æuJ æà V (è)

‫تداول‬ ‫ل‬

çcN UI è WB W Q kH äÒUM *Ç æà U*U ¬WO UH Ç çc V u0 äèUI*Ç ÊU Çe Çè . WO UH Ç

±´·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(e) Once the assignor and a proposed third party assignee, other than an Afliated Company, have agreed the nal conditions of an assignment, the assignor shall disclose in details such nal conditions, including the value of each assignment deal valued in U.S. Dollars, in a written notication to GANOPE. GANOPE shall have the right to acquire the interest intended to be assigned, if within ninety (90) days from assignor ’s written notication, GANOPE delivers to the assignor a written notication that it accepts the same conditions agreed to with the proposed third party assignee. If GANOPE does not deliver such notication within such ninety (90) day period, the assignor shall have the right to assign to the proposed third party assignee, subject to the Government approval under paragraph (a) of this Article.

In the event that GANOPE exercises its option to acquire the interest

‫صورة إ‬

intended to be assigned and if a joint operating agreement is not already existing among the CONTRACTOR MEMBERS including the assignor, GANOPE and CONTRACTOR shall negotiate in good

‫تروني‬ ‫لك‬

faith to enter into a joint operating agreement, according to the model published by the Association for International Petroleum Negotiators to nalize such agreement within one hundred and twenty (120) days

‫ة ال يع‬

from GANOPE ’s notication. If GANOPE and CONTRACTOR

cannot agree on a joint operating agreement within such one hundred and twenty (120) day period, the assignor shall have the right to

‫تد بها‬

assign to the proposed third party assignee, subject to the Government approval under paragraph (a) of this Article.

‫عند ا‬

(f) As long as the assignor shall hold any interest under this Agreement, the assignor together with the assignee shall be jointly and severally

‫تداول‬ ‫ل‬

liable for all duties and obligations of CONTRACTOR under this Agreement.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±´¸

ÊËdAF «Ë WO U « … œU*« ˯ΎϐϟϹ΍ ΔρϠγϭ ΔϳϗΎϔΗϻΎΑ ϝϼΧϹ΍ v éÑuNL ÑÇd èà d Q äèUI*Ç v Å W M U WO UH Ç çc ÁUG Å v o(Ç W uJ K (Ã) - : WO Ç äÇu _Ç ÑU Ç ÊU UO Ç çcN æU è W O dO ÊU UO W à W uJ(Ç v Å rK s åb ÇÐÅ(±) ¬ WO UH Ç çc åÇd Å v éd u W ÏU(Ç ÉÏU*Ç åUJ _ WH U WI dD WO UH Ç çc v WB W à s äÒUM ÇÐÅ (²) ¬ s dAF Çè ¬ WB WLJ s ÑÏU rJ t Å dN à ÇÐÅ (³) ÉdIH Ç åUJ _ UI è X9 WOzUC ÊÇÁÇd W O Ñb vzUN ÑÇd éà cHM r ÇÐÅ (´)

‫صورة إ‬

¬ s dAF Çè WF Çd Ç ÉÏU*Ç s (Ã)

ë `L U2 äèd Ç á æÏUF W à W uJ(Ç s hO d æèÏ ÇbL Ìd Ç ÇÐÅ (µ)

‫تروني‬ ‫لك‬

ÊUOKLFK W O t Çd Å VM& sJ1 U ÁUM U p Ðè ¬ WO UH Ç çc t V éc Çè äèd Ç W UM v W u I*Ç äu Uë I è WO UH Ç çc V u0 W ÑU'Ç

‫ة ال يع‬

è ¬ sJ2 X è Ùd à v t UNOK 2 èà W uJ(Ç ÑUD Å

¶¶ r Ñ æuààà UI Ç åUJààà _ èà WO UH Ç çcàààN Wààà d u WàààH U Wààà à VàààJ ÑÅ ÇÐÅ (¶)

‫تد بها‬

çc åUJ à l ÖÑUF v Ç ±¹µ¶ WM ¸¶ r Ñ æu UI U äbF*Ç ±¹µ³ WM . WO UH Ç

‫عند ا‬

äèUI*Ç q W uJ K X d b æuJ âuI W Q ä Å æèÏ ÁUG Ç Çc cHM è

‫تداول‬ ‫ل‬

lOL qIM æà äèUILK o ¬ ÁUG Ç Çc W U v è ¬ WO UH Ç çc åUJ _ Uë I è . WIDM*Ç s WOB A Ç t UJK 2

±´¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ARTICLE XXII BREACH OF AGREEMENT AND POWER TO CANCEL

(a) The GOVERNMENT shall have the right to cancel this Agreement

by Order or Presidential Decree, with respect to CONTRACTOR, in the following instances: (1) If it knowingly has submitted any false statements to the GOVERNMENT which were of a material consideration for the execution of this Agreement; (2) If it assigns any interest hereunder contrary to the provisions of Article XXI; (3) If it is adjudicated bankrupt by a court of competent jurisdiction; (4) If it does not comply with any nal decision reached as the result of court proceedings conducted under Article XXIV (a);

‫تروني‬ ‫لك‬

‫صورة إ‬

(5) If it intentionally extracts any mineral other than Petroleum not authorized by this Agreement or without the authority of the GOVERNMENT, except such extractions as may be unavoidable as the result of the operations conducted hereunder in accordance with accepted Petroleum industry practice and which shall be notied to the GOVERNMENT or its representative as soon as possible; and

‫تد بها‬

‫ة ال يع‬

(6) If it commits any material breach of this Agreement or of the provisions of Law No. 66 of 1953, as amended by Law No. 86 of 1956, which are not contradicted by the provisions of this Agreement.

‫تداول‬ ‫ل‬

‫عند ا‬

Such cancellation shall take place without prejudice to any rights which may have accrued to the GOVERNMENT against CONTRACTOR in accordance with the provisions of this Agreement, and, in the event of such cancellation, CONTRACTOR, shall have the right to remove from the Area all its personal property.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±µ°

ÁUG d c Ç WH U ÈU _Ç sàààààààà Uë LààààààààààzU Uë ãUM æà W uJ ààààààà Ç ÊQ ÑÇ ÇÐÅ ( È) ( s dAF Çè W U Ç ÉÏU*Ç v UNO Å ÑUA*Ç Éd UI Ç ÉuI Ç V á ) WO UH Ç çc Uë OB äèUILK åUF Ç d bLK q d v U ÑUD S äèUI*Ç mK æà W uJ(Ç vK V O W ÇÒ ¬ tLK à b 5O u UI Ç tz è b à èà u t à X vL d Ç v u UI Ç o dD U V é_ Ëb ÇÐÅ sJ è . Uë u (¹°) 5F éb v l{u Ç `O B è V Ç Çc ÇcN ÑUD Ç åb è æÇuMF Ç dOOG V ë O mOK Ç Çc ` à æà ÈU _Ç s `O æ Å W U 0 d F W uJ K WOL d Ç Éb d'U ÑUD Ç Çc dA æS ¬ dOOG Ç Uë u (¹°) 5F Ç W UN v l{u Ç `O B è V Ç Çc W ÇÒÅ r r ÇÐÅè . äèUILK éÑuNL ÑÇd èà d Q ÑuH Ç vK WO UH Ç çc ÁUG Å Òu t S ¬ ÑUD Ç Éd v è èà t ÇÒÇ åb èà V Ç Çc æU ÇÐÅ t à p Ð l ×d A è . çd Ð nK U u vK ¬áÇd _Ç b à V U s qL s ÙUM Ç èÇ qLF åUOI Ç s U&U l{u Ç `O B åb

‫صورة إ‬

ádD Ç WN Çu v éd è jI ádD Ç p Ð WN Çu v éd WO UH Ç çc ÁUG Å æS ÊËdAF «Ë W U « … œU*« ΓέϫΎϘϟ΍ ΓϭϘϟ΍

‫تروني‬ ‫لك‬

. WO UH Ç çc v d Ç

‫ة ال يع‬

ÑdI åÇe Ç éQ ÁU u Ç åb WO u s ¬UL b à èà UL ¬äèUI*Çè ÈuM vHF (Ã) dO Q Ç èà ÁU u Ç åb æU ÇÐÅ t ÁU u Ç v dO Q Ç WO u s èà WO UH Ç çc V u0

‫تد بها‬

UN dG Ç v Ç Éb*Çè .Éd UI Ç ÉuI Ç çc t{dH U Ïèb v p Ðè Éd U Éu s Uë U

QA Ñd{ éÃ Í W Ò æuJ b v Ç Éb*Ç l ÁU u Ç v dO Q Ç èà ÁU u Ç åb

‫عند ا‬

ÁU u Çè åÇe Ç ÇcN ÁU uK WO UH Ç çc v ÉÑdI*Ç Éb*Ç v Å áUC dO Q Ç Çc ä

‫تداول‬ ‫ل‬

æuJ æà ×dA ¬WO UH Ç çc æU d Éb v Å WOF U è ¬tOK V d d  åÇe Ç éQ ë . W U(Ç çcN Êd Q v Ç ÊU UDI Ç èà ÙUDI Ç vK ÇÑuBI p Ð

±µ±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) If the GOVERNMENT deems that one of the aforesaid causes (other than a force majeure cause referred to in Article XXIII) exists to cancel this Agreement, the GOVERNMENT shall give CONTRACTOR ninety (90) days written notice personally served on CONTRACTOR ’s General Manager in the legally ofcial manner and receipt of which is acknowledged by him or by his legal agents, to remedy and remove such cause; but if for any reason such service is impossible due to unnotied change of address, publication in the Ofcial Journal of the GOVERNMENT of such notice shall be considered as valid service upon CONTRACTOR. If at the end of the said ninety (90) day notice period such cause has not been remedied and removed, this Agreement may be canceled forthwith by Order or Presidential Decree as aforesaid; provided however, that if such cause, or the failure to remedy or remove such cause, results from any act or omission of one

ARTICLE XXIII FORCE MAJEURE

‫تروني‬ ‫لك‬

that party and not as against any other party hereto.

‫صورة إ‬

party, cancellation of this Agreement shall be effective only against

(a) The non-performance or delay in performance by GANOPE and

‫ة ال يع‬

CONTRACTOR, or either of them of any obligation under this

Agreement shall be excused if, and to the extent that, such non-

‫تد بها‬

performance or delay is caused by force majeure. The period of any such non-performance or delay, together with such period as may be necessary for the restoration of any damage done during such delay, of such

‫عند ا‬

shall be added to the time given in this Agreement for the performance obligation and for the performance of any obligation

‫تداول‬ ‫ل‬

dependent thereon and consequently, to the term of this Agreement, but only with respect to the block or blocks affected.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±µ²

Ëb U s dAF Çè W U Ç ÉÏU*Ç çc åuNH âUD v " Éd UI Ç ÉuI Ç " ÉÑU F bBI (È) ë ÁUC ÊU ÇdD{Ç s p Ð dO è ÈÇd{Å èà Èd èà VG èà æUOB èà Ïd9 éà èà ÇÑb è V U s äUL Å èà QD s Uë &U fO d  V éà èà ÊU UCO èà ozÇd èà WO UL ë èà ë U2 æU ÁÇu ULNM éà èà äèUI*Çè ÈuM æuJ æà ×dA ¬ çd Ð nK U* Çd UG

v tOK ÉdDO Ç ULNM éà èà äèUI*Çè ÈuM lOD U2 ÈU _Ç çc s V éà .W uIF*Ç Ïèb(Ç qL ¬ WO UH Ç çc v p Ð á vK hM r U è çd Ð o U0 ä Ç åb l (Ì) ÏuO èà ÑÇd{à W à s ULNM éà èà äèUI*Çè ÈuM q qJ éQ WO u W à W uJ(Ç . ÉÏU*Ç çcN UNO Å ÑUA*Ç Éd UI Ç ÉuI Ç Ê U s W U( W O æuJ ÉÑU èà WLzU ÊdL Çè UN ÏÇb Ç éà èà WO è_Ç Y Ç Éd ÁUM à Éd UI Ç ÉuI Ç W U X b ÇÐÅ (Ï) WO UH Ç çcN Uë I è t U Çe Ç vNM æà v ÑUO)Ç t æuJ äèUI*Ç æS dN à (¶) W Éb* W à qL æà æèÏ ÈuM v Å tK d Uë u (¹°) 5F o v U ÑUD Å V u0

‫صورة إ‬

. Ùu éà s WO U{Å WO u ϡϳϛΣΗϟ΍ϭ ΕΎϋίΎϧϣϟ΍

‫تروني‬ ‫لك‬

ÊËdAF «Ë WF «d « … œU*«

ULO èà WO UH Ç çc s áÇd _Çè W uJ(Ç 5 QAM W UD èà á èà ÙÇe éà (Ã)

‫ة ال يع‬

.Ù.å.Ì v WB *Ç r U;Ç v Å äU UN D èà UNzUN Å èà UN ä U èà UN oKF

. WO UH Ç çc ÏuM s bM éà cOHM èà dO H äu QAM b ÙÇe éà v qBHK

‫تد بها‬

èà WO UH Ç çc s ÈuM è äèUI*Ç 5 QAM W UD èà á èà ÙÇe éà r (È) b ÇuI UI rOJ Ç o dD UN D èà UNzUN Å èà UN ä U èà UN oKF ULO

‫عند ا‬

çc a ÑU v W ÑU Ç (e d*Ç) v èb Ç éÑU Ç rOJ K vLOK Ç Éd UI Ç e d rOJ% d F è .rOJ Ç v Å Áu K Ç ÈuM ÊÑd ÇÐÅ äèd Ç d Òè WI Çu ×d A è WO UH Ç

‫تداول‬ ‫ل‬

.áÇd U eK è UOë zUN 5LJ;Ç rJ ë

.(³) W 5LJ;Ç Ïb æuJ æà V (Ì)

±µ³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) “Force Majeure ” within the meaning of this Article XXIII, shall be any act of God, insurrection, riot, war, strike, and other labor disturbance, res, oods or any cause not due to the fault or negligence of GANOPE and CONTRACTOR or either of them, whether or not similar to the foregoing, provided that any such cause is beyond the reasonable control of GANOPE and CONTRACTOR, or either of them. (c) Without prejudice to the above and except as may be otherwise provided herein, the GOVERNMENT shall incur no responsibility whatsoever to GANOPE and CONTRACTOR, or either of them for any damages, restrictions or loss arising in consequence of such case of force majeure hereinafter referred to in this Article.

ARTICLE XXIV DISPUTES AND ARBITRATION

‫صورة إ‬

(d) If the force majeure event occurs during the initial Exploration period or any extension thereof and continues in effect for a period of six (6) months CONTRACTOR shall have the option upon ninety (90) days prior written notice to GANOPE to terminate its obligations hereunder without further liability of any kind.

‫ة ال يع‬

‫تروني‬ ‫لك‬

(a) Any dispute, controversy or claim arising out of or relating to this Agreement or the breach, termination or invalidity thereof, between the GOVERNMENT and the parties shall be referred to the jurisdiction of the appropriate courts of A.R.E. to settle any dispute arising on the interpretation or the execution of any term of this Agreement.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

(b) Any dispute, controversy or claim arising out of or relating to this Agreement, or breach, termination or invalidity thereof between GANOPE and CONTRACTOR shall be settled by arbitration in accordance with the Arbitration Rules of the Cairo Regional Center for International Commercial Arbitration (the Center) in effect on the date of this Agreement, the approval of the Minister of Petroleum is provided in case GANOPE only turn to arbitration. The award of the arbitrators shall be nal and binding on the parties. (c) The number of arbitrators shall be three (3).

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±µ´

ë Uë LJ 5F æà ádàààààà q vK 5F (Ï) v b*Ç ÑUD S tOK v b*Ç rI r ÇÐÅè . Çb Çè v b*Ç ÑUD Å å Å s Uë u (³°) 5 æuC v tMO éc Ç rJ;Ç r S W U . v U Ç rJ;Ç 5OF e d*Ç s VKD æà v bLKK ¬rJ 5OF æuJO éc Ç Y U Ç rJ;Ç ÇÑU æà u M Ç Çc vK UMO s cK Ç 5LJ;Ç vK 5F (à ) ä v fOzd Ç rJ;Ç ÑUO Å vK æULJ;Ç oH r ÇÐÅè . WLJ LK fOzd Ç rJ;Ç s VKD æà 5 dD Ç s é_ Òu t S ¬ v U Ç rJ;Ç 5OF s Uë u (³°) 5

‫صورة إ‬

çc è . 5OF Ç v u WN 5F æà éU rOJ K WLzÇb Ç WLJ LK åUF Ç dO dJ Ç ³ ÉdIHK Uë I è bO u Ç rJ;Ç UN 5F v Ç WI dD Ç fHM fOzd Ç rJ;Ç 5F WN'Ç v èb Ç ÉÑU Ç æu UI Éb *Ç 3_Ç WM K W U)Ç rOJ Ç b Çu s (¶) ÉÏU*Ç s WO M dO WO M s Uë B fOzd Ç rJ;Ç Çcàà æuJ æà 5F è . (äÇd u ) WO U uK Ï ÊU UN W èÏ s æuJ æà V è äèUI*Ç WO M èà WO dF Ç dB W ÑuNL ` UB t æuààJ à ×d A UL ¬äèUI*Ç WO M è WO dF Ç dB W ÑuNL sààààà q l . WO UH Ç çc vK WF u*Ç áÇd _Ç éb äèd Ç äUL à v W ÏUB Ç

‫تروني‬ ‫لك‬

oH r U .Ù.å.Ì v Éd UI Ç WM b0 ¬ åUJ _Ç ÑÇb Å p Ð v U0 ¬ rOJ Ç éd (è) . p Ð á ààà vK rOJ Ç áÇd Ã

‫ة ال يع‬

qzU *Ç q è rOJ Ç ÊU èdB p Ð v U0 áÇd Uë eK è Uë OzUN 5LJ;Ç rJ æuJ (Ò) æu UI Ç åUJ _ Uë I è WB *Ç WLJ;Ç åU à 5LJ;Ç rJ cOHM æuJ è ¬ t WIKF *Ç .édB*Ç

‫تد بها‬

5 ÇuI Ç 5 á éà W U v tàààà à dO ¬ ÙÇeM Ç vKààààààà édB*Ç æu UàààI Ç oàà D (Í) h p Ð v U0 ) WO UH Ç çc ÕuB æS ¬ WO UH Ç çc ÕuB è Wààààà dBàà*Ç . W eOK$ Çè WO dF Ç 5 GK U rOJ Ç r è . rJ% v Ç vàààà ( rOJ Ç

‫تداول‬ ‫ل‬

‫عند ا‬

rOJ Ç ÁÇd Å ÈU _Ç s V é_ ÑcF ÇÐÅ t à vK äèUI*Çè ÈuM 5 âUH Ç r (×) QAM v Ç ÊU UD*Ç èà ÊU )Ç èà ÊU ÒUM*Ç q æS ¬ tO U ÉÑu c*Ç ÊÇÁÇd Uë I WD Çu UNO qBH UN D èà UNzUN Å èà UN ä Ç èà WO UH Ç çcN oKF èà s . æU d Ç a ÑU X è Éc UM Ç (äÇd u ) b ÇuI UI rEM dO rOJ%

±µµ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(d) Each party shall appoint one arbitrator. If, within thirty (30) days after receipt of the claimant ’s notication of the appointment of an arbitrator the respondent has not notied the claimant in writing of the name of the arbitrator he appoints, the claimant may request the Center to appoint the second arbitrator.

‫صورة إ‬

(e) The two arbitrators thus appointed shall choose the third arbitrator who will act as the presiding arbitrator of the tribunal. If within thirty (30) days after the appointment of the second arbitrator, the two arbitrators have not agreed upon the choice of the presiding arbitrator, then either party may request the Secretary General of the Permanent Court of Arbitration at the Hague to designate the appointing authority.

Such appointing authority shall appoint the presiding arbitrator in the same way as a sole arbitrator would be appointed under Article 6.3 of the UNCITRAL Arbitration Rules. Such presiding arbitrator shall be a person of a nationality other than A.R.E. or CONTRACTOR ’s nationality and of a country which has diplomatic relations with both A.R.E. and CONTRACTOR ’s nationality and who shall have no economic interest in the Petroleum business of the signatories hereto.

‫تروني‬ ‫لك‬

(f) Unless otherwise agreed by the parties to the arbitration, the arbitration, including the making of the award, shall take place in Cairo, A.R.E..

‫ة ال يع‬

(g) The decision of the arbitrators shall be nal and binding upon the Parties, including the arbitration fees and all the related issues and the execution of the arbitrators decision shall be referred to the appropriate courts according to the Egyptian laws.

‫تد بها‬

(h) Egyptian Law shall apply to the dispute except that in the event of any conict between Egyptian Laws and this Agreement, the provisions of this Agreement (including the arbitration provision) shall prevail. The arbitration shall be conducted in both Arabic and English languages.

‫تداول‬ ‫ل‬

‫عند ا‬

(i) GANOPE and CONTRACTOR shall agree that if, for whatever reason, arbitration in accordance with the above procedure cannot take place, all disputes, controversies or claims arising out of or relating to this Agreement or the breach, termination or invalidity thereof shall be settled by ad hoc arbitration in accordance with the UNCITRAL Rules in effect on the Effective Date.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±µ¶

ÊËdAF «Ë W U)« … œU*« ϑ΍έρϸϟ ϰϧϭϧΎϘϟ΍ ϊοϭϟ΍ çc V u0 äèUI*Çè ÈuM W U)Ç ÊUO u *Çè ÊU Çe Çè ÊU Çu Çè âuI(Ç d F (Ã) çc d H æà Òu t à åuNH*Ç s è .WO UL è WOM UC dO è WKBHM WO UH Ç .s UC W d èà äÇu à W d èà ÕU à W d åUO v Å éÏR UN Å vK WO UH Ç èà v u UI Ç t UOJ oKF ULO p Ðè UN f Q v Ç WN'Ç 5 ÇuI äèUI*Ç lC (È) âuI è t U ÓÃÑ rN à WOJK è WO U _Ç t z è t O Q bI è tLOEM èà t O Q . t OJK UL . Ù.å.Ì q ÇÏ ÌÑU)Ç v UNKL Q ÉÏu u*Ç äèUI*Ç äUL ÃÑ rN à äèÇb Òu è W à èà äU*Ç ÓÃÑ rN à vK WG b Ç W dC lC è åUF Ç ÈU UN d Òu v äèUI*Ç uC / äèUI*Ç t åuI ádB éÃè ¬ .Ù.å.Ì v åu Ñ èà éd à W d{

‫صورة إ‬

t B vK äèUI*Ç uC / äèUI*Ç ÉdDO dOOG t Q s .Ù.å.Ì ÌÑU èà .Ù.å.Ì ÉÏU*Ç h v ÉÏÑÇu Ç åUJ _Çè ÊÇÁÇd Ç ÊÇc UF{U æuJ W dA Ç äU ÓÃÑ s åUJ à oO D s äèUI*Ç vHF è."äÒUM Ç" s dAF Çè W ÏU(Ç ÉÏU*Çè "`M*Ç " WF U Ç

‫تروني‬ ‫لك‬

. äbF*Ç ±¹¸± WM ±µ¹ r Ñ æu UI Ç

5M U{ äèUI*Ç ÁUC à lOL d F ¬ uC s d à s æuJ äèUI*Ç æU ÇÐÅ W U v (Ì)

‫ة ال يع‬

.WO UH Ç çc v UNOK ÕuBM*Ç äèUI*Ç ÊU Çe U ÁU u Ç v 5M UC ÊËdAF «Ë W œU « … œU*«

‫تد بها‬

ΎϳϠΣϣ Δϋϭϧλϣϟ΍ Ω΍ϭϣϟ΍ϭ ϥϭϳϠΣϣϟ΍ ϥϭϟϭΎϘϣϟ΍

:vK U ÉU Çd rNO èUI è ¬äÇu _Ç V ¬ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç vK V

‫عند ا‬

WF U Ç ÊU dA Ç p Ð v U0 s U Ç s 5 èUI*Çè 5OK;Ç 5 èUILK W u è_Ç ÁUD Å (Ã) rN U b ÑUF à æÃè Uë O èÏ ÉbzU Ç ÁÇÏ_Ç W ÑÏ l WK UL rNzÇÏà W ÑÏ X ÇÏU ÈuM'

‫تداول‬ ‫ل‬

WzU*Ç v ÉdA s d Q s d Ç s U Ç s 5 èUI*Çè 5 èUI*Ç ÑUF Ã vK b e . (¥±°)

±µ·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ARTICLE XXV STATUS OF PARTIES

(a) The rights, duties, obligations and liabilities in respect of GANOPE and CONTRACTOR hereunder shall be several and not joint or collective, it being understood that this Agreement shall not be construed as constituting an association or corporation or partnership. (b) CONTRACTOR shall be subject to the laws of the place where it is incorporated regarding its legal status or creation, organization, charter and by-laws, shareholding, and ownership.

‫صورة إ‬

CONTRACTOR ’s shares of capital which are entirely held abroad shall not be negotiable in the A.R.E. and shall not be offered for public subscription nor shall be subject to the stamp tax on capital shares nor any tax or duty in the A.R.E.. Any procedure carried out

by CONTRACTOR/CONTRACTOR MEMBER in A.R.E. or outside A.R.E. that leads to change of control of the CONTRACTOR/ CONTRACTOR MEMBER on its share in the company ’s capital, shall be subject to the procedures and provisions of Article IX ெ Bonuses ” and Article XXI ெAssignment ’ ’. CONTRACTOR shall be exempted from the application of Law No. 159 of 1981 as amended.

‫ة ال يع‬

ARTICLE XXVI

‫تروني‬ ‫لك‬

(c) In case CONTRACTOR consists of more than one member, all CONTRACTOR Members shall be jointly and severally liable for the performance of the obligations of CONTRACTOR under this Agreement.

LOCAL CONTRACTORS AND

‫تد بها‬

LOCALLY MANUFACTURED MATERIAL

CONTRACTOR or Operating Company, as the case may be, and their contractors shall:

‫تداول‬ ‫ل‬

‫عند ا‬

(a) Give priority to local contractors and sub-contractors, including , GANOPE s Afliated Companies as long as their performance is comparable with international performance and the prices of their services are not higher than the prices of other contractors and subcontractors by more than ten percent (10%).

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±µ¸

WO N Ç lK Çè Ê Ç è ÊÇbF*Ç Çc è Uë OK W uMB*Ç ÏÇuLK WOKC _Ç ÁUD Å (È) Ê Çè ÊÇbF*Çè ÏÇu*Ç l rOK Ç bO Çu è ÉÏu'Ç WO U s WK UL UN à Uàààà*U Ê Çè ÊÇbF*Çè ÏÇu*Ç çc ÏÇdO Ç Òu p Ð l è . Uë O èÏ Éd Çu *Ç WO N Ç lK Çè U ÑUF à X U ÇÐÅ WO UH Ç çc vC I0 éd& v Ç ÊUOKLFK WO N Ç lK Çè b e .Ù.å.Ì v ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç ÊUOKL dI rOK ¬ WOK;Ç åu d Ç W U{Å q ¬ ÏÑu *Ç UNKO dF s (¥±°) WzU*Ç v ÉdA s d Q .5 Q Çè qIM Ç n ÑUB W U{Å bF sJ è WO dL'Ç ÊËdAF «Ë WF U « … œU*« ϰΑέόϟ΍ ιϧϟ΍ r U;Ç åU à UNK èQ èà WO UH Ç çc dO H v l d*Ç u WO UH Ç çcN v dF Ç hM Ç

‫صورة إ‬

ÈuM 5 rOJ% éà v Å ÁU Ç W U v t à ¬p Ð l ¬×d A è ¬.Ù .å .Ì v WB *Ç

v dF Ç 5BM Ç s q v Å l d ¬d c Ç WH U s dAF Çè WF Çd Ç ÉÏU*Ç hM Uë I è äèUI*Çè ÊËdAF «Ë WM U « … œU*«

‫ة ال يع‬

ΕΎϳϣϭϣϋ

‫تروني‬ ‫لك‬

.WO UH Ç çc q èQ èà dO H v ÉuI Ç fH ULN æuJ è éeOK$ Çè

ë ON WO UH Ç çc ÏÇu s ÉÏU qJ t u{u*Ç s èUMF Ç èà ÊU u{u*Ç ÓèÄÑ XKLF Å

‫تد بها‬

. ÏÇu*Ç çc dO H WO uB v qLF è jI WO UH Ç áÇd _ ÊËdAF «Ë WF U « … œU?? *«

‫عند ا‬

ΔϳϗΎϔΗϻ΍ Φγϧ

‫تداول‬ ‫ل‬

(²) 5M Ç ÏbF ÈuM è W uJ(Ç kH % ¬WK U2 äu à (³) W s WO UH Ç çc ÊÑd .åèeK Ç bM UN u0 qLFK p Ðè WO UH Ç çc s (±) b Çè q Q äèUI*Ç kH è äu Ã

±µ¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(b) Give preference to locally manufactured material, equipment, machinery and consumables so long as their quality and time of delivery are comparable to internationally available material, equipment, machinery and consumables. However, such material, equipment, machinery and consumables may be imported for operations conducted hereunder if the local price of such items at CONTRACTOR ’s or Operating Company ’s operating base in A.R.E. is more than ten percent (10%) higher than the price of such imported items before customs duties, but after transportation and insurance costs have been added.

ARTICLE XXVII ARABIC TEXT The Arabic version of this Agreement shall, before the appropriate courts of A.R.E., be referred to in construing or interpreting this Agreement;

‫صورة إ‬

provided however , that in any arbitration pursuant to Article XXIV herein above between GANOPE and CONTRACTOR the English and Arabic interpreting this Agreement.

ARTICLE XXVIII

‫ة ال يع‬

GENERAL

‫تروني‬ ‫لك‬

versions shall both be referred to as having equal force in construing or

The headings or titles to each of the Articles to this Agreement are solely for the convenience of the parties hereto and shall not be used with respect

‫تد بها‬

to the interpretation of said Articles.

ARTICLE XXIX

‫عند ا‬

COPIES OF THE AGREEMENT

This Agreement is issued of three (3) identical originals, the Government

‫تداول‬ ‫ل‬

and GANOPE retain two (2) originals, CONTRACTOR retains one (1) original of this Agreement to act in accordance to its provisions if necessary.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¶°

Êu ö « … œU?? ? ?*« ϰϧϭϧΎϘϟ΍ έϘϣϟ΍

ÊU UJ*Ç lOL æÃè ULN ÑU *Ç q;Ç Çc ÑbB ULNM q s d æÇuMF Ç æQ æU dD Ç d à U ÑU à lOL' W M è W O æÇuMF Ç Çc vK ULNM qJ sKF q d v Ç Ê Çd*Çè V u0 t ÇuMF d Ç ádD Ç ÑUD Å WOK 5F t ÇuMF 5 dD Ç b à dOOG W U v è WO u UI Ç lOL' W M è W O æÇuMF Ç Çc Ê Çd Êd Ç Åè äu u Ç rKF tOK v u ÈUD .WO u UI Ç U ÑU à Êu ö «Ë b «u « … œU*« ΔϳϗΎϔΗϼϟ ΔϣϭϛΣϟ΍ ΩΎϣΗϋ΍

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

WB *Ç ÊUN'Ç s æu U ÑbB æà v Åè r U UN Çd à s é_ W eK WO UH Ç çc æuJ q U WO UH Ç çc vK vHC è WO UH Ç çc vK lO u Ç äèd Ç d Òu äu .Ù.å.Ì v s WO UH Ç lO u bF è UN n U v uJ l dA éà s dEM Ç iG çd Ãè æu UI Ç Éu .äèUI*Çè ÈuM è W uJ(Ç ϝϭέΗΑϟ΍ ΔϳϣϧΗϭ ϑΎηϛΗγϻ Δϳέλϣϟ΍ Δϳϧρϭϟ΍ Δϛέηϟ΍ UNM ................................................... :bO Ç ÉÑÇÏ Ç fK fOzÑ :t HB ................................................ :lO u Ç ϝϭέΗΑϠϟ ΔοΑΎϘϟ΍ Δϳέλϣϟ΍ ϯΩ΍ϭϟ΍ ΏϭϧΟ Δϛέη UNM ................................................. /r Ç ................................................. :t HB ................................................ :lO u Ç ΔϳΑέόϟ΍ έλϣ ΔϳέϭϬϣΟ UNM ........................................... :bO Ç v UF WO bF*Ç Éèd Çè äèd Ç d Òè :t HB ................................................ :lO u Ç .............................................. : a ÑUààà Ç

±¶±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تروني‬ ‫لك‬

‫صورة إ‬

ARTICLE XXX LEGAL HEADQUARTERES The parties approved that the address supplemented to their entity in the preface is their chosen address for notication, all notices sent and correspondences received in such address are considered valid with the outcome of all its legitimate effects. In the event any of the parties changes the aforesaid address, such Party shall notify the other Party by a registered letter upon receipt otherwise, the correspondence only sent to the aforementioned address is to be considered valid with the outcome of all its legitimate effect ARTICLE XXXI APPROVAL OF THE GOVERNMENT This Agreement shall not be binding upon any of the parties hereto unless and until a law is issued by the competent authorities of the A.R.E. authorizing the Minister of Petroleum to sign this Agreement and giving this Agreement full force and effect of law notwithstanding any countervailing Governmental enactment , and the Agreement is signed by the GOVERNMENT, GANOPE, and CONTRACTOR. EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY By Mr.: … … … … … … … … … … … … … … … … … … …

In his capacity: … … … … … … … … … … … ….

Signature: … … … … … … … … … … … … … … ….

‫ة ال يع‬

SOUTH VALLEY EGYPTIAN PETROLEUM HOLDING COMPANY

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

By In his capacity: chairman of the board Signature: … … … … … … … … … … … … … … ….

Arab Republic Of Egypt By His Excellency Engineer : Tarek El Molla In his capacity: Minister Of Petroleum And Mineral Resources Signature: … … … … … … … … … … … … … … …..

Date: … … … … … … … … … … … … … … …... … …

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¶²

¢À¢ o K*« «e?? ? « WO U?? ? ? ? ?H « 5 WO d?? F « d?? B W —u??NL ‰Ëd K WC UI « W dB*« È œ«u « »uM Ë ‰Ëd « WOLM Ë ·UAJ ô W dB*« WOM u « W dA «Ë v?? ? » œ È œ«Ë WIDM WO dA « ¡«d B U

‫تروني‬ ‫لك‬

ϡ΍ίΗϟϻ΍ ΔϘρϧϣ ΩϭΩΣ ϑλϭ

‫صورة إ‬

Æ Ÿ ÆÂ ÆÃ

. WO UH Ç çc UNLJ%è UNODG v Ç WIDM*Ç 5 WO O{u WD d (È) o K

‫ة ال يع‬

æuJ v è .Uë dI (²r ±°³°) l d d uKO æu è n Ç v Çuàà WIDM*Ç W U mK -

‫تد بها‬

Ë WJ vK W dF WK UJ Ç Y Ç ÊU UD èà Y ÊU UD s Áe èà q s . äuD Çè ÖdF Ç ×uD s ozU Ï (³) Ë v ozU Ï (³)

‫عند ا‬

WO O{u ×uD éu X O (È) o K*Ç v WIDM*Ç Ïb% v Ç ×uD)Ç æà k *Ç s è -

‫تداول‬ ‫ل‬

ÑU x W M U ÊU UDI Ç pK vIOI(Ç l u*Ç W b Ç t è vK 5 b è jI WOzb è . ÉÏu u*Ç WO ÇdG'Ç r UF*Çè

±¶³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ANNEX “A ” CONCESSION AGREEMENT BETWEEN THE ARAB REPUBLIC OF EGYPT AND SOUTH VALLEY EGYPTIAN PETROLEUM HOLDING COMPANY AND

EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY IN WADI DEB AREA

‫صورة إ‬

EASTERN DESERT

‫تروني‬ ‫لك‬

A.R.E.

BOUNDARY DESCRIPTION OF THE CONCESSION AREA affected by this Agreement.

‫ة ال يع‬

Annex “B ” is a provisional illustrative map showing the Area covered and - The Area measures approximately one thousand and thirty square kilometers (1030 km2) of surface Area. It is composed of all or part of

‫تد بها‬

Exploration Blocks, the whole Blocks are dened on three (3) minutes latitude by three (3) minutes longitude grid.

‫عند ا‬

- It is to be noted that the delineation lines of the Area in Annex “B ” are intended to be only illustrative and provisional and may not show

‫تداول‬ ‫ل‬

accurately their true position in relation to existing monuments and geographical features.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¶´

ë dàà F écàà Çè WààIDMLK WààOM d Ç ×UààIM Ç ÊUO Çb ë èbà vàK UààLO ÏÑuàà è ÇÁeàà -:"Ã" oà K*Ç sà Ãeà ΩϭΩ˰˰Σ ΕΎϳΛ΍ΩΣ· ΏΩ ϯΩ΍ϭ ΔϘρϧϣ Δϳϗέηϟ΍ ˯΍έΣλϟΎΑ Ύϗέη ϝϭρϟ΍ ρΧ

ϻΎϣη νέόϟ΍ ρΧ

ΔρϘϧϟ΍

² WDIM Ç v Ç U d

ZOK)Ç l l UI

°²· '´¹ "°°[°°°

±

³ WDIM Ç v Ç UL

°³³ '²· "°°[°°°

°²· '´¹ "°°[°°°

²

´ WDIM Ç v Ç U d

°³³ '²· "°°[°°°

°²· 'µ± "°°[°°°

³

µ WDIM Ç v Ç UL

°³³ '²µ "°°[°°°

°²· 'µ± "°°[°°°

´

¶ WDIM Ç v Ç U d

°³³ '²µ "°°[°°°

°²· 'µ³ "°°[°°°

µ

· WDIM Ç v Ç UL

°³³ '²³ "°°[°°°

°²· 'µ³ "°°[°°°

¶

¸ WDIM Ç v Ç U d

°³³ '²³ "°°[°°°

°²· 'µ´ "°°[°°°

·

¹ WDIM Ç v Ç UL

°³³ '²± "°°[°°°

°²· 'µ´ "°°[°°°

¸

±° WDIM Ç v Ç U d

°³³ '²± "°°[°°°

°²· 'µ¶ "°°[°°°

¹

±± WDIM Ç v Ç UL

°³³ '±¸ "°°[°°°

°²· 'µ¶ "°°[°°°

±°

±² WDIM Ç v Ç U d

°³³ '±¸ "°°[°°°

°²¸ '°° "°°[°°°

±±

±³ WDIM Ç v Ç âd ÈuM

°³³ '°° "°°[°°°

°²¸ '°° "°°[°°°

±²

±´ WDIM Ç v Ç U d

°³³ '°¸ "´·[°°°

°²· '´· "°°[°°°

±³

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

ϑϳλϭΗϟ΍

±¶µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

Coordinates of the corner points of the Area are given in the following table which forms an integral part of Annex “A ”:BOUNDARY COORDINATES OF WADI DEB AREA EASTERN DESERT Latitude/N

Longitude/E

DUE

1

27°49'00.000"N

S.L. Intersection

West to point 2

2

27°49'00.000"N

33°27'00.000"E

North to point 3

3

27°51'00.000"N

33°27'00.000"E

West to point 4

4

27°51'00.000"N

33°25'00.000"E

North to point 5

5

27°53'00.000"N

33°25'00.000"E

West to point 6

6

27°53'00.000"N

33°23'00.000"E

North to point 7

7

27°54'00.000"N

33°23'00.000"E

West to point 8

8

27°54'00.000"N

33°21'00.000"E

North to point 9

9

27°56'00.000"N

33°21'00.000"E

10

27°56'00.000"N

33°18'00.000"E

11

28°00'00.000"N

33°18'00.000"E

12

28°00'00.000"N

13

27°47'00.000"N

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

point

West to point 10

‫تد بها‬

North to point 11

‫عند ا‬

West to point 12

Southeast to point 13

33°08'47.000"E

East to point 14

‫تداول‬ ‫ل‬

33°00'00.000"E

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¶¶

Ύϗέη ϝϭρϟ΍ ρΧ

ϻΎϣη νέόϟ΍ ρΧ

ΔρϘϧϟ΍

±µ WDIM Ç v Ç âd ÈuM

°³³ '±¶ "²µ[°°°

°²· '´· "°°[°°°

±´

±¶ WDIM Ç v Ç U d

°³³ '²µ "²¹[°°°

°²· '³¶ "°°[°°°

±µ

±· WDIM Ç v Ç UL

°³³ '²¹ "³´[·°¹

°²· '³¶ "°°[°°°

±¶

±¸ WDIM Ç v Ç UL

°³³ '²¹ "³´[·³°

°²· '³¸ "µ²[±²·

±·

±¹ WDIM Ç v Ç UL

°³³ '³° "°°[°°°

W L ZOK l l UI

±¸

d Ç j ÇÑèd UL ± WDIM Ç v Ç X e Ç ZOK)

°³³ '³° "°°[°°°

X e Ç ZOK l l UI

±¹

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

ϑϳλϭΗϟ΍

±¶·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç Latitude/N

Longitude/E

DUE

14

27°47'00.000"N

33°16'25.000"E

Southeast to point 15

15

27°36'00.000"N

33°25'29.000"E

East to point 16

16

27°36'00.000"N

33°29'34.709"E

North to point 17

17

27°38'52.127"N

33°29'34.730"E

North to point 18

18

Gemsa Bay S.L. Intersection

33°30'00.000"E

North to point 19

19

Zeit Bay S.L. Intersection

33°30'00.000"E

North through the zeit bay shore line to the point 1

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

point

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¶¸

"Ώ" ϕΣϠϣϟ΍

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

ϡ΍ίΗϟϻ΍ ΔϳϗΎϔΗϹ ΔϳΣϳοϭΗ ΔρϳέΧ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

ANNEX “B ” Map of Concession Agreement WADI DIB

‫تداول‬ ‫ل‬

±¶¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±·°

¢±ªÃ¢ o K*« ϰϛϧΑϟ΍ ϥΎϣοϟ΍ ΏΎρΧ (²°------ ______ v Éd UI Ç) _____ r Ñ æULC Ç ÈUD äèd K WC UI Ç W dB*Ç éÏÇu Ç ÈuM bF è W O WO% WF{U)Ç è WO dF Ç dB W ÑuNL WK UF Ç ãuM Ç b à èÃ) édB*Ç vK _Ç pM Ç çU Ïà l u*Ç dB W ÑuNL' v UL z Ç nOMB Ç s qI v UL zÇ nOMB UN è ée d*Ç pM Ç áÇd äèd K WC UI Ç W dB*Ç éÏÇu Ç ÈuM' Çcààààààà vC I0 sLC UM U{ t HB ( WO dF Ç s Ñ èÏ (¶°°°°°°) 5 W mK Ïèb vààààààà ("ÈuM " vK ULO UNO Å ÑUA è) WOLM è áUAJ W dB*Ç WOM u Ç W dA Ç åuàààààI æà WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ

‫صورة إ‬

ÊUOKL UNOC I v Ç UN U Çe Ç cOHM ("äèUI*Ç" à vK ULO UNO Å ÑUA è) äèd Ç

ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (¶°°°°°°) 5 W s qI mK âUH S Yàààà Ç

‫تروني‬ ‫لك‬

WF Çd Ç ÉÏU*Ç vC I0 Y Ç Éd sààààà v è_Ç ÊÇuM (³) Ë ä WOJ d _Ç Éb *Ç

vK ULO UNO Å ÑUA è) ²°²± WM ±³³ r Ñ æu UI Ç V u0 ÉÑÏUB Ç åÇe Ç WO UH Ç s

(Ã) 5I K*Ç v W uàààà u*Ç ¬WO dA Ç ÁÇd B U ¬ÈÏ éÏÇè WIDM vDG v Ç ("WO UH U "

‫ة ال يع‬

UNO Å ÑUA è) WO dF Ç dB W ÑuNL 5 UàààLO è W dF0 W d *Ç WO UH Ç çc sàààààààà (È)è

‫تد بها‬

.WO dA Ç ÁÇd B U ¬ÈÏ éÏÇè v äèUI*Çè ÈuM è (".Ù .å .Ì" vK ULO l Ñ q iH áu ÈUD)Ç Çc V u0 s UC Ç WO u è W ULC Ç çc æà åuNH*Ç s è

‫عند ا‬

Éb *Ç ÊU u Ç ÊÇÑ èÏ s Ñ èÏ (¶°°°°°°) 5 W mK âUH Å Éd àààà ä WM

l Ñ q ä çc Y Ç ÊUOKL vK äèUI*Ç UN d v Ç m U *Ç ÑÇbI0 ÉÑu c*Ç WOJ d _Ç

‫تداول‬ ‫ل‬

ÈuM V U s ãd A v U ÑÇd Å vC I0 r ÊUCOH Ç çc s iOH q è . WM

. äèUI*Çè

±·±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ANNEX “C-1 ” BANK LETTER OF GUARANTY

Letter of Guaranty No. --- (Cairo ------------ 20--) SOUTH VALLEY EGYPTIAN PETROLEUM HOLDING COMPANY. Gentlemen, The undersigned, National Bank of Egypt ( or any bank operating in A.R.E. under the supervision of the Central Bank of Egypt and that has credit rating not less than that of A.R.E. ) as Guarantor, hereby guarantees to the SOUTH VALLEY EGYPTIAN PETROLEUM HOLDING COMPANY ( hereinafter referred to as “ GANOPE ”) to the limit of six million U.S. Dollars ($6,000,000), the performance by “EGYPTIAN NATIONAL PETROLEUM

FOR

EXPLORATION AND

DEVELOPMENT

‫صورة إ‬

COMPANY “ (hereinafter referred to as “CONTRACTOR ”) of its obligations required for Exploration operations to spend a minimum of six million U.S. Dollars ($6,000,000) during the initial three (3) years of the

by Law

‫تروني‬ ‫لك‬

Exploration period under Article IV of the Concession Agreement issued No. 133/2021 (hereinafter referred to as the “Agreement ”)

covering Wadi Deb AREA, EASTERN DESERT, described in Annexes

‫ة ال يع‬

“A ” and “B ” of said Agreement, by and between the Arab Republic of Egypt (hereinafter referred to as “A.R.E. ”), GANOPE and CONTRACTOR,

‫تد بها‬

dated ------- .

It is understood that this Guaranty and the liability of the Guarantor hereunder shall be reduced quarterly, during the period of expenditure

‫عند ا‬

of said six million U.S. Dollars ($6,000,000) by the amount of money expended by CONTRACTOR for such Exploration operations during each

‫تداول‬ ‫ل‬

such quarter. Each such reduction shall be established by the joint written statement of CONTRACTOR and GANOPE.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±·²

q WO UH Ç s vK èà t U Çe U ÁU u U rI r äèUI*Ç æà ÈuM ÊÃÑ ÇÐÅ U W U v è t S ¬ WO UH Ç çc s WF Çd Ç ÉÏULK UI âUH U t Çe Ç s Ñu c*Ç v Ï_Ç b(U ÁU u Ç X æà v Åè r U ÈuM' mK *Ç l Ï s çU Ïà l u*Ç s UC Ç vK WO u éà ãUM æuJ . WO UH Ç vC I0 o *Ç mK *Ç X ÈuM s v U ÑÇd S WO u *Ç çc - : ˱ Ύοϳ΃ ΍Ϋϫ ϥΎϣοϟ΍ ΏΎρΧ ϰϓ ρέΗηϳ ϭ ë s UO U ÇÑUD Å s UC Ç vIK ÇÐÅ Å äuFH*Ç Çc U Çc æULC Ç ÈUD ` B à - ± ÕuBMK UI W ÑU X à ÈuM è .Ù .å .Ìè äèUI*Ç 5 WO UH Ç æQ ÈuM è äèUI*Ç .ÉÑu c*Ç WO UH Ç çc æU d a ÑU s ÁÇb Ç W ÑU W ULC Ç çc ` B è UN ÉÏÑÇu Ç : UOzUIK Çc æULC Ç ÈUD vN M äU éà vK è - ² èà ¬ t U d Áb a ÑU s dN à (¶) W è ÊÇuM (µ) fL bF (Ã) v Ç W d A*Ç W uM l d Ç ÊÇÑÇd Ç v ÉÑu c*Ç m U *Ç ÙuL ` B U bM (È)

‫صورة إ‬

éà ¬ p Ð s b e èà âUH U åÇe v Ï_Ç b K U èU äèUI*Çè ÈuM U bF . o à 5 ÑU Ç

‫تروني‬ ‫لك‬

a ÑU s éà q s UC Ç v Å åbI æà V æQA Ç Çc v W UD éà æS v U U è - ³ tO Ïb ÈuM s v U ÑÇd S W u B d _Ç vK æULàààààààààààC Ç ÈUD ÁUN Ç

‫ة ال يع‬

: çÇÏR è äèUI*Ç tIHM r éc Ç mK *Ç

è ¬ W ULC Ç çc v tO Å ÑUA*Ç âUH U t U Çe U rI r äèUI*Ç æà (Ã)

‫تد بها‬

.ÈuM v Å ÊU èdB*Ç v e F Ç l b rI r äèUI*Ç æà (È)

. tzUN Ç bM èà U ÑU ` B r ÇÐÅ ¬ UMO Å Çc æULC Ç ÈUD ÉÏU Å ÁU d Çè

‫عند ا‬

¬¬ åÇd Ç ozU äu I ÇuKCH è s

‫تداول‬ ‫ل‬

d b*Ç

V U;Ç

±·³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

In the event of a claim by GANOPE of non-performance or surrender of the Agreement on the part of CONTRACTOR prior to fulllment of said minimum expenditure obligations under Article IV of the Agreement, there shall be no liability on the undersigned Guarantor for payment to GANOPE unless and until such liability has been established by written statement of GANOPE setting forth the amount due under the Agreement.

It is a further condition of this Letter of Guaranty that: (1) This Letter of Guaranty will become available only provided that the Guarantor will have been informed in writing by CONTRACTOR and GANOPE that the Agreement between CONTRACTOR, A.R.E. and GANOPE has become effective according to its terms and said Guaranty shall become effective on the Effective Date of said Agreement.

(2) This Letter of Guaranty shall in any event automatically expire: (a) Five (5) years and six (6) months after the date it becomes effective, or

‫تروني‬ ‫لك‬

‫صورة إ‬

(b) At such time as the total of the amounts shown on quarterly joint statements of GANOPE and CONTRACTOR equals or exceeds the amount of said minimum expenditure obligation, whichever is earlier.

‫ة ال يع‬

(3) Consequently, any claim, in respect thereof should be made to the Guarantor prior to either of said expiration dates at the latest accompanied by GANOPE ‘s written statement, setting forth the amount of under-expenditure by CONTRACTOR to the effect that: (a) CONTRACTOR has failed to perform its expenditure obligations referred to in this Guaranty, and

‫تد بها‬

(b) CONTRACTOR has failed to pay the expenditure deciency to GANOPE.

‫عند ا‬

Please return to us this Letter of Guaranty in the event it does not become effective, or upon the expiry date.

Yours Faithfully,

‫تداول‬ ‫ل‬

Accountant: -------------------------------Manager: -----------------------------------

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±·´

" ˻-Ν " ϕΣϠϣϟ΍ ϰΟΎΗϧϻ΍ ϥΎϣοϟ΍ ΏΎρΧ äèd K WC UI Ç W dB*Ç éÏÇu Ç ÈuM bF è W O WO% ULO è W dF0 ²°²± WM "±³³" r Ñ æu UI Ç V u0 ÉÑÏUB Ç WO UH Ç çc v Å ÉÑU U (ÈuM ) äèd K WC UI Ç W dB*Ç éÏÇu Ç ÈuM è (.Ù.å.Ì) WO dF Ç dB W ÑuNL 5 (u bO Ã) vK ULO UNOK oKD è) äèd Ç WOLM è áUAJ W dB*Ç WOM u Ç W dA Çè . ("äèUI*Ç" èà ÈuM là p d và è (u bO Ã) äèd Ç WOLM è áUAJ W dB*Ç WOM u Ç W dA Ç bNF V u0 äèUI è s UC ²°²± WM ±³³ r Ñ æu UI Ç V u0 ÉÑÏUB Ç åÇe Ç WO UH Ç v W WG U Ç WO è_Ç Y Ç Édà ä à äèUI*Ç oH à ÇÐÅ Uà Wà U và t à æULC Ç Çcà

‫صورة إ‬

5 W uà è Édàààà H Ç pK Ïbà;Ç v Ï_Ç b(Ç sà qà Ã UGK ÊÇuM (³)

vK ULO âdàH Ç n u è) WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ sàà Ñ èÏ (¶[°°°[°°°)

‫تروني‬ ‫لك‬

äèd Ç WOLM è áUAJ W dB*Ç WOM u Ç W dA Ç ÑUD S ÈuM åuI áuà ¬("e F Ç" à s U u (±µ) dA W L ä è . e F Ç Çc WLOI W U s UC è äèUIL (u bO Ã) äèUI (u bO Ã) äèd Ç WOLM è áUAJ WOM u Ç W dA Ç åuI ÑUD Ç Çcà å Ç

‫ة ال يع‬

WODG WLOI Ç YO s WO U æuJ ÈuM v Å äèd Ç s WOL q u% èÃ/è l b s U{è

. e F Ç Çc

‫تد بها‬

W dB*Ç WOM u Ç W dA Ç WB s ULB r p Ð æS ¬ Ñu c*Ç äèd Ç q u% W U v è UN WF U Ç WOLM Ç ÏuI q s äèd Ç ÌU Å s (u bO Ã) äèd Ç WOLM è áUAJ

‫عند ا‬

r Ñ æu UI Ç V u0 ÉÑÏUB Ç t G Çè äèd Ç s Y K åÇe Ç WO UH Ç åUJ _ UI ÓÃÑ âd ÈuM WOLM WIDM s äèd K W UF Ç W dB*Ç W ON Ç l ²°±¹ WM (±³¶)

‫تداول‬ ‫ل‬

WO UH Ç åUJ _ UI ÈuM v Å q u Ç X è v Ñuà c*Ç äèd Ç rOOI r áu è ÉÑUD .WB(Ç çc UNM äu;Ç åÇe Ç

±·µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ANNEX “C-2 ” PRODUCTION LETTER OF GUARANTY

Gentlemen, Reference is made to this Agreement issued by virtue of law No133 of 2021 by and between the Arab Republic of Egypt (A.R.E.) , SOUTH VALLEYEGYPTIAN PETROLEUM HOLDING COMPANY (GANOPE), EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY hereinafter referred to as “ENPEDCO ” or "CONTRACTOR" .

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY “ENPEDCO ” which is the partner with GANOPE in the Concession Agreement issued by virtue of law No133 of 2021 as Guarantor and as CONTRACTOR hereby undertakes that, if CONTRACTOR spends during the three (3) year initial Exploration period less than the minimum amount specied for such period of six million U.S. Dollars ($ 6.000.000 (the difference being hereunder described as “Shortfall ”), GANOPE shall notify EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY “ENPEDCO ” as CONTRACTOR and as Guarantor in writing of the amount of the Shortfall. Within fteen (15) days of receipt of said notice, EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY “ENPEDCO ” as CONTRACTOR and as Guarantor shall pay and / or transfer to GANOPE a quantity of Petroleum sufcient in value to cover the Shortfall.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

In case said Petroleum shall be transferred, it will be deducted from EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY “ENPEDCO ” share of Petroleum production from all its Development Leases, pursuant to the terms of the Concession Agreement for Petroleum Exploration and Exploitation issued by virtue of the law No. 136 of 2019 with The Egyptian General Petroleum Corporation (EGPC) at SOUTH EAST RAS QATTARA Development Area and said Petroleum shall be valued at the time of the transfer to GANOPE in accordance with the provisions of the Concession Agreement, from which such share has been transferred.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±·¶

Çc tO vN M áu éc Ç a ÑU Çè a ÑU Ç Çc 5 ÊU è_Ç s X è éà v äèUILK Òu è ÊÇÑ èÏ sàà Ñ èÏ (¶[°°°[°°°) 5 W mK 0 Uë O dB U UL{ åbI æà ¬æULC Ç v è ¬ vJM Ç æULC Ç ÈUD) WI d*Ç WGOB U e F Ç WLO s èà WOJ d _Ç Éb *Ç ÊU u Ç . çd à åbFM è æULC Ç Çc åUJ à UOzUIK qD W U(Ç çcà WM l Ñ q iH áu æULC Ç Çc V u0 s UC Ç WO u è W ULC Ç çc æà åuNH*Ç s è .ÈuM U bL F è ÊUOKLF U WLzUI Ç W dA Ç ä s äèUI*Ç UNIHM v Ç m U *U bF dN à (¶) W ÁUCI Ç bàM d _Ç .bàà è UO ` B è æULC Ç Çcàà WO åbFM è æà ÈuM tO b R éc Ç a ÑU Ç v èà ÊÇuM (³) W WG U Ç WO è Ç Y Ç Édà W UN .WO UH Ç çc v UNOK ÕuBM*Ç tà U Çe U v èà bà äèUI*Ç ---------------------------------------

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

--------------------------------- : a ÑU Ç

±··

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

CONTRACTOR may at any time between the date hereof and the date on which this guaranty shall expire submit a bank guaranty of six million U.S. Dollars ($ 6.000.000) or of the value of the Shortfall in the form of the bank letter of guaranty attached, in such event the provisions of this guaranty shall automatically lapse and be of no effect.

It is understood that this Guaranty and the responsibility of the Guarantor under this Guaranty shall be reduced quarterly by the amounts spent

by CONTRACTOR through the Operating Company and approved by GANOPE. This guaranty shall expire and become null and void on the date six (6) months after the end of the initial three (3) year Exploration period or on the date GANOPE conrms that CONTRACTOR fullled its obligations hereunder.

Yours Faithfully,

‫صورة إ‬

----------------------------------------------------------------------------

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

DATE -----------------------------

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±·¸

"Ω" ϕΣϠϣϟ΍ αϳγ΄Η ΩϘϋ ΕΎϳϠϣόϟΎΑ Δϣ΋ΎϘϟ΍ Δϛέηϟ΍ v Ë_« … œU*« åUJ _ Uë I W uJ(Ç s ` dB WO dF Ç dB W ÑuNL WO M qL% WL U W d qJA . Çc fO Q Ç bI è bF ULO UNO Å ÑUA*Ç WO UH Ç çc çc tO ÖÑUF éc Ç b(Ç v Å .Ù.å.Ì v W ÑU Ç `zÇuK Çè 5 ÇuI Ç W UJ W dA Ç lC è . vK ULO UNO Å ÑUA*Ç WO UH Ç çc è bIF Ç Çc åUJ Ã l `zÇuK Çè 5 ÇuI Ç WO U « … œU*« d Òè WI Çu0 Uë M Ñ æuJ éc Ç ÊUOKLF U WLzUI Ç W dA Ç r Ç vK Uë F äèUI*Çè ÈuM oH . WOLM Ç bIF äèd Ç d Òè bO Ç ÏUL Ç a ÑU q p Ðè äèd Ç W U « … œU*«

‫صورة إ‬

. Éd UI Ç WM b0 .Ù.å.Ì v ÊUOKLF U WLzUI Ç W dAK v Ozd Ç e d*Ç æuJ WF «d « … œU*«

‫ة ال يع‬

‫تروني‬ ‫لك‬

s äèUI*Çè ÈuM lOD éc Ç qO u Ç Ñèb åUOI Ç u ÊUOKLF U WLzUI Ç W dA Ç Öd åuO Ç v WF u*Ç WO UH Ç çc ÕuB UNOC I v Ç WOLM Ç ÊUOKL ÉÑÇÏÅè cOHM t W dB*Ç éÏÇu Ç ÈuM è WO dF Ç dB W ÑuNL 5 ULO è W dF0 ²°²± d u à dN s ±² ÁÇd B U ¬ÈÏ éÏÇè WIDM v WO èd Ç ÊUOKLF Ç qLA v Çè äèUI*Çè äèd K WC UI Ç .WO UH Ç çc v WMO *Ç ¬WO dA Ç

‫عند ا‬

‫تد بها‬

a ÑU s UN åUOI Çè Y Ç ÊUOKL cOHM v qO u Ç ÊUOKLF U WLzUI Ç W dA Ç æuJ è . WO UH Uë I è ÉbL F*Ç ÊU ÒÇu*Çè qLF Ç Z Çd UI UNM uJ çcN ÊUIHM Çè ÊUààà èdB*Çè nàààO UJ Ç W UJ Uë Uààà ÊUOKLF U WàààLzUI Ç W dàààA Ç pààà 9è . UN o d*Ç " à " o K*Çè WO UH Ç åUJ _ Uë I è ÊUOKLF Ç

‫تداول‬ ‫ل‬

åUOI Ç ÒèU ×UA éQ åuI èà qL éà äèÇe æà ÊUOKLF U WLzUI Ç W dAK fO è . p Ð á vK äèUI*Çè ÈuM XI Çè ÇÐÅ Å Uë H  ÉÑu c*Ç ÊUOKLF U

±·¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

ANNEX “D ” CHARTER OF OPERATING COMPANY ARTICLE I A joint stock company having the nationality of the ARAB REPUBLIC OF EGYPT shall be formed with the authorization of the GOVERNMENT in accordance with the provisions of this Agreement referred to below and of this Charter.

The Company shall be subject to all laws and regulations in force in the A.R.E. to the extent that such laws and regulations are not inconsistent with the provisions of this Charter and the Agreement referred to below.

ARTICLE II The name of the Operating Company shall be mutually agreed upon between GANOPE and CONTRACTOR before the date of the Minister ’s of Petroleum approval of the Development Lease and shall be subject to the approval of the Minister of Petroleum.

ARTICLE III The Head Ofce of Operating Company shall be in the A.R.E. in Cairo.

ARTICLE IV The object of Operating Company is to act as the agency through which GANOPE and CONTRACTOR, carry out and conduct the Development operations required in accordance with the provisions of the Agreement signed on the 12 day of October 2021 by and between the ARAB REPUBLIC OF EGYPT, SOUTH VALLEY EGYPTIAN PETROLEUM HOLDING COMPANY and CONTRACTOR covering Petroleum operations in WADI DEB AREA , ESTERN DESERT described therein.

Operating Company shall be the agency to carry out and conduct Exploration operations on the date it comes into existence pursuant to Work Programs and Budgets approved in accordance with the Agreement.

Operating Company shall keep account of all costs, expenses and expenditures for such operations under the terms of the Agreement and Annex “E ” thereto.

Operating Company shall not engage in any business or undertake any activity beyond the performance of said operations unless otherwise agreed upon by GANOPE and CONTRACTOR.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¸°

W U)« … œU*« édB tOM (²°[°°°) n à æèdA u t h d*Ç ÊUOKLF U WLzUI Ç W dA Ç äUL ÃÑ UNM q WLO è X uB Ç âuI v W èU éÏU rN (µ[°°°) á  W L v Å r I . WLOI Ç W U è q UJ U W u b W dB ÊUNOM l Ñà (²/±) nB ÊUOKLF U WLzUI Ç W dA Ç Ïu è ä pK 9è Òu%è äèUI*Çè ÈuM s q l b Òu v Ç ÉbO u Ç W U(Ç æà ÑdI*Ç s t à vK ¬ ÊUOKLF U WLzUI Ç W dA Ç äUL ÃÑ rN à v dOG Ç v Å UNKI èà t OJK WB s W éà èà q s äÒUM Ç 5 dD Ç s é_ UNO èà t OJK èà t uI s éà èà q s äÒUM èà qIM æà 5 dD Ç s éà ÏÇÑà ÇÐÅ U W U äÒUM *Ç èà q UM Ç ádD Ç Çc vK 5F W U(Ç pK v è UNKL Q WO UH Ç s W UM Ç t B W dA Ç äUL ÃÑ rN à v t B s Ñb s äÒUM è qIM æà ( rNO Å äÒUM s è tzUHK è) s t OJK WB s UNM äÒUM *Ç èà W uIM*Ç W u *Ç W MK èà qJ èU ÊUOKLF U WLzUI Ç . UNKL Q WO UH Ç

‫صورة إ‬

W œU « … œU*«

‫ة ال يع‬

‫تروني‬ ‫لك‬

âuI è ` UB éà è WOJK UN QAM è o éà ÊUOKLF U WLzUI Ç W dA Ç pK 9 äèd éà v è WO UH Ç çc s QAM WOLM bI éà v è WO UH Ç V u0 èà v W ÑUI v è WO UH Ç vC I0 W uML*Ç W U *Ç s WOLM bI èà Y ÙUD éà s Ìd cOHM ÖÇd _ WKLF v U2 èà UNOK äuB(Ç - éd à ÊUJK 2 èà ÊÇbF èà äu à W à æuJ åÇe Ç èà V Çè éà ÁÇÏà èà q uL åÇe Ç éà Ãb *Ç YO s UNOK lI è ÊUOKLF Ç ÊUOKLF U WLzUI Ç W dAK Òu è ¬ WO UH Ç vC I0 äèUI*Ç èà ÈuM s éà vK Uë {èdH

‫تد بها‬

.æU ÑbB éà s ` Ñ éà oI% æÃ

WF U « … œU*«

‫تداول‬ ‫ل‬

‫عند ا‬

WO UH Ç çc v d Ð UL O è ¬äèUI*Çè ÈuM s qO è éu X O ÊUOKLF U WLzUI Ç W dA Ç ë ÑbB ÊUOKLF U WLzUI Ç W dA Ç æà sL p Ð t U U è Uë Çd Å éb èà ÁÇd Å c èà ÇÑÇd äèUI*Çè ÈuM V U s èà äèUI*Ç èà ÈuM V U s Ñb b rJ(Ç èà ÑÇdI Ç p Ð æà åuNH*Ç .WO UH Ç ÊUOC I V

±¸±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ARTICLE V

The authorized capital of Operating Company is twenty thousand (20,000) Egyptian Pounds divided into ve thousand (5,000) shares of common stock with a value of four Egyptian Pounds per share having equal voting rights, fully paid and non-assessable.

GANOPE and CONTRACTOR shall each pay for, hold and own, throughout the life of Operating Company, one half (1/2) of the capital stock of Operating Company provided that only in the event that either party should transfer or assign the whole or any percentage of its ownership interest in the entirety of the Agreement, may such transferring or assigning party transfer or assign any of the capital stock of Operating Company and, in that event, such transferring or assigning party (and its successors and assignees) must transfer and assign a stock interest in Operating Company equal to the transferred or assigned whole or percentage of its ownership interest in the entirety of the said Agreement.

‫صورة إ‬

ARTICLE VI

‫ة ال يع‬

‫تروني‬ ‫لك‬

Operating Company shall not own any right, title, interest or estate in or under the Agreement or any Development Lease created thereunder or in any of the Petroleum produced from any Exploration Block or Development Lease thereunder or in any of the assets, equipment or other property obtained or used in connection therewith, and shall not be obligated as a principal for the nancing or performance of any of the duties or obligations of either GANOPE or CONTRACTOR under the Agreement. Operating Company shall not make any prot from any source whatsoever.

‫تد بها‬

ARTICLE VII

‫تداول‬ ‫ل‬

‫عند ا‬

Operating Company shall be no more than an agent for GANOPE and CONTRACTOR. Whenever it is indicated herein that Operating Company shall decide, take action or make a proposal and the like, it is understood that such decision or judgment is the result of the decision or judgment of GANOPE /CONTRACTOR or GANOPE and CONTRACTOR, as may be required by the Agreement.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¸²

WM U « … œU*« ÈuM 5F ÁUC à (¸) WO UL s æuJ ÉÑÇÏÅ fK ÊUOKLF U WLzUI Ç W dAK æuJ u è ÈuM tMOF ÉÑÇÏ Ç fK fOzÑè ¬s d Ç (´) WF Ñ_Ç äèUI*Ç 5F è rNM (´) WF Ñà ÉÑÇÏÅ fK uC t H u è äèUI*Ç tMOF åUF Ç d b*Çè ¬Èb M ÉÑÇÏÅ fK uC t H .Èb M WF U « … œU*« c ÑÇd éÃè fK *Ç ÁUC à WO K à U dC ÇÐÅ W O ÉÑÇÏ Ç fK ÊU UL Ç æuJ s d à èà ÊÇu à (µ) W L tOK o Çè ÇÐÅ Å Uë O æuJ ÊU UL Ç çc v ë vK ÁUM tM W UOM U ÊuB è d à ÇuC q 1 æà uC é_ Òu t à vK ÁUC _Ç ÊÇu à . tM ÑÏU qO u

‫صورة إ‬

…d UF « … œU*«

rN Ã WO K Ã tO XK 9 ÇÐÅ ÏUIF Ç `O rN _Ç WKL( WO uLF Ç WOFL'Ç ÙUL Å æuJ

‫تروني‬ ‫لك‬

ÉezU æuJ æà V ÙUL Ç Çc v c ÊÇÑÇd éÃè . ÊUOKLF U WLzUI Ç W dA Ç äUL ÃÑ . äU*Ç ÓÃÑ rN à WO K à æuK 1 èà æuJK1 s c Ç rN _Ç WKL s WI Çu*Ç ÊÇu _

‫ة ال يع‬

dA W œU(« … œU*«

W dA Ç vH u åÇb U W U)Ç åUJ _Çè ×èdA Ç qLA v Ç `zÇuK Ç ÉÑÇÏ Ç fK bL F

‫تد بها‬

äèUI*Ç rNMOF r è Éd U ÊUOKLF U WLzUI Ç W dA Ç rN b s c Ç ÊUOKLF U WLzUI Ç .W dA Ç v ÈuM è

‫عند ا‬

¬ÊUOKLF U WLzUI Ç W dAK vK Çb Ç åUEM Ç ÏÇb S ¬V UM*Ç X u Ç v ÉÑÇÏ Ç fK åuI è

‫تداول‬ ‫ل‬

åUJ _ Uë I è rN _Ç WKL( WO uLF Ç WOFL'Ç ÙUL Ç v tOK WI Çu*Ç bF åUEM Ç Çc éd è . o K*Ç Çc s Éd UF Ç ÉÏU*Ç

±¸³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ARTICLE VIII

Operating Company shall have a Board of Directors consisting of eight (8) members, four (4) of whom shall be designated by GANOPE and the other four (4) by CONTRACTOR. The Chairman shall be designated by GANOPE and shall also be a Managing Director. CONTRACTOR shall designate the General Manager who shall also be a Managing Director.

ARTICLE IX Meetings of the Board of Directors shall be valid if a majority of the Directors are present and any decision taken at such meetings must have the afrmative vote of ve (5) or more of the Directors; provided, however, that any Director may be represented and vote by proxy held by another Director.

‫صورة إ‬

ARTICLE X General meetings of the Shareholders shall be valid if a majority of the capital stock of Operating Company is represented thereat. Any decision

‫تروني‬ ‫لك‬

taken at such meetings must have the afrmative vote of Shareholders owning or representing a majority of the capital stock.

‫ة ال يع‬

ARTICLE XI

The Board of Directors shall approve the regulations covering the terms and conditions of employment of the personnel of Operating Company CONTRACTOR and GANOPE.

‫تد بها‬

employed directly by Operating Company and not assigned thereto by

‫عند ا‬

The Board shall, in due course, draw up the By-Laws of Operating Company, and such By-Laws shall be effective upon being approved by

‫تداول‬ ‫ل‬

a General Meeting of the Shareholders, in accordance with the provisions of Article X hereof.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¸´

dA WO U « … œU*« äèd Ç d Òè bO Ç ÏUL Ç a ÑU s åu (³°) 5 ä ÊUOKLF U WLzUI Ç W dA Ç QAM oH r U ) WO UH Ç v tOK ÕuBM u U u vK ¬ÒUG Ç èà X eK ÁÇu ¬WOLM Ç bIF . (äèUI*Çè ÈuM 5 p Ð á vK éà p Ð v U0 WO UH Ç çc q _ W èU Éb0 Ïb ÊUOKLF U WLzUI Ç W dA Ç q à . UN b b& V ààà é_ tO UF ÉÑu c*Ç WO UH Ç çcààà q à vN Ãï ÇÐÅ ÊUàààOKLF U WLzUI Ç W dàààA Ç qààà% . UNO UNOK ÕuBM*Ç ÈU _Ç s ϝϭέΗΑϟ΍ ΔϳϣϧΗϭ ϑΎηϛΗγϻ Δϳέλϣϟ΍ Δϳϧρϭϟ΍ Δϛέηϟ΍ UNM

‫صورة إ‬

.....................................................: bO Ç ................................................... : t HB

‫تروني‬ ‫لك‬

................................................... :lO u Ç

ϝϭέΗΑϠϟ ΔοΑΎϘϟ΍ Δϳέλϣϟ΍ ϯΩ΍ϭϟ΍ ΏϭϧΟ Δϛέη UNM

‫ة ال يع‬

.....................................................: bO Ç ................................................... : t HB

‫تد بها‬

................................................... :lO u Ç

‫تداول‬ ‫ل‬

‫عند ا‬

................................................... : a ÑUààà Ç

±¸µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ARTICLE XII

Operating Company shall come into existence within thirty (30) days after the date of the Minister ’s of Petroleum approval of a Development Lease, whether for Oil or Gas , as provided for in the Agreement (unless otherwise agreed by GANOPE and CONTRACTOR).

The duration of Operating Company shall be for a period equal to the duration of the said Agreement, including any renewal thereof.

The Operating Company shall be wound up if the Agreement referred to above is terminated for any reason as provided for therein.

EGYPTIAN NATIONAL PETROLEUM FOR EXPLORATION AND DEVELOPMENT COMPANY

Mr.: … … … … … … … … … … … … … … … … … … … ….

In his capacity: … … … … … … … … … … … … … …

‫تروني‬ ‫لك‬

Signature: … … … … … … … … … … … … … … … … …

‫صورة إ‬

By

SOUTH VALLEY EGYPTIAN PETROLEUM HOLDING COMPANY

By

‫ة ال يع‬

Mr.: … … … … … … … … … … … … … … … … … … … ….

In his capacity: … … … … … … … … … … … … … …

‫تد بها‬

Signature: … … … … … … … … … … … … … … … … …

‫تداول‬ ‫ل‬

‫عند ا‬

Date: : … … … … … … … … … … … … … … … … …

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¸¶

¢? ¢ o K*« ϰΑγΎΣϣϟ΍ ϡΎυϧϟ΍ ϰϟϭϷ΍ ΓΩΎϣϟ΍ ΔϣΎϋ ϡΎϛΣ΃ : ΕΎϔϳέόΗ (΃) æuJ è v U;Ç åUEM Ç Çc vK WO UH Ç s v è_Ç ÉÏU*Ç v ÉÏÑÇu Ç ÊUH dF Ç o D . vMF*Ç ÊÇÐ UN : ρΎηϧϟ΍ ΕΎϧΎϳΑ (Ώ)

‫صورة إ‬

WLzUI Ç W dA Ç ÁUA Å v è WO UH Ç çc s WF Çd Ç ÉÏULK Uë I è ¬äèUI*Ç åbI (±) s Uë u (³°) 5 ä ÈuM' WO UH Ç s W ÏU Ç ÉÏULK Uë I è ÊUOKLF U WMzÇb Çè WM b*Ç ÏuOI Ç W U fJF Y Ç ×UAM Uë UO WO1uI WM l Ñ q W UN V WB K tO Å ÑUA*Ç WM Ç làà Ñ s X d à v Ç Y Ç ÊUOKLF WIKF *Ç

‫تروني‬ ‫لك‬

. UNM q WFO vààààK äb écàààà Ç rz *Ç V u Ç

‫ة ال يع‬

dA W L ä äèUI*Çè ÈuM' ¬UN QA VI ¬ÊUOKLF U WLzUI Ç W dA Ç åbI (²) tO fJF Y Çè WOLM Ç ×UAM Uë UO WO1uI WM l Ñ q W UN s Uë u (±µ) ÉÑu c*Ç WM l dK Y Çè WOLM Ç ÊUOKLF W U)Ç WMzÇb Çè WM b*Ç ÏuOI Ç W U

‫تد بها‬

v Ç ÏÇu*Ç ÏuM æà dO ¬ULNM q WFO vK äb rz V u V WB K . ë OBH Ïd æà V W ÏUF Ç dO WMzÇb Çè WM b*Ç ÏuOI Çè U dB sJ1

‫عند ا‬

WOLM Ç WDA _ WLzU q ÏUL Çè WF Çd0 ÈuM åuI áu WF U Ç ÉÏULK UI

‫تداول‬ ‫ل‬

éÃè . (W U(Ç V ) ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç s W bI Y Çè ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç WD Çu U ÑU Çî fJFM áu ÈuM' ÊUE . WO U Ç WO1uI Ç WM Ç l Ñ WLzU v (W U(Ç V )

±¸·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ANNEX “E ” ACCOUNTING PROCEDURE ARTICLE I GENERAL PROVISIONS

(a) Denitions: The denitions contained in Article I of the Agreement shall apply to this Accounting Procedure and have the same meanings. (b) Statements of activity:

‫صورة إ‬

(1) CONTRACTOR shall, pursuant to Article IV of this Agreement, and until the coming into existence of the Operating Company - in accordance with Article VI of the Agreement - render to GANOPE within thirty (30) days of the end of each calendar quarter a Statement of Exploration Activity reecting all charges and credits related to the Exploration Operations for that quarter summarized by appropriate classications indicative of the nature thereof.

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

(2) Following its coming into existence, Operating Company shall render to GANOPE and CONTRACTOR within fteen (15) days of the end of each calendar quarter a Statement of Development and Exploration Activity reecting all charges and credits related to the Development and Exploration operations for that quarter summarized by appropriate classications indicative of the nature thereof, except that items of controllable material and unusual charges and credits shall be detailed.

‫تداول‬ ‫ل‬

‫عند ا‬

Pursuant to Article VII, GANOPE shall audit and approve each statement of Development and Exploration Activity submitted by the CONTRACTOR or the Operating Company (as the case may be). Any comments made by GANOPE shall be reected by the CONTRACTOR or the Operating Company (as the case may be) on the Statement produced for the next calendar quarter.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¸¸

: ΕΎόΟ΍έϣϟ΍ϭ ΕϼϳΩόΗϟ΍ (Ν) s (±) (È) ÉdIHK Uë I è Y Ç ×UA áuA s éuM l Ñ nA q d F (±) dN à (³) W bF WOzUN WHB Uë O è Uë LOK o K*Ç Çc v v è_Ç ÉÏU*Ç ÉÑu c*Ç dN à (³) W Ç ä ÈuM tOK X{d Ç ÇÐÅ Å t ÈuM å Ç s Éd ä v è . WO UH Ç s (è) ÉdI WF Çd Ç ÉÏU*Ç åUJ _ Uë I è Uë O U U{Çd Ç éà v UNB H ÈuM' W U Éb R*Ç ÊÇbM *Ç æuJ ÉÑu c*Ç dN à (³) W Ç .qLF Ç ÊU U s X è WF Çd æQA ÈuM' v Ç âuI(Ç fH äèUILK æuJ ¬ WO dH Ç ÉdIH Ç çc V u0è . ÊUOKLF U WLzUI Ç W dA Ç ÊU UO ÉdIHK Uë I è WO1uI WM l Ñ éà s Y Çè WOLM Ç ×UAM W U)Ç ÊU UO Ç W U (²) WOzUN WHB W O è W ÏU d F o K*Ç Çc v v è_Ç ÉÏU*Ç s (²) (È)

‫صورة إ‬

äèUI*Ç èà ÈuM X{d Ç ÇÐÅ Å ÊU UO Ç pK å tO U dN à (³) W bF (³) W Ç Éd ÁUCI Ç 5(è . ÉÑu c*Ç dN à (³) W Ç ä W U UNOK

‫تروني‬ ‫لك‬

ÊU U WF Çd v o(Ç ULNOKJ èà äèUI*Ç èà ÈuM s é_ æuJ ÉÑu c*Ç dN Ã

Ñu c*Ç WM Ç l Ñ s UN Éb R*Ç ÊÇbM *Çè UN è ÊUOKLF U WLzUI Ç W dA Ç

. WO UH Ç s (è) ÉdI WF Çd Ç ÉÏU*Ç v UNOK ÕuBM*Ç WI dD Ç fHM

‫ة ال يع‬

: ΔϠϣόϟ΍ ϝϳϭΣΗ (Ω)

WOLM U W U)Ç ÊUOKLF U WLzUI Ç W dA Ç d U Ïè Y U W U)Ç äèUI*Ç d U Ï p 9

‫تد بها‬

ÊUIHM Ç q è ¬ WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb Êb è æÅ .Ù.å.Ì v Y Çè

. W dBM*Ç m U *Ç ÊÇc UNKOL% V ¬ WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb W dBM*Ç

‫عند ا‬

WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ v Å édB*Ç tOM'U X9 v Ç ÊUIHM Ç W U äu%è äè_Ç åuO Ç v édB*Ç ée d*Ç pM Ç s ÑÏUB Ç oO D Ç V Çu Ç q u Ç dF Uë I

‫تداول‬ ‫ل‬

ÊU u Ç ÊÇÑ èÏ dOG éd _Ç ÊUIHM Ç W U è . ÊUIHM Ç tO ÊbO éc Ç dNA Ç s

±¸¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(c) Adjustments and Audits: (1) Each quarterly Statement of Exploration Activity pursuant to Article I (b) (1) of this Annex shall conclusively be presumed to be true and correct after three (3) months following the receipt of each Statement by GANOPE unless within the said three (3) months GANOPE takes written exception thereto pursuant to Article IV (f) of the Agreement. During the said three (3) month period supporting documents will be available for inspection by GANOPE during all working hours.

CONTRACTOR will have the same audit rights on Operating Company Statements as GANOPE under this sub-paragraph.

(d) Currency Exchange:

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(2) All Statements of Development and Exploration Activity for any calendar quarter pursuant to Article I (b) (2) of this Annex, shall conclusively be presumed to be true and correct three (3) months following the receipt of such Statement, unless within the said three (3) month period GANOPE or CONTRACTOR takes written exception thereto. Pending expiration of said three (3) months GANOPE or CONTRACTOR or both of them shall have the right to audit Operating Company accounts, records and supporting documents for such quarter in the same manner as provided in Article IV (f) of the Agreement.

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

CONTRACTOR ’s books for Exploration and Operating Company ’s books for Development and Exploration, if any, shall be kept in the A.R.E. in U.S. Dollars. All U.S. Dollars expenditures shall be charged in the amount expended. All Egyptian Pounds expenditures shall be converted to U.S. Dollars at the applicable rate of exchange issued by the Central Bank of Egypt on the rst day of the month in which expenditures are recorded, and all other non-U.S. Dollars expenditures

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¹°

ádB Ç dF UI WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ v Ç äu% WOJ d _Ç Éb *Ç W U Ç v æbM ¬ b LO d MOL è äU uO U pM çÑbB éc Ç WKLF Ç çc ÁÇdA . ÊUIHM Ç tO ÊbO éc Ç dNA Ç s åu äèà v g M d XO u Uë U ±°[³° èà W dB*Ç ÊUNOM'U ÊUIHM Ç q u% v WKLF *Ç ádB Ç ÑUF _ q kH è . WOJ d à ÊÇÑ èÏ v Å WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ dOG éd _Ç ÊUIHM Ç : ΔϳϘΑγϷ΍ ΙϳΣ ϥϣ ϕ΋ΎΛϭϟ΍ ΏϳΗέΗ ( ˰ϫ) ÕuB 5 è v U;Ç åUEM Ç Çc ÕuB 5 á Ç èà ÖÑUF éà Ïu è W U v v Ç v WO UH Ç ÕuB æS ¬ t Çc Ùu{u WK UF v á Ç v Å éÏR WO UH Ç . UN qLF è VKG : ϰΑγΎΣϣϟ΍ ϡΎυϧϟ΍ ϝϳΩόΗ (ϭ)

‫صورة إ‬

X è s W U v U;Ç åUEM Ç Çc q bF ¬ äèUI*Çè ÈuM 5 äÏU *Ç âUH U Òu

.WK I *Ç ÊU O d Ç Áu{ vK d

‫تروني‬ ‫لك‬

: έΎϣΛΗγϻ΍ ϰϠϋ ΓΩ΋ΎϔΑ ΕΎΑΎγΣϟ΍ ϝϳϣΣΗ ϡΩϋ (ί) ÁU à èà åu Ñ W Q èà ÑUL Ç vK ÉbzUH ÊU U (Ç qOL% X è éà v Òu

v ÏÇÏd WK U nO UJ ãuM s ÉÑÏU ÊU UL{ W Q WIKF Ê uL èà WOJM

‫ة ال يع‬

. WO UH Ç q

WO U « … œU*«

‫تد بها‬

ΕΎϘϔϧϟ΍ϭ ΕΎϓϭέλϣϟ΍ϭ ϑϳϟΎϛΗϟ΍

‫عند ا‬

W dA Ç o d s èà Éd U ÁÇu ¬ l b è çb è äèUI*Ç qL ¬ WO UH Ç ÕuB ÉU Çd l

‫تداول‬ ‫ل‬

ÙÒu è Èu ÊU èdB*Çè nO UJ Ç çc è ¬ WO Ç ÊU èdB*Çè nO UJ Ç ¬ ÊUOKLF U WLzUI Ç Uë I è Ïd è q UF è W U tHB UN äuLF*Çè WLOK Ç WO U;Ç äu Uë I WDA _Ç vK : WO UH Ç çc s WF U Ç ÉÏU*Ç åUJ _

±¹±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

shall be translated to U.S. Dollars at the buying rate of exchange for such currency as quoted by National Westminster Bank Limited, London at 10.30 a.m. G.M.T., on the rst day of the month in which expenditures are recorded. A record shall be kept of the exchange rates used in translating Egyptian Pounds or other non-U.S. Dollars expenditures to U.S. Dollars. (e) Precedence of Documents: In the event of any inconsistency or conict between the provisions of this Accounting Procedure and the provisions of the Agreement treating the same subject differently, then the provisions of the Agreement shall prevail. (f) Revision of Accounting Procedure: By mutual agreement between GANOPE and CONTRACTOR, this

‫صورة إ‬

Accounting Procedure may be revised in writing from time to time in the light of future arrangements.

‫تروني‬ ‫لك‬

(g) No Charge for Interest on Investment:

Interest on investment or any bank fees, charges or commissions

related to any bank guarantees shall not at any time be charged as

‫ة ال يع‬

recoverable costs under the Agreement.

ARTICLE II

COSTS, EXPENSES AND EXPENDITURES

‫تد بها‬

Subject to the provisions of the Agreement, CONTRACTOR shall alone bear and, directly or through Operating Company, pay the following costs

‫عند ا‬

and expenses, which costs and expenses shall be classied and allocated to the activities according to sound and generally accepted accounting Agreement:

‫تداول‬ ‫ل‬

principles and treated and recovered in accordance with Article VII of this

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¹²

: ΢ργϟ΍ ϕϭϘΣ (΃) - v Ç `D Ç âuI s q èà b b& èà pK9 s W&UM Ç Éd U *Ç nO UJ Ç lOL . WIDM*Ç ` UB W ÑU XK è UNOK äuB(Ç : ΎϬΑ ΔϘϠόΗϣϟ΍ ϑϳϟΎϛΗϟ΍ϭ ΔϟΎϣόϟ΍ (Ώ) ¬ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç v b * ÈuM s ÉbL F*Ç Ñu _Çè ÊU d*Ç (±) v U0 WO UH Ç V u0 WHK *Ç WDA _Ç v Éd U æuKLF s c Ç ¬ äÇu _Ç V Uë R æuI K s c Ç s d Ç 5H u*Çè 5O u uO K W u b*Ç Ñu _Çè ÊU d*Ç p Ð . UNO æuKLF è WDA _Ç çcN ÑU Ç v c _Ç l Ñu _Çè ÊU d*Ç pK vK W UM*Ç Ê bF Ç éd&è çc ÖdG è . Ñu _Ç vK WI D*Ç 5 ÇuI Ç Ê bF è äèUI*Ç WLE à v ÊÇdOG Ç

‫صورة إ‬

æS ¬ o K*Ç Çc s WO U Ç ÉÏU*Ç s (Ì) ÉdIH Çè WO U Ç ÉÏU*Ç s (È) ÉdIH Ç p Ð v ULààà .Ù.å.Ì v q b Ç W dàC WF{U)Ç m U *Ç vMF Ñu _Çè ÊU d*Ç

W U)Ç m U *Ç q ÁUM U sJ è ¬ WO{d*Ç ÊÇÒU Çè ÊÇÒU Ç ÁUM Ã ÊU d*Ç

‫تروني‬ ‫لك‬

. çU ÏÃ (²) X% W Ñb*Ç W M Ç UNODG v Ç éd _Ç ÏuM U

: έλϣ ϰϓ Δϣ΋΍Ω ΔϔλΑ ΎϬΑ ϥϳϘΣϠϣϟ΍ ΏϧΎΟϷ΍ ϥϳϔυϭϣϠϟ ΔΑγϧϟΎΑ (˻)

‫ة ال يع‬

¬Ñu _Çè ÊU d*U WD d*Ç Ê b Ç lOL (±

¬ ÉÑdI*Ç rEM Ç nO UJ è (²

‫تد بها‬

s rN zU è Vààà U _Ç 5H u*Ç Á Rààà qI nO UJ è dHààà Ç ÊUààà èdB làààOL è (³ W O èà ÈÇdààà Ç bM è 5àààOF Ç Áb bàààM vK _Ç ràààNK èà rààà Ï vààà Åè

‫عند ا‬

rN zU è 5 b ààà *Ç qI nO UJ ) Ê DF Ç ÁUM Ãè d  v Å æUJ s qIMK

‫تداول‬ ‫ل‬

ÊUOKLF Ç vK qL% vK _Ç r bK á d à æUJ v Å .Ù.å.Ì s 5ààà uIM*Ç .(.Ù.å.Ì v

±¹³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(a) Surface Rights: All direct cost attributable to the acquisition, renewal or relinquishment of surface rights acquired and maintained in force for the Area. (b) Labor and Related Costs: (1) Salaries and Wages, which was approved by GANOPE, of CONTRACTOR ’s or Operating Company ’s employees, as the case may be, directly engaged in the various activities under the Agreement including salaries and wages paid to geologists and other employees who are temporarily assigned to and employed in such activities.

Reasonable revisions of such salaries and wages shall be effected to take into account changes in CONTRACTOR ’s policies and amendments of laws applicable to salaries. For the purpose of

‫صورة إ‬

this Article II (b) and Article II (c) of this Annex, salaries and wages shall mean the assessable amounts for A.R.E. Income

Taxes, including the salaries during vacations and sick leaves, percentage xed under (2) below.

‫تروني‬ ‫لك‬

but excluding all the amounts of the other items covered by the (2) For expatriate employees permanently assigned to Egypt: All allowances applicable to salaries and wages;

2.

Cost of established plans; and

3.

All travel and relocation costs of such expatriate employees and

‫تد بها‬

‫ة ال يع‬

1.

their families to and from the employee ’s country or point of origin at the time of employment, at the time of separation, or as

‫عند ا‬

a result of transfer from one location to another and for vacation (transportation costs for employees and their families transferring

‫تداول‬ ‫ل‬

from the A.R.E. to another location other than their country of origin shall not be charged to A.R.E. Operations).

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¹´

WO U Ç ÉÏU*Ç çc sààààààààààà (²) (È) ÉdààààààààIH Ç vàààààààà ÉÏÑÇu Ç nO UJ Ç d F è ÊU d*Ç s q à ULN à WI D*Ç W M Ç èà (¥ ·° ) WzU*Ç v æuF äÏUàààF UN à W u b*Ç pK p Ð v U0 ¬ V U _Ç 5H u*Ç Á RN W u b*Ç WO U _Ç Ñu _Çè WO èb Ç rEM Ç vààà ÑdI uààà U* Uë I è WO{d*Ç ÊÇÒU Çè W ÏUF Ç ÊÇÒU Ç ÁUM à WO U Ç ÉÏU*Ç çc s (×) ÉdIH Çè (±) (È) ÉdIHK Uë I qL%è äèUILK ÉÑdI*Ç . o K*Ç Çc v WO{d*Ç ÊÇÒU Çè W ÏUF Ç ÊÇÒU Ç ÁUM à Ñu _Çè ÊU d*Ç æS ¬ äU W à vK è UN à vK WO U WMO *Ç W M Ç q UF è . WI U Ç W u *Ç W M Ç UNODG e F Çè oàààààKF ULO æU d Ç aàààààà ÑU sàààààààààà ÇÑU Ç WOKFH Ç äèUI*Ç WHKJ q 9 - : WO U Ç nO UJ Çè Ê bààààààà Çè Uàààà Çe*U . l UM*Çè sJ Ç äb (±

‫صورة إ‬

. ÊU b)Çè lK Ç äb (² . ÕU)Ç ÑU Ç äb (³

‫تروني‬ ‫لك‬

. ÉÒU _Ç ÁUM Ã äUI Ç äb (´

.ÉÒU _Ç ÁUM Ã dH Ç n ÑUB äb (µ

‫ة ال يع‬

. ÉÒU _Ç ÁUM Ã bzÇe Ç gHF Ç äb (¶ ( V U _Ç 5H u*Ç ÁUM _) rOKF Ç Ê b (·

‫تد بها‬

v Å éÏR v Çè) WOJ d _Ç Éb *Ç ÊU u Ç W dC v{Çd Ç q UI*Ç (¸ .(WI *Ç W M Ç iOH

‫عند ا‬

. WOB A Ç WF _Ç s e (¹

. WO eM*Ç ÊÇb b Ç nO UJ (±°

‫تداول‬ ‫ل‬

. W ÑUIF Ç ã _Ç ÉÑÇÏÅ åu Ñ (±±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç Costs under this Article II ( b ) ( 2 ) shall be deemed to be equal to seventy percent ( 70 %) or applied percentage, which is lesser, of basic salaries and wages paid for such expatriate personnel including those paid during vacations and sick leaves as established in CONTRACTOR ’s international policies, chargeable under Article II (b) (1), Article II (i) of this Annex.

However, salaries and wages during vacations, sick leaves and disability are covered by the foregoing percentage. The percentage outlined above shall be deemed to reect CONTRACTOR ’s actual costs as of the Effective Date with regard to the following benets, allowances and costs :-

‫صورة إ‬

1.Housing and Utilities Allowance.

2. Commodities and Services Allowance.

4. Vacation Transportation Allowance.

5. Vacation Travel Expense Allowance.

‫ة ال يع‬

6. Vacation Excess Baggage Allowance.

‫تروني‬ ‫لك‬

3. Special Rental Allowance.

7. Education Allowances (Children of Expatriate Employees).

‫تد بها‬

8. Hypothetical U.S. Tax Offset (which results in a reduction of the chargeable percentage).

‫عند ا‬

9.Storage of Personal Effects.

10. Housing Refurbishment Expense.

‫تداول‬ ‫ل‬

±¹µ

11. Property Management Service Fees.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¹¶

.tO d Ç äb (±² . b UI Ç åUE (±³ . ÉUO(Ç vK v UL'Ç 5 Q Ç åUE (±´ . v UL'Ç v D Ç 5 Q Ç (±µ . e F Çè Öd*Ç (±¶ .( UN ÍdB*Ç ÉÒU Ç v dH Ç ÊUIH ÁUM U ) W u b*Ç ÉÒU Ç rE (±· . ÑU Ï Ç åUE (±¸ . W dJ F Ç W b)Ç äb (±¹ . b UI K v ÇÑbOH Ç 5 Q Ç åUE (²° . äULF Ç ÊUC uF (²±

‫صورة إ‬

. W UD Ç b{ W u Ç 5 Q è v ÇÑbOH Ç 5 Q Ç (²²

. 5H u*Ç qI ÊUIH (²³

‫تروني‬ ‫لك‬

. v uI Ç 5 Q Ç (²´

. tO UF WO U{ Ç U Çe*Ç vK q b Ç VzÇd{ (²µ

‫ة ال يع‬

a ÑU s ÊÇuM (³) Ë q tO UF W {u*Ç V M Ç v dEM Ç ÏUF è V äULF Ç vK UNO ÈuM è äèUI*Ç oH v Ç ÊU è_Ç v è æU d Ç

‫تد بها‬

. ÉdIH Ç çc vC I0 Éb b v ÊÇdOG Ç ÑU Ç v c Q V M Ç çc v éd& v Ç Ê bF Çè

‫عند ا‬

bF èà äbF b éc Ç äèUILK ÉÑdI*Ç WO èb Ç rEM Ç Ê bF è nO UJ Ç . tO UF ÉÑu c*Ç U Çe*Çè Ê b Ç s U Ã

‫تداول‬ ‫ل‬

W M U WOKFH Ç äèUI*Ç nO UJ ¬æUJ Ç Ñb ¬W bF*Ç V M Ç fJF è .tOH u Ê IM è ÉÑdI*Ç çU Çe è t b lOL'

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç 12. Recreation Allowance.

13. Retirement Plan.

14. Group Life Insurance.

15. Group Medical Insurance.

16. Sickness and Disability.

17. Vacation Plans Paid (excluding Allowable Vacation Travel Expenses).

18. Savings Plan.

19. Military Service Allowance.

20. F.I.C.A. 21. Workman ’s Compensation.

23. Personnel Transfer Expense.

24. National Insurance.

‫تروني‬ ‫لك‬

25. Income taxes on above additional benets.

‫صورة إ‬

22. Federal and State Unemployment Insurance.

The percentages outlined above shall be reviewed at

intervals of three (3) years from the Effective Date and at

‫ة ال يع‬

such time CONTRACTOR and GANOPE will agree on new percentages to be used under this paragraph.

Revisions of the percentages will take into consideration

‫تد بها‬

variances in costs and changes in CONTRACTOR ’s international policies which change or exclude any of the

‫عند ا‬

above allowances and benets.

The revised percentages will reect as nearly as possible CONTRACTOR ’s actual costs of all its established

‫تداول‬ ‫ل‬

±¹·

allowances and benets and of personnel transfers.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

±¹¸

nO UJ è Ê b Ç W U ¬ W R WHB dB0 5I Kàààààà*Ç V U _Ç 5H uLK W M U (³) WO èb Ç rEMK UI W u b*Ç 5H u*Ç Á u qI è dH nO UJ q è ÉÑdI*Ç rEM Ç . WO U{Å W ÑÇÏÅ ÁU à W à nO UJ Ç çc qLA è .äèUI*Ç éb ÉÑdI*Ç s W{èdH*Ç ÊÇd bI Ç èà æu UIK Uë I W u b*Ç ÊU Çd Ç èà ÊUIHM Ç WLàààO (´) U* Uë I è Ñu Ãè ÊU d s W ULF Ç WHKJ vK éd v Çè ¬WO uJ(Ç ÊU ON Ç ÉÏU*Ç s (×) ÉdIH Çè (²) (È) ÉdIH Çè (±) (È) ÉdIH Ç v tOK ÕuBM u . o K*Ç Çc v WO U Ç : ϡϬΑ ΔϘϠόΗϣϟ΍ ϑϳϟΎϛΗϟ΍ϭ ϥϳϳϧρϭϟ΍ ϥϳϠϣΎόϟ΍ ΕϻΩΑϭ Ύϳ΍ίϣ (Ν) f q U2 ÓU à vK ÉÏU F*Ç U Çe*Çè Ê b Çè v U{ Ç qLF Ç d à è ÊP UJ*Ç (±) (È) ÉdIHK Uë I è W u ;Ç .Ù.å.Ì v qLF v Çè äèd Ç ÊU d v UN äuLF*Ç l Çu W b)Ç W UN ÉQ UJ V %è . o K*Ç Çc s WO U Ç ÉÏU*Ç çc s (×) ÉdIH Çè

‫صورة إ‬

b K UN LO v W èU æuJ è ÊU d*Ç áuAJ WMO *Ç Ñu _Ç vK o D ÉÏb W . .Ù.å.Ì v qLF Ç æu UI Uë I è W b)Ç ÁUN Å ÉQ UJ l b åÇe vB _Ç

:Ω΍ϭϣϟ΍ (Ω)

‫تروني‬ ‫لك‬

WLzUI Ç W dA Ç èà äèUI*Ç n u Ç ÇcN U ÏÑu è UN d A v Ç ÊÇÏÇb Çè ÊÇbF*Çè ÏÇu*Ç . ÊUOKLF U

‫ة ال يع‬

: ΕΎϳέΗηϣϟ΍ (˺)

‫تد بها‬

W dA Ç èà äèUI*Ç tF b éc Ç dF U æuJ ÉÇd A*Ç ÊÇÏÇb Çè ÊÇbF*Çè ÏÇu*Ç ë ÊUOKLF U WLzUI Ç v Ç ÊU uB)Ç W U äÇeM Ç bF UN WIKF nO UJ W à ÇbzÇÒ . ë F UNOK qB

‫عند ا‬

: ϝϭΎϘϣϟ΍ ΎϫΩέϭϳ ϰΗϟ΍ Ω΍ϭϣϟ΍ (˻)

ë O p Ð æU ULK Éd U ÊUOKLF Ç UN KD v Ç ÏÇu*Ç W U éd A ¬Uë OKL ÇÑu

‫تداول‬ ‫ل‬

W U)Ç æÒU *Ç s ÏÇu*Ç çc q ÏÑu æà äèUILK Òu t à ÁUM U p Ðè -: WO Ç ×èdA U p Ðè .Ù.å.Ì ÌÑUààà tààààà WF U Ç ÊUààààà dA U èà äèUI*U

±¹¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(3) For expatriate employees temporarily assigned to Egypt all allowances, costs of established plans and all travel relocation costs for such expatriates as paid in accordance with CONTRACTOR ’s international policies. Such costs shall not include any administrative overhead.

(4) Costs of expenditure or contributions made pursuant to law or assessment imposed by Governmental authority which are applicable to labor cost of salaries and wages as provided under Article II (b) (1), Article II (b) (2) and Article II (i) of this Annex. (c) Benets, allowances and related costs of national employees:

‫صورة إ‬

Bonuses, overtime, customary allowances and benets on a basis similar to that prevailing for Oil companies operating in the A.R.E., all as chargeable under Article II (b) (1) and Article II (i) of this Annex.

Severance pay will be charged at a xed rate applied to payrolls which will equal an amount equivalent to the maximum liability for severance payment as required under the A.R.E. Labor Law. (d) Material:

‫تروني‬ ‫لك‬

Material, equipment and supplies purchased or furnished as such by CONTRACTOR or Operating Company.

(1) Purchases:

‫تد بها‬

‫ة ال يع‬

Material, equipment and supplies purchased shall be at the price paid by CONTRACTOR or Operating Company plus any related cost and after deduction of all discounts actually received.

(2) Material Furnished by CONTRACTOR:

‫تداول‬ ‫ل‬

‫عند ا‬

Material required for operations shall be purchased directly whenever practicable, except that CONTRACTOR may furnish such material from CONTRACTOR ’s or CONTRACTOR ’s Afliated Companies stocks outside the A.R.E. under the following conditions:

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²°°

: ( "΃" ΔϟΎΣ ) ΓΩϳΩΟϟ΍ Ω΍ϭϣϟ΍ –˺ s èà t WF U Ç ÊU dA Ç s èà äèUI*Ç æÒU s qIM v Ç Éb b'Ç ÏÇu*Ç ÉÏÑu*Ç ÏÇu*Ç WHKJ b e à ×dA WHKJ Ç dF U dOF r éd _Ç ÊUJK L*Ç X u Ç v b Ñu Ç ×èd è ÙuM Ç v UN WK U2 ÏÇu* ÉbzU Ç WO èb Ç ÑUF _Ç s . ÏÇu*Ç çc tO ÊÏÑè éc Ç : ( "Ν" ϭ "Ώ" ΔϟΎΣ ) ΔϠϣόΗγϣϟ΍ Ω΍ϭϣϟ΍ – ˻ b b& ÉÏU W U æèÏ äULF Ç ÉÏU W(U è WLOK W U v æuJ v Ç ÏÇu*Ç (Ã) b b'Ç dàààF s (¥·µ) WzU*Ç v 5F è W L dF è "È" W U X% ÌÑb . UNM ÖdG Ç v UN ULF Ç sJ1 sJ è "È" W U X% UN ÇÑÏÅ sJ1 v Ç ÏÇu*Ç (È) W U X% ÌÑb çcN U b b& ÉÏUàà Å sJ1 W d u ÈU _ sJ è UNM vK _Ç

‫صورة إ‬

. UNM b b'Ç dF s ( ¥ µ°) WzU*Ç vàààà 5 L dF è "Ì"

V UM v Ç WLOI U dF çc è "Ì" èà "È" W U X% UN ÇÑÏÅ sJ1 v Ç ÏÇu*Ç (Ì)

‫تروني‬ ‫لك‬

. UN Çb Ç l

UN HKJ qL% ÁUA Ç nO UJ WMLC *Ç ÊÇbF*Ç s p Ð dO è v U *Çè Z ÑUNB Ç (Ï)

‫ة ال يع‬

. UNM pJH*Ç b b'Ç dF s W UM*Ç W u *Ç W M Ç ÓU Ã vK

: ϝϭΎϘϣϟ΍ ϥϣ ΓΩέϭϣϟ΍ Ω΍ϭϣϟ΍ ϥΎϣο - ˼

‫تد بها‬

t b éc Ç æULC Ç s hIM èà vK b e U0 U ÏÑu v Ç ÏÇu*Ç äèUI*Ç sLC WMzÇb Ç WLOI Ç bOI W OF ÏÇu Ïu è W U v è . ÏÇu*Ç çcN Z M*Ç èà ÙÒu*Ç

‫عند ا‬

. rNz è èà 5 M*Ç s W u Ç WLO äèUI*Ç rK æà bF Å d U b U sL{ Vààà ÑUOG Ç lD è ÊULN*Ç s vFKààà Ç æèe *Ç WLO æà åuNH*Ç sààà

‫تداول‬ ‫ل‬

v UN Çb ààà Ç bM Å ç Ç Wààà dF*Ç ÏÇÏd ààà WK UI Ç ÊUàààIHM Çè nàààO UJ Ç .ÊUOKLF Ç

²°±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

1. New Material (Condition “A ”) : New Material transferred from CONTRACTOR ’s or CONTRACTOR ’s Afliated Companies warehouse or other properties shall be priced at cost, provided that the cost of material supplied is not higher than international prices for material of similar quality supplied on similar terms, prevailing at the time such material was supplied.

2. Used Material (Conditions “B ” and “C ”) : a) Material which is in sound and serviceable condition and is suitable for reuse without reconditioning shall be classed as Condition “B ” and priced at seventy-ve percent (75%) of the price of new material.

‫صورة إ‬

b) Material which cannot be classied as Condition “B ” but which is serviceable for original function but substantially not suitable for reconditioning, shall be classed as Condition “C ” and priced at fty percent (50%) of the price of new material.

‫تروني‬ ‫لك‬

c) Material which cannot be classied as Condition “B ” or Condition “C ” shall be priced at a value commensurate with its use.

‫ة ال يع‬

d) Tanks, buildings and other equipment involving erection costs shall be charged at applicable percentage of knocked - down new price.

(3) Warranty of Materials Furnished by CONTRACTOR :

‫عند ا‬

‫تد بها‬

CONTRACTOR does not warrant the material furnished beyond or back of the dealer ’s or manufacturer ’s guaranty; and in case of defective material, credit shall not be recorded until adjustment has been received by CONTRACTOR from manufacturers or their agents.

‫تداول‬ ‫ل‬

It is understood that the value of the Warehouse stock and spare parts shall be charged to the cost recovery category dened above, only when used in operations.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²°²

: ϥϳϠϣΎόϟ΍ ϊϳίϭΗ ΓΩΎϋ·ϭ ϝϘϧ ϑϳϟΎϛΗ (˰ϫ) WLzUI Ç W dA Ç èà äèUI*Ç WDA à ÉÑÇÏ W Ò Ç ÊÇb Ñu Çè ÏÇu*Çè ÊÇbF*Ç qI (±) .ÊUOKLF U ÉÑdI*Ç rEM Ç UNODG v Ç Ïèb(Ç v WO KB*Ç äUL qIM Çè dHààà Ç ÊU èdB (²) æuH u*Ç UNF Ïè UNKL% vààà Ç 5OM u Çè V U _Ç 5H uLK W ààà M U èà äèUàààILK WLzUI Ç W dàààA Ç èà äèUI*Ç qL ÉÑÇÏ äèUàààI*Ç rNM UNF b è UàààNKL vààà Ç èà . ÊUOKLF U rEM Ç UNODG v Ç Ïèb(Ç v æuJ 5OM u Ç 5H u*Ç l Òu ÉÏU Åè qI nO UJ (³) . ÉÑdI*Ç : ΕΎϣΩΧϟ΍ (ϭ) v Ç l UM*Çè ÊUààà b)Çè s ÑUàààA LK W b UF Ç nO UJ Ç : WO ÑU)Ç ÊUààà b)Ç (±)

‫صورة إ‬

.dOG Ç UN b

v ULN WF U Ç ÊU dA Ç èà äèUI*Ç èà ÈuM UN X U v Ç ÊU b)Ç WHKJ (²)

‫تروني‬ ‫لك‬

ÊU dA Ç èà ULN à èà äèUI*Çè ÈuM åuI è .Ù .å .Ì ÌÑU èà q ÇÏ ÊÇeON Ç

Ê O Ç dO H q WOMO èd Çè ÉÑdJ *Çè WLE M*Ç ÊU b)U ULN WF U Ç

‫ة ال يع‬

éb UF dF ÓU à vK p Ð qOL% r è ULN à èà éd _Ç qO U Çè WO O UMG*Ç

ÊU èdA*U ULN WF U Ç ÊU dA Ç èà ULN à èà äèUI*Çè ÈuM åuI è .tOK oH .tOK oH éb UF dF WOLOLB è WO bM ÊU b VKD v Ç éd J Ç

‫تد بها‬

ULN WF U Ç ÊU dA Ç èà äèUI*Ç èà ÈuM' q UJ U W uKL*Ç ÊÇbF*Ç äULF Ç (³) à ×dA è tKOGA è q _Ç pK9 WHKJ l V UM W ÑU Å W ÓU à vK qL%

‫عند ا‬

. .Ù .å .Ì v c MO ÉbzU Ç WO UM Ç ÊU H Ç s W H Ç çc b e

‫تداول‬ ‫ل‬

ÊU èdB W U{Å sLC t WF U Ç ÊU dA Çè äèUI*Ç UN V UD v Ç ÊU H Ç (´) . WO U{Å nO UJ èà W U W ÑÇÏÅ

²°³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(e) Transportation and Employee Relocation Costs: (1) Transportation of equipment, materials and supplies necessary for the conduct of CONTRACTOR ’s or Operating Company ’s activities.

(2) Business travel and transportation expenses to the extent covered by established policies of CONTRACTOR or with regard to expatriate and national employees, as incurred and paid by, or for, employees in the conduct of CONTRACTOR ’s or Operating Company ’s business.

(3) Employees transportation and relocation costs for national employees to the extent covered by established policies. (f) Services: (1) Outside services: The costs of contracts for consultants, services and utilities procured from third parties.

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

(2) Cost of services performed by GANOPE, by CONTRACTOR or by their Afliated Companies in facilities inside or outside the A.R.E. Regular, recurring, routine services, such as interpreting magnetic tapes and/or other analyses, shall be performed and charged by GANOPE and/or CONTRACTOR or their Afliated Companies at an agreed contracted price. Major projects involving engineering and design services shall be performed by GANOPE and/or CONTRACTOR or their Afliated Companies at a negotiated contract amount.

‫عند ا‬

‫تد بها‬

(3) Use of GANOPE ’s, CONTRACTOR ’s or their Afliated Companies ’ wholly owned equipment shall be charged at a rental rate commensurate with the cost of ownership and operation, but not in excess of competitive rates currently prevailing in the A.R.E. .

‫تداول‬ ‫ل‬

(4) CONTRACTOR ’s and CONTRACTOR ’s Afliated Companies ’ rates shall not include any administrative or overhead costs.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²°´

:έ΋ΎγΧϟ΍ϭ έ΍έοϷ΍ (ί) UN v Ç dzU )Ç èà ÑÇd{_Ç Í Å èà W ÇÒ W Ò Ç ÊU èdB*Ç èà nO UJ Ç lOL äèUILK ÉdDO d  V éà èà ËÏÇu èà W d èà n Çu èà æUCO èà o d äèUI*Ç vK è . W uIF W UM è bN s äc U0 tOK ÊUOKLF U WLzUI Ç W dA Ç èà èà ÑÇd{_Ç s UO U ÇÑUD Å äèUI*Çè ÈuM' q d æà ÊUOKLF U WLzUI Ç W dA Ç èà s Ñ èÏ (±°[°°°) á  ÉdA vK t LO b e ULO UN ÖdF v Ç dzU )Ç æà bF sJ2 X è Ùd à v p Ðè ËÏU q s WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èÏ . ËÏU(Ç s Çd dI ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç vIK : ΕΎΑϟΎρϣϟ΍ϭ ϥϳϣ΄Ηϟ΍ ( Ρ) 5 Q Ç s p Ð dO è ÊUJK L*Çè dOG U ÑÇdààà{ Ç s WO u ààà *Ç b{ 5 Q Ç nO UJ

‫صورة إ‬

q rNM ádààà éà èà áÇd _Çè ÊUOKLF U WàààLzUI Ç W dàààA Çè äèUI*Ç WO u ààà bààà{ s ÉÑÏUB Ç `àààzÇuK Çè d Çè_Çè 5 ÇuI Ç tààà KD UL ààà ULNM éà èà dàààOG Çè tàààOH u

‫تروني‬ ‫لك‬

çc s éà WKOB ÊUOKLF Ç ` UB bOI è ¬ áÇd _Ç tOK oH UL èà ¬ W uJ(Ç . W UD qLF WOKFH Ç nO UJ Ç UNM U uIM ¬ ÊU UD*Ç èà ÊUMO Q Ç

v UO èÏ WO d*Ç WLOK Ç äu _Ç V p Ðè 5F dD b{ 5 Q Ç åb W U v

‫ة ال يع‬

äèUI*Ç UNF Ïè UNKL% v Ç dD)Ç ÇcN WIKF *Ç WOKFH Ç ÊUIHM Ç W U qL% ¬ X e Ç qI

ÑÇd{_Çè ÊU UD*Çè dzU )Ç q èà s éà W u v ÊUOKLF U WLzUI Ç W dA Ç èÃ

‫تد بها‬

. WO u UI Ç ÊU b)Ç p Ð v U0 ¬ ÊU èdB*Ç s p Ð dO è åUJ _Çè

‫عند ا‬

: ΓέηΎΑϣϟ΍ έϳϏ ΕΎϓϭέλϣϟ΍ (ρ)

ÊUJ è æÒU *Çè q U Ç vK dI*Ç q Ê ON Çè dJ FLK W UF Ç ÊU èdB*Ç

‫تداول‬ ‫ل‬

qI(Ç W è qI(Ç vK 5 dA*Ç 5H u*Ç ÊU èdB è ÊU d è âdD Ç ÊUJ è çUO*Ç . d U dO o dD WIDM*Ç æu b s c Ç s d Ç 5O uLF Ç 5H u*Çè s b U *Çè

²°µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(g) Damages and Losses: All costs or expenses, necessary to replace or repair damages or losses incurred by re, ood, storm, theft, accident or any other cause not controllable by CONTRACTOR or Operating Company through the exercise of reasonable diligence. CONTRACTOR or Operating Company shall furnish GANOPE and CONTRACTOR written notice of damages or losses incurred in excess of ten thousand ($10,000) U.S. Dollars per occurrence, as soon as practicable after report of the same has been received by CONTRACTOR or Operating Company. (h) Insurance and Claims: The cost of any public liability, property damage and other insurance against liabilities of CONTRACTOR, Operating Company and/or the parties or any of them to their employees and/or outsiders as may be

‫صورة إ‬

required by the laws, rules and regulations of the GOVERNMENT or as the parties may agree upon. The proceeds of any such insurance

‫تروني‬ ‫لك‬

or claim collected, less the actual cost of making a claim, shall be credited against operations.

If no insurance is carried for a particular risk, in accordance with

‫ة ال يع‬

good international Oil eld practices, all related actual expenditures incurred and paid by CONTRACTOR or Operating Company in settlement of any and all losses, claims, damages, judgments and any

‫تد بها‬

other expenses, including legal services. (i) Indirect Expenses:

‫عند ا‬

Camp overhead and facilities such as shore base, warehouses, water systems, road systems, salaries and expenses of eld supervisory

‫تداول‬ ‫ل‬

personnel, eld clerks, assistants, and other indirectly serving the Area.

general employees

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²°¶

: ΔϳϧϭϧΎϘϟ΍ ΕΎϓϭέλϣϟ΍ (ϯ) u U2 U dO è WO u UI Ç ÊU b)Ç èà v{UI Ç v oHM v Ç ÊU èdB*Çè nO UJ Ç W U u U u vK rN U èdB è ÉU U;Ç ÈUF à p Ð v U0 ¬ WIDM*Ç W UL( V UM èà åÒ rNM éà èà áÇd _Ç b{ ÊÑb v Ç åUJ _Ç W U p c è ¬ vK ULO tOK ÕuBM v Ç WOKFH Ç ÊU èdB*Ç p c è ¬ WO UH Ç çc v UNOK ÕuBM*Ç ÊUOKLF Ç æQA ÙU b Ç W Ïà vK äuB(Ç qO v WO UH Ç çcN áÇd à èà ád éà UNKL% b æuJ ãUM X U ÇÐÅè .WO UH Ç Ùu{u èà ÊUOKLF Ç ÁÇÒÅ t u W UD èà l d éu Ï W à v æuO u UI Ç æuH u*Ç U u è WO UH Ç çc v ÉÏÑÇu Ç ` UB*Ç f9 ÊU UD èà éèU Ï W UM nO UJ ÊUOKLF Ç qL% æà Òu O ¬ WO UH Ç çc áÇd à s d à èà ádD . ÊU b)Ç çc .bI è ÁÇÏ_ : Ώ΋΍έοϟ΍ (ϙ)

‫صورة إ‬

W dA Ç èà äèUI*Ç .Ù.å.Ì v UNF Ï v Ç WO dC Ç izÇdH Ç èà åu d Ç èà VzÇdC Ç W U

(±) (Ò) ÉdIH Ç Ùu{u VzÇdC Ç ÁUM U ¬ WO UH Ç çc âUD v ÊUOKLF U WLzUI Ç

‫تروني‬ ‫لك‬

. WO UH Ç s W U Ç ÉÏU*Ç s

: ΓέϣΗγϣϟ΍ ϝϭΎϘϣϟ΍ ϑϳϟΎϛΗ (ϝ)

‫ة ال يع‬

æèÏ U b è .Ù.å.Ì v UNKL è WO UH Ç UNOC I v Ç äèUI*Ç WDA à nO UJ v Ç ÊUFO *Ç ÊU èdB ÏÇÏd Ç Òu è ÊUOKLF U WLzUI Ç W dA Ç s uJ bF U dO

‫تد بها‬

. WHKJ UN à vK .Ù.å.Ì q ÇÏ èà ÌÑU qL%

: ϯέΧ΃ ΕΎϘϔϧ (ϡ)

‫عند ا‬

v tO UF ÉÏÑÇu Ç åUJ _Ç t èUM è t KL U á ÊUIH èà ÊU èdB èà nO UJ W Ã

‫تداول‬ ‫ل‬

Z Çd V u0 ÊUOKLF U WLzUI Ç W dA Ç èà äèUI*Ç UNKL% b æuJ ¬ WO U Ç ÉÏU*Ç çc . ÉbL F*Ç ÊU ÒÇu*Çè qLF Ç

²°·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(j) Legal Expenses: All costs and expenses of litigation, or legal services otherwise necessary or expedient for the protection of the Area, including attorney ’s fees and expenses as hereinafter provided, together with all judgments obtained against the parties or any of them on account of the operations under the Agreement, and actual expenses incurred by any party or parties hereto in securing evidence for the purpose of defending against any action or claim prosecuted or urged against the operations or the subject matter of the Agreement. In the event actions or claims affecting the interests hereunder shall be handled by the legal staff of one or more of the parties hereto, a charge commensurate with cost of providing and furnishing such services may be made to operations.

‫صورة إ‬

(k) Taxes:

All taxes, duties or levies paid in the A.R.E. by CONTRACTOR or covered by Article III (g) (1) of the Agreement. (l) Continuing CONTRACTOR Costs:

‫تروني‬ ‫لك‬

Operating Company with respect to this Agreement other than those

‫ة ال يع‬

Costs of CONTRACTOR activities required under the Agreement

and incurred exclusively in the A.R.E. after Operating Company is be recovered as a cost. (m) Other Expenditures:

‫تد بها‬

formed. No sales expenses incurred outside or inside the A.R.E. may

‫عند ا‬

Any costs, expenses or expenditures, other than those which are covered and dealt with by the foregoing provisions of this Article II,

‫تداول‬ ‫ل‬

incurred by CONTRACTOR or Operating Company under approved Work Programs and Budgets.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²°¸

W U « … œU*« Ωέ˰˰˰˰˰˰Οϟ΍ : ϩέϭοΣϭ ϪΑ έΎρΧϹ΍ϭ ϯέϭΩϟ΍ ΩέΟϟ΍ (΃) vK ÁUM W UM ÊÇd vK ÊUOKLF U WLzUI Ç W dA Ç W dF0 ÊUOKLF Ç ÊULN Ïd r ÊU èdA*Çè W uLK*Ç äu _Çè ÏÇu*Ç lOL Ïd'Ç qLA è ¬äèUI*Çè ÈuM tOK oH U UN d W U äèUI*Çè ÈuM s q ÑUD S ÊUOKLF U WLzUI Ç W dA Ç åuI è .WOzUA Ç äèUI*Çè ÈuM qO 9 vM v q _Ç vK Uë u (³°) 5 çb u q Ïd'Ç v ÑuC( 5K 2 äU ÑÅ s ULN à èà äèUI*Çè ÈuM nK è .Ïd WOKL éQ åUOI Ç bM ¬ÊUOKLF U WLzUI Ç W dA Ç t d à éc Ç Ïd'Ç tM dH U äu I nK *Ç åeK ¬Ïd'Ç ádD Ç v Å Ïd'Ç s ÉÑu äU ÑÅ ÊUOKLF U WLzUI Ç W dA Ç vK 5F W U(Ç çc v è . ë 2 sJ r éc Ç

‫صورة إ‬

: ΩέΟϟ΍ ϝϳΩόΗϭ ΔϳϭγΗ (Ώ) ÉÏU e U ÕU)Ç nAJ Ç Ïb è ÈuM è äèUI*Ç W dF0 Ïd'U W U)Ç ÊU u Ç éd&

‫تروني‬ ‫لك‬

Ïd'Ç rzÇu äbF è .ÈuM è äèUI*Çè ÊUOKLF U WLzUI Ç W dA Ç 5 ãÇd U e F Çè

. ÊUOKLF U WLzUI Ç W dA Ç W dF0 WF «d « … œU*«

‫ة ال يع‬

ϑϳϟΎϛΗϟ΍ Ω΍ΩέΗγ΍

: nO UJ Ç ÏÇÏd hB *Ç äèd Ç áuA è nO UJ Ç ÏÇÏd Ç áuA (Ã)

‫تد بها‬

Ùd à v ÈuM' åbI æà WO UH Ç s WF U Ç ÉÏU*Ç åUJ _ Uë I è ¬ äèUI*Ç vK 5F áuA å Ç s Uë u (±µ) dA W L ÒèU b u v sJ è ¬ sJ2 X è

‫عند ا‬

UHA ¬ WO1uI Ç WM l dK Y Çè WOLM Ç ×UAM W U)Ç ÊUOKLF U WLzUI Ç W dA Ç

‫تداول‬ ‫ل‬

: `{u ãÇÐ WM Ç l Ñ s

. Êb è æÅ ¬ o U Ç WM Ç l Ñ s WK d*Ç ÏÇÏd Ç W Çu Ç nO UJ Ç – ±

²°¹

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç ARTICLE III INVENTORIES

(a) Periodic Inventories, Notice and Representation:

(b) Reconciliation and Adjustment of Inventories:

‫صورة إ‬

At reasonable intervals as agreed upon by GANOPE and CONTRACTOR inventories shall be taken by Operating Company of the operations materials, which shall include all such materials, physical assets and construction projects. Written notice of intention to take inventory shall be given by Operating Company to GANOPE and CONTRACTOR at least thirty (30) days before any inventory is to begin so that GANOPE and CONTRACTOR may be represented when any inventory is taken. Failure of GANOPE and/or CONTRACTOR to be represented at an inventory shall bind them to accept the inventory taken by Operating Company, who shall in that event furnish the party not represented with a copy thereof.

‫ة ال يع‬

ARTICLE IV

‫تروني‬ ‫لك‬

Reconciliation of inventory shall be made by CONTRACTOR and GANOPE, and a list of overages and shortages shall be jointly determined by Operating Company and CONTRACTOR and GANOPE, and the inventory adjusted by Operating Company.

COST RECOVERY

(a) Statements of Recovery of Costs and of Cost Recovery Petroleum:

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

CONTRACTOR shall, pursuant to Article VII of the Agreement, render to GANOPE as promptly as practicable but not later than fteen (15) days after receipt from Operating Company of the Statements for Development and Exploration Activity for the calendar quarter a Statement for that quarter showing: 1. Recoverable costs carried forward from the previous quarter, if any.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²±°

. WM Ç l Ñ ÁUM à XF Ïè XKL v Ç ÏÇÏd Ç W Çu Ç nO UJ Ç – ² . (²+±) WM Ç l Ñ s ÏÇÏd Ç W Çu Ç nO UJ Ç ÙuL – ³ tO ádB è äèUI*Ç tOK qB éc Çè nO UJ Ç ÏÇÏd hB *Ç äèd Ç WLO – ´ . WM Ç l d çÏdH0 .WM Ç l Ñ s ÊÏd Ç v Ç nO UJ Ç WLO – µ . Êb è æÅ ¬ v U Ç WM Ç l Ñ v Å WK d*Ç ÏÇÏd Ç W Çu Ç nO UJ Ç WLO – ¶ qB éc Ç nO UJ Ç ÏÇÏd hB *Ç äèd Ç WLO v ¬ b è æÅ ¬ izUH Ç – · . WM Ç l Ñ s ÉÏd *Ç nO UJ Ç vK Éè çÏdH0 äèUI*Ç tO ádB è tOK WOLM Ç WDA _ WLzU q ÏUL Çè WF Çd0 ÈuM åuI áu WF U Ç ÉÏULK UI WM Ç l d WIKF *Ç ÑUF _Çè ÌU Ç ÊUOL p c è äèUI*Ç s W bI Y Çè WLzU vK äèUI*Ç WD Çu U ÑU Çî fJFM áu ÈuM' ÊUE éà .v1uI Ç . v U Ç WO1uI Ç WM Ç l Ñ

‫صورة إ‬

: ΕΎϋϭϓΩϣϟ΍ (Ώ)

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

v Å äèUI*Ç tF b mK *Ç Çc æS ÈuM' o mK Ïu è Ñu c*Ç nAJ Ç dN à ÇÐÅ oH à ÇÐÅè .Ñu c*Ç nAJ Ç .bI bM WOJ d _Ç Éb *Ç ÊU u Ç ÊÇÑ èb ÈuM ¬ ÏÇb Ç p Ð tO o éc Ç a ÑU Ç v ÈuM' m U *Ç çc s éà ÏÇb v äèUI*Ç dF s vK à Uë uM ( ¥²[µ ) WzU*Ç v nB è 5M Ç ÑÇbI0 ÉbzU äèUI*Ç l b czbM ÊÇÑ èb ÑuN W Ç ÊÇÐ lzÇÏuK (Ñu O ) æbM ãuM W uL t{dF éc Ç ÉbzUH Ç æuJ è ¬ ÉbzUH Ç tO V % éc Ç a ÑU Ç v ÉbzU Çè WOJ d _Ç Éb *Ç ÊU u Ç . ÏÇÏd WK U W u b*Ç ÉbzUH Ç

: ϑϳϟΎϛΗϟ΍ Ω΍ΩέΗγϻ ιλΧϣϟ΍ ϝϭέΗΑϟ΍ ν΋Ύϓ ΔϳϭγΗ (Ν)

‫تداول‬ ‫ل‬

‫عند ا‬

nO UJ Ç ÏÇÏd hB *Ç äèd Ç izU s UN UI c Q æà v o(Ç ÈuM' WM Ç l Ñ ä WO UH Ç s WF U Ç ÉÏU*Ç s (²) (Ã) ÉdIH Ç ÕuBM Uë I è Uë MO vK äèUI*Ç äuB W U v nAJ Ç Çc .bI bM W uKD W u Ç æuJ è . Ñu c*Ç .nO UJ Ç ÏÇÏd hB *Ç äèd Ç s izUH Ç Çc s t UI s d Ã

²±±

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

2. Recoverable costs incurred and paid during the quarter.

3. Total recoverable costs for the quarter (1) + (2).

4. Value of Cost Recovery Petroleum taken and separately disposed of

by CONTRACTOR for the quarter.

5. Amount of costs recovered for the quarter.

6. Amount of recoverable costs carried into the succeeding quarter, if any.

7. Excess, if any, of the value of Cost Recovery Petroleum taken and separately disposed of by CONTRACTOR over costs recovered for the quarter.

‫صورة إ‬

Pursuant to Article VII, GANOPE shall audit and approve each Statement of Development and Exploration Activity submitted by the CONTRACTOR and the total production and pricing related to the relevant calendar quarter. Any comments made by GANOPE shall be reected by the CONTRACTOR on the statement produced for the next calendar quarter. (b) Payments:

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

If such Statement shows an amount due GANOPE, payment of that amount shall be made in U.S. Dollars by CONTRACTOR with the rendition of such Statement. If CONTRACTOR fails to make any such payment to GANOPE on the date when such payment is due, then CONTRACTOR shall pay interest of two and one half percent (2.5%) per annum higher than the London Interbank Borrowing Offered Rate (LIBOR) for three (3) months U.S. Dollars deposits prevailing on the date such interest is calculated. Such interest payment shall not be recoverable. (c) Settlement of Excess Cost Recovery Petroleum:

‫تداول‬ ‫ل‬

‫عند ا‬

GANOPE has the right to take its entitlement of Excess Cost Recovery Petroleum under Article VII (a) (2) of the Agreement in kind during the said quarter. A settlement shall be required with the rendition of such Statements in case CONTRACTOR has taken more than its own entitlement of such Excess Cost Recovery Petroleum.

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²±²

: ΔόΟ΍έϣϟ΍ ϕΣ (Ω) ë (±²) dA vM à Éd v o(Ç ÈuM' æuJ áuAJ Ç s nA éà UN Ç bF ÇdN .tOK ÖÇd Çè nAJ Ç Çc WF Çd0 UNzUM à v åuI WF Çd Ç ÉÏU*Ç çc v UNO Å ÑUA*Ç ÊÇbM *Çè ÊU U (Ç æuJ è ¬ U ÄÇd à åeK Ê bF W à vK äèUI*Çè ÈuM oH è ë (±²) dA vM _Ç Éd ÁUM à ÈuM' W U Éb R*Ç . ÉÑu c*Ç ÇdN W U)« … œU*« Δϳγϳ΋έϟ΍ ΕΎΑΎγΣϟ΍ϭ ΔΑϗ΍έϣϟ΍ ΕΎΑΎγΣ : ΙΣΑϟ΍ ΕΎϣ΍ίΗϟ΍ ΔΑϗ΍έϣ ΕΎΑΎγΣ (΃)

‫صورة إ‬

ÙuL W Çd* q UI*Ç v UEM Ç ÈU (Çè Y Ç ÊU Çe Ç W Çd* U U äèUI*Ç TAM (È) ÉdI v è_Ç ÉÏU*Ç V u0 ÉbF*Ç ×UAM Ç áuA v ÉÏÑÇu Ç Y Ç ÊUIH m U bF äèUI*Çè ÈuM UNOK oH çbF m U W à äÇeM Ç bF o K*Ç Çc s (±) (Ì) ÉdI v è_Ç ÉÏULK Uë I è ÊUOKLF U rzUI Ç dO UN b v Ç WO U J Ç ÊU{Çd Ç . Y Ç ÊU Çe Ç s v Ï_Ç b(U ÁU u Ç a ÑU b b p Ðè o K*Ç Çc s (±)

: ϑϳϟΎϛΗϟ΍ Ω΍ΩέΗγ΍ ΔΑϗ΍έϣ ΏΎγΣ (Ώ)

‫ة ال يع‬

‫تروني‬ ‫لك‬

mK *Ç W Çd* q UI*Ç v UEM Ç ÈU (Çè nO UJ Ç ÏÇÏd Ç W Çd* Uë U äèUI*Ç TAM WLO è ÊÏd Ç v Ç nO UJ Ç mK è .b è æÅ ¬ ÏÇÏd Ç W Çu Ç nO UJ Ç s v U Ç . b è æÅ ¬ nO UJ Ç ÏÇÏd hB *Ç äèd Ç s izUH Ç

: Δϳγϳ΋έϟ΍ ΕΎΑΎγΣϟ΍ (Ν)

‫عند ا‬

‫تد بها‬

b b p c è nO UJ Ç ÏÇÏd ÊU èdB*Çè ÊUIHM Çè nO UJ Ç V u ÖdG v ÊUIHM Çè ÊU èdB*Çè nO UJ Ç bOI ¬ Y Ç ÊU Çe v Ï_Ç b(U ÁU u Ç b u -: vK U rC WO OzÑ ÊU U

. Y Ç ÊUIH ·

‫تداول‬ ‫ل‬

. qOGA Ç ÊU èdB á WOLM Ç ÊUIH · . qOGA Ç ÊU èdB ·

²±³

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

(d) Audit Right: GANOPE shall have a period of twelve (12) months from receipt of any Statement under this Article IV in which to audit and raise objection to any such Statement. GANOPE and CONTRACTOR shall agree on any required adjustments. Supporting documents and accounts will be available to GANOPE during said twelve (12) month period.

ARTICLE V CONTROL AND MAJOR ACCOUNTS (a) Exploration Obligation Control Accounts:

‫صورة إ‬

CONTRACTOR will establish an Exploration Obligation Control Account and an offsetting contra account to control therein the total amount of Exploration expenditures reported on Statements of activity prepared per Article I (b) (1) of this Annex, less any reductions agreed to by GANOPE and CONTRACTOR following written exceptions taken by a non-operator pursuant to Article I (c) (1) of this Annex, in order to determine when minimum Exploration obligations have been met.

‫تروني‬ ‫لك‬

(b) Cost Recovery Control Account:

‫ة ال يع‬

CONTRACTOR will establish a Cost Recovery Control Account and an off-setting contra account to control therein the amount of cost remaining to be recovered, if any, the amount of cost recovered and the value of Excess Cost Recovery Petroleum, if any. (c) Major Accounts:

‫عند ا‬

‫تد بها‬

For the purpose of classifying costs, expenses and expenditures for Cost Recovery as well as for the purpose of establishing when the minimum Exploration obligations have been met, costs, expenses and expenditures shall be recorded in major accounts including the following: - Exploration Expenditures;

‫تداول‬ ‫ل‬

- Development Expenditures other than Operating Expenses; - Operating Expenses;

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²±´

. W Ò Ç WO dH Ç ÊU U (Ç UN ` H è W'UF è nO UJ Ç ÏÇÏd Ç W Çd* W Ò Ç Ïèb(Ç v q bK ÊU U äèUI*Ç ` H è . nO UJ Ç ÏÇÏd hB *Ç äèd Ç W œU « … œU*« Ώ΋΍έοϟ΍ ϕϳΑρΗ ϡΎϛΣ΃ v p c U Ïd U ÁUM U ¬ W dB*Ç q b Ç W d{ 5 ÇuI lC äèUI*Ç æà åuNH*Ç s Ï qJA .Ù .å.Ì v äèUI*Ç s W UO ÈuM UNF b q Ï VzÇd{ W à æÃè ¬ WO UH Ç . " qL " éà .Ù.å.Ì v q b Ç W dC d Ç u lC ¬äèUILK Uë O U{Å W U Ç ÉÏUààààà*Ç v Ïb;Ç u M Ç vK éuM Ç äèUI*Ç q Ï u " vzb *Ç äèUI*Ç q Ï" æuJ è vK WI *Ç W dB*Ç q b Ç W dC U èU Uë GK tM Uë uIM WO UH Ç s (³) (Ò) ÉdI . qL *Ç äèUI*Ç q Ï

‫صورة إ‬

l{Uàààààààà)Ç q b Ç" vK äuB K vzb *Ç q b Ç v Å áUC mK s ÉÑU " WKL *Ç WLOI Ç"è . .Ù.å.Ì v q b Ç VzÇd{ éèU WKL *Ç WLOI Ç æS tOK è " W dCK

‫تروني‬ ‫لك‬

: ϪϳϠϋ ˯ΎϧΑϭ . WKL *Ç WLOI Ç bzÇÒ vzb *Ç q b Ç = W dCK l{U)Ç q b Ç .W dCK l{U)Ç q b Ç vK .Ù.å.Ì v q b Ç W d{ = WKL *Ç WLàààààààààààààOI Çè

‫ة ال يع‬

W dCK V d*Ç èà éÑU Ç äbF*Ç vMF éc Çè .Ù.å.Ì v q b Ç W d{ äbF æU ÇÐS X U äbF u .Ù.å.Ì v ÍU Ñ_Ç èà q b Ç vK W{èdH*Ç VzÇdC Ç nK * W O

‫تد بها‬

: æS ¬ q b Ç éu vK bL F è

.W dCK l{U)Ç q b Ç v Uë èdC .Ù.å.Ì v q b Ç W d{ äbF = WKL *Ç WLOI Ç

‫عند ا‬

: æuJ tO UF 5 Ñu c*Ç ÉdO _Çè v è_Ç 5 ÏUF*Ç rC è

‫تداول‬ ‫ل‬

W dC Ç äbF X vzb *Ç q b Ç = WKL *Ç WLOI Ç W dC Ç äbF - ±

²±µ

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

Necessary sub-accounts shall be used.

Revenue accounts shall be maintained by CONTRACTOR to the extent necessary for the control of recovery of costs and the treatment of Cost Recovery Petroleum.

ARTICLE VI TAX IMPLEMENTATION PROVISIONS It is understood that CONTRACTOR shall be subject to Egyptian Income Tax Laws except as otherwise provided in the Agreement, that any A.R.E. Income Taxes paid by GANOPE on CONTRACTOR ’s behalf constitute additional income to CONTRACTOR, and this additional income is also subject to A.R.E. income tax, that is “grossed up ”.

“CONTRACTOR ’s annual income ”, as determined in Article III (g) (3) of this Agreement, less the amount equal to CONTRACTOR ’s grossedup Egyptian income tax liability, shall be CONTRACTOR ’s “Provisional Income ”.

‫صورة إ‬

The “gross-up value ” is an amount added to Provisional Income to give “Taxable Income ”, such that the grossed-up value is equivalent to the A.R.E. Income Taxes.

‫تروني‬ ‫لك‬

THEREFORE:

Taxable Income = Provisional Income plus Grossed-up Value and

‫ة ال يع‬

Grossed-up Value = A.R.E. Income Tax on Taxable Income.

‫تد بها‬

If the “A.R.E. Income Tax rate ”, which means the effective or composite tax rate due to the various A.R.E. taxes levied on income or prots, is constant and not dependent on the level of income, then: Grossed-up Value = A.R.E. income tax rate TIMES Taxable Income.

‫عند ا‬

Combining the rst and last equations above

‫تداول‬ ‫ل‬

Provisional income X Tax Rate

Grossed-up Value =

1 - Tax Rate

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

²±¶

. édA d J W dC Ç äbF s d F YO . ç Q ÉÑu c*Ç WO U (Ç ÊUOKLF Ç v U Ç éÏbF Ç äU *Ç `{u è u .Ù.å.Ì v q b Ç W d{ äbF æÃè Ñ èÏ ±° u vzb *Ç q b Ç æà UM{d Ç ÇÐÅ :éèU WKL *Ç WLOI Ç æÐà ¬ (¥´°) WzU*Ç v 5F ÑÃ Ñ è϶[¶· =°[´ X Ñ èÏ ±° °[´ - ± : tOK ÁUM wzb *Ç q b Ç

¶[¶·

ë WKL *Ç WLOI Ç : ÇbzÇÒ

Ñ èÏ ±¶[¶·

W dCK l{U)Ç q b Ç

¶[¶·

¥´° äbF0 .Ù.å.Ì v q b Ç VzÇd{ : Uë B U

Ñ èÏ ±°[°°

VzÇdC Ç rB bF äèUI*Ç q Ï

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

Ñ èÏ ±°[°°

²±·

²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç

Where the tax rate is expressed as a decimal.

The above computations are illustrated by the following numerical example. Assuming that the Provisional Income is $10 and the A.R.E. Income Tax rate is forty percent (40%), then the Grossed-up Value is equal to: $ 10 X 0.4 = $ 6.67 1 - 0.4 Therefore: Provisional income

$10.00

Plus Grossed-up Value

6.67

Taxable Income

$16.67

Less: A.R.E. Income Taxes at 40%

6.67 $ 10.00

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

‫صورة إ‬

CONTRACTOR ’s Income after taxes

‫¸‪²±‬‬

‫‪²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç‬‬

‫صورة إ‬ ‫تروني‬ ‫لك‬ ‫ة ال يع‬ ‫تد بها‬ ‫عند ا‬ ‫تداول‬ ‫ل‬

‫‪²°²± WM WO u µ v ( È ) ÑdJ ²¶ ÏbF Ç - WOL d Ç Éb d'Ç‬‬

‫‪²±¹‬‬

‫صورة إ‬ ‫تروني‬ ‫لك‬ ‫ة ال يع‬ ‫تد بها‬ ‫عند ا‬ ‫تداول‬ ‫ل‬

W dO _« l UD*« Êu A W UF « W ON U XF

Âö « b³ Ž ÂU ½ ·dý» Ø VÝU×

‫تداول‬ ‫ل‬

‫عند ا‬

‫تد بها‬

‫ة ال يع‬

‫تروني‬ ‫لك‬

²°²± WM ¶µ V J Ç ÑÇb ÙÇb Ç r Ñ ±·¹ - ²°²±/±±/· - ²°²±/²µ³¶¹

‫صورة إ‬

ÉÑÇÏ Ç fK fOzÑ