Common use of OPERATIONS AFTER COMMERCIAL DISCOVERY Clause in Contracts

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial Discovery, EGPC 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 EGPC and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company shall be private sector company, in which EGPC and CONTRACTOR each contribute by fifty 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. 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; - Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - 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.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial Discovery, EGPC and CONTRACTOR may shall form in the A.R.E. A. R. E. an operating company pursuant to Article VI (b) and Annex (D) (hereinafter referred to as "Operating Company") which company Company shall be named by mutual agreement between EGPC and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company Company shall be a private sector company, in which EGPC and CONTRACTOR each contribute by fifty 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. Central Sinai Concession 20F 19 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 -Law No.48 of 1978, on the employee regulations of public sector companies; - Law No. 159 -Law No.159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - Law No. 97 -Law No.203 of 1983 promulgating the law concerning public sector organizations and companies; - Law No. 203 of 1991 1991, promulgating the law on public business sector companies; and - Provisions -Law No.38 of part 2 of Chapter 6 of Law No. 88 of 20031994, organizing dealings in foreign currencies.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial Discovery, EGPC and CONTRACTOR may shall 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 EGPC and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company shall be a private sector company, in which EGPC and CONTRACTOR each contribute by fifty 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. 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; - Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - 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 38 of 20031994, organizing dealings in foreign currencies.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial Discovery, EGPC and CONTRACTOR may shall 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 EGPC and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company shall be private sector joint stock company, in which EGPC and CONTRACTOR each contribute by fifty 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. 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; - Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - 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.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial Discovery, EGPC 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 EGPC and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company shall be a private sector company, in which EGPC and CONTRACTOR each contribute by fifty 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. 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; - Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - 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.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial DiscoveryUpon the approval of the first Development lease, EGPC EGAS and CONTRACTOR may should form in the A.R.E. an operating a company to carry out operations pursuant to this Article VI (b) and Annex (“D) ” (hereinafter referred to as "Operating the “Joint Venture Company") ”), which company shall be named by mutual agreement between EGPC EGAS and CONTRACTOR and provided that such name shall be subject to the approval of the Minister of Petroleum’s approval. Said company shall be a private sector joint stock company, in which EGPC and CONTRACTOR each contribute by fifty 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 Companythe Joint Venture Company (the “Charter”). However, Operating the Joint Venture 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, promulgating the law on the employee regulations of public sector companies; - Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - 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 companies;and - Provisions of part 2 of Chapter chapter 6 of Law No. 88 of 2003, organizing dealings in foreign currenciescurrencies in accordance with Central Bank of Egypt and the A.R.E. banking system law.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial Discovery, EGPC and CONTRACTOR may shall 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 EGPC and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company shall be a private sector company, in which EGPC and CONTRACTOR each contribute by fifty 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. 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 No.48 of 1978, on the employee regulations of public sector companies; - Law No. 159 No.159 of 1981, promulgating the law on joint stock companiesCompanies, partnership limited by shares and limited liability companies; - Law No. 97 No.97 of 1983 promulgating the law concerning public sector organizations and companies; - Law No. 203 No.203 of 1991 promulgating the law on public business sector companies; and - Provisions Law No.38 of part 2 of Chapter 6 of Law No. 88 of 20031994, organizing dealings in foreign currencies.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial Discovery, EGPC 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 EGPC and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company shall be private sector company, in which EGPC and CONTRACTOR each contribute by fifty 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. 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; - Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - 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.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial DiscoveryUpon the approval of the first Development Lease, EGPC EGAS and CONTRACTOR may should form in the A.R.E. an operating a company to carry out operations pursuant to this Article VI (b) and Annex (“D) ” (hereinafter referred to as "Operating the “Joint Venture Company") ”), which company shall be named by mutual agreement between EGPC EGAS and CONTRACTOR and provided that such name shall be subject to the approval of the Minister of Petroleum’s approval. Said company shall be a private sector joint stock company, in which EGPC and CONTRACTOR each contribute by fifty 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 Companythe Joint Venture Company (the “Charter”). However, Operating the Joint Venture 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, promulgating the law on the employee regulations of public sector companies; - Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - Law No. 97 of 1983 1983, promulgating the law concerning public sector organizations and companies; - Law No. 203 of 1991 1991, promulgating the law on public business sector companies; and - Provisions provisions of part 2 of Chapter chapter 6 of Law No. 88 of 2003, organizing dealings in foreign currenciescurrencies in accordance with Central Bank of Egypt and the A.R.E. banking system law.

OPERATIONS AFTER COMMERCIAL DISCOVERY. (a) On Commercial Discovery, EGPC and CONTRACTOR may shall 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 EGPC and CONTRACTOR and such name shall be subject to the approval of the Minister of Petroleum. Said company shall be a private sector company, in which EGPC and CONTRACTOR each contribute by fifty 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. 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; - Law No. 159 of 1981, promulgating the law on joint stock companies, partnership limited by shares and limited liability companies; - 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 38 of 20031994, organizing dealings in foreign currencies.