DEED OF ASSIGNMENT
This deed of assignment is made and entered into on this 17th day of March
1999 by and between Dublin International Petroleum (Egypt) Limited, a
corporation organized and existing under the laws of the Republic of Ireland
hereinafter referred to as ("Dublin") and Tanganyika Oil Company Ltd., a
corporation organized and existing under the laws of Canada hereinafter
referred to as ("Tanganyika") as ASSIGNORS,
and GHP Exploration (West Gharib ) Ltd., a corporation organized and existing
under the laws of Bermuda hereinafter referred to as ("GHP"), and Xxxxxxx
Petroleum Inc. a corporation organized and existing under the laws of the
British Virgin Islands, hereinafter referred to as ("Xxxxxxx"), as ASSIGNEES,
Whereas, Dublin and Tanganyika have certain rights, privileges, duties and
obligations under the Concession Agreement dated 1st June, 1998 (hereinafter
referred to as "The Concession Agreement") issued by law number (15) of 1998
entered into by the Government of the Arab Republic of Egypt ("Government"),
the Egyptian General Petroleum Corporation ("EGPC") and Dublin International
Petroleum (Egypt)
West Gharib Deed 20-F
Limited (Dublin) and Tanganyika Oil Company Ltd. (Tanganyika) for Petroleum
exploration and exploitation covering the West Gharib concession in the Gulf
of Suez area, as described in Annex " A " and outlined in Annex "B" of the
above mentioned Concession Agreement.
Whereas Dublin and Tanganyika wish to assign an undivided thirty percent
(30%) of their interests, rights, privileges, duties and obligations in thc
above mentioned Concession Agreement to GHP,
Whereas, Dublin and Tanganyika wish also to assign an undivided twenty
percent (20% ) of their interests, rights, privileges, duties and obligations
in the above mentioned Concession Agreement to. Xxxxxxx,
Whereas GHP and Xxxxxxx accept such Assignment;
Whereas, pursuant to Article XXI of the aforementioned Concession Agreement,
EGPC must review and approve the text of this Assignment,
Whereas, such Assignment is subject to the approval of the Government of Arab
Republic of Egypt.
Now, therefore, the parties to this assignment agree as follows:
1. This Deed of Assignment is made in accordance with the provisions of
Article XXI of the aforementioned Concession Agreement.
2. Dublin and Tanganyika hereby assign an undivided thirty-percent (30%) of
their interests, rights, privileges, duties and obligations in the
aforementioned Concession Agreement to GHP.
West Gharib Deed 20-F
Also Dublin and Tanganyika assign an undivided twenty percent (20%) of their
interests, rights, privileges, duties and obligations in the aforementioned
Concession Agreement to Xxxxxxx.
Upon the approval of this Deed of Assignment, the interests of the parties
constituting the Contractor under the aforementioned Concession Agreement
shall be as follows:
Dublin and Tanganyika 50% GI-IP 30% Xxxxxxx 20%
3. This Deed of Assignment shall be binding upon and inure to the benefits of
the parties hereto, their successors and assignees.
4. GHP and Xxxxxxx (The Assignees) hereby expressly state that they are bound
by all the provisions and covenants contained in the Concession Agreement and
any modifications or additions in writing as well as any contracts concluded
by Dublin and Tanganyika (The Assignors) with EGPC in implementation thereof
that may have been made up to the date of this Deed of Assignment.
5. Dublin, Tanganyika, GHP and Xxxxxxx state that the rights and privileges
of both the Government and EGPC contained in the Concession Agreement shall
not be prejudiced by the provisions of this Deed of Assignment.
West Gharib Deed 20-F
6. Pursuant to Article XXI paragraph (e) of the Concession Agreement, Dublin,
Tanganyika, GHP , and Xxxxxxx state that they shall be vis-a-vis the
Government and EGPC jointly and severally liable for the performance of the
obligations of Contractor under the aforementioned Concession Agreement.
7. Dublin (The Operator) through its office in the Arab Republic of Egypt
shall further be the entity to which, from which and in whose name all
notifications related to or in connection with this Concession Agreement
shall be made.
8. This Assignment shall be effective as of the date of approval of the
Government.
In witness whereof, the Assignment Parties have duly executed this Deed of
Assignment on this 17th day of March 1999
ASSIGNORS:
Dublin International Petroleum (Egypt) Limited and Tanganyika Oil Company Ltd.
Name: Xxxxxxx Xxxxxx
Title: General Manager of Dublin International. Petroleum (Egypt) Limited and
Executive Vice President of Tanganyika Oil Company Ltd.
Signature:
West Gharib Deed 20-F
ASSIGNEES:
GHP Exploration (West Gharib) Ltd.
Name: Xxxxx X. Xxxxxx
Title: Director
Signature: Xxxxxxx Petroleum Inc.
Name: Xxxxx Xxxxxxxxx
Title:
Director:
Signature:
The above mentioned Deed of Assignment dated March 17, 1999 of West Gharib
Concession Agreement in Arab Republic of Egypt signed by virtue of law number
No.15 of 1998 is accepted and approved.
EGYPTIAN GENERAL PETROLEUM CORPORATION
BY: ENG. ABD EL XXXXXX XXXX
TITLE: CHAIRMAN OF THE BOARD
SIGNATURE:
DATE:
ARAB REPUBLIC OF EGYPT GOVERNMENT
BY: XX. XXXXX XXX EL BANBI
TITLE: MINISTER OF PETROLEUM
SIGNATURE:
DATE:
West Gharib Deed 20-F
