AMENDMENT AGREEMENT TO ASSET TRANSFER AGREEMENT – LINXING AREA BETWEEN CHEVRONTEXACO CHINA ENERGY COMPANY, PACIFIC ASIA PETROLEUM, LTD. AND PACIFIC ASIA PETROLEUM, INC. DATED SEPTEMBER 7, 2007, REGARDING THE SALE OF PARTICIPATING INTEREST IN THE...
EXHIBIT 10.3
AMENDMENT AGREEMENT TO ASSET TRANSFER AGREEMENT – LINXING AREA BETWEEN CHEVRONTEXACO CHINA ENERGY COMPANY, PACIFIC ASIA PETROLEUM, LTD. AND PACIFIC ASIA PETROLEUM, INC. DATED SEPTEMBER 7, 2007, REGARDING THE SALE OF PARTICIPATING INTEREST IN THE PRODUCTION SHARING CONTRACT IN RESPECT OF THE RESOURCES IN THE LINXING AREA
THIS AMENDMENT AGREEMENT is made and entered into the 24th day of April, 2008 between CHEVRONTEXACO CHINA ENERGY COMPANY, incorporated under the laws of Mauritius (“CTCEC”), PACIFIC ASIA PETROLEUM, INC (“PAP Inc”) incorporated under the laws of Delaware, the United States of America and PACIFIC ASIA PETROLEUM, LTD, incorporated under the laws of Hong Kong (“PAPL”), (together the “Parties”).
WHEREAS further to the Asset Transfer Agreement for the sale of CTCEC’s participating interest in the production sharing contract in respect of the resource in the Linxing Area made between CTCEC, PAPL and PAP Inc dated 7th September 2007 (the “Agreement”), the Parties agree as follows:
1.
In respect of the Agreement, the following amendments are hereby agreed:
a.
The definition of "Completion" is amended to read: "means completion of the sale and purchase of the Sale Interest under this Agreement other than the payment of the Purchase Price which shall occur on the Payment Date."
b.
Insert the following definition:
""Payment Date" means 6 November 2008 (or such earlier date as agreed in writing between the parties)."
c.
Clause 4.1 is amended by replacing the words "nine months" with "fourteen months".
d.
Add the following paragraph at the end of clause 5.3:
"Subject to Completion occurring, on the Payment Date the Purchaser shall pay to the Vendor (or as it may direct before the Payment Date) by electronic transfer in immediately available funds to an account nominated in writing by the Vendor to the Purchaser at least five Business Days before the Payment Date an amount equal to the Purchase Price, less the Deposit."
e.
Clause 6.2 is amended to read in its entirety as follows:
"6.2
Purchaser Completion Steps
On Completion, after satisfaction of the Vendor's obligations under clause 6.3, the Purchaser will execute all documents received from the Vendor under clause 6.3 (to the extent required to be executed by the Purchaser and not already executed by it) and, where appropriate, provide one copy of those documents to the Vendor."
2.
This Amendment Agreement, shall form an integral part of the Agreement and shall be effective from the date hereof.
3.
Except for the provisions as expressly stipulated and revised in this Amendment Agreement, all other provisions of the Agreement shall remain unchanged, effective and fully applicable.
4.
All capitalized terms have the meaning given in the Agreement unless otherwise stated.
IN WITNESS WHEREOF, this Amendment Agreement is signed on this 24th day of April, 2008 by the authorized representatives of each Party hereto.
SIGNED for and on behalf of ChevronTexaco China Energy Company by its duly authorised signatory |
| SIGNED for and on behalf of Pacific Asia Petroleum, Inc. by its duly authorised signatory |
Signed /s/ Xxxxx Xxxxx |
| Signed /s/ Xxxxx Xxxxx |
Title Manager Finance |
| Title Executive Vice President |
SIGNED for and on behalf of Pacific Asia Petroleum, Ltd. by its duly authorised signatory |
|
Signed /s/ Xxxxx Xxxxx |
|
Title Executive Vice President |
|
