Exhibit 10(28)
Ukrainian and English versions carry equal forces.
Ukrainian translation omitted.
Annex
AMENDMENT
OF CLAUSE 9.3.1 OF
AMENDMENTS OF AND ADDITIONS TO
THE AGREEMENT NO 01 OF MARCH 20, 1998
ON JOINT INVESTMENT PRODUCTION ACTIVITY
FOR DEVELOPMENT AND FURTHER EXPLORATION OF THE BUGRUVATIVSKE FIELD
WITHOUT CREATION OF A LEGAL ENTITY
City of Kyiv
September 17 2002
The Participants to the Agreement No 01 of March 20, 1998 on Joint Investment
Production Activity for development and further exploration of the Bugruvativske
Field without creation of a legal entity, namely:
the Open Joint Stock Company "Ukrnafta" (hereinafter referred to as
Ukrnafta or "Participant 1"), represented by its Chairman of the Board Xx. Xxxxx
Mykolayovych Xxxxxxxxx, authorized by the Charter, on the one part,
the Canadian Company "Lateral Vector Resources Inc." (hereinafter referred
to as "LVR" or "Participant 2"), represented by its President and Chief
Executive Officer Dr. Xxxxx Xxxxxx, authorized by the Articles of Association,
on the other part, and
the Closed Joint Stock Company "IPEC" (hereinafter referred to as "IPEC"
or "Participant 3"), represented by its Interim Executive Chairman of the Board
Xx. Xxxxxx Xxxxxxxxxxx Xxxxxxxxxx, authorized by the Nharter, on the third part
who hereinafter shall be referred to individually as "the Participant" and
collectively as "the Participants", have agreed that the following amendment be
incorporated into Clause 9.3.1 of the Amendments of and Additions to the
Agreement No 01 of March 20, 1998 on Joint Investment Production Activity for
development and further exploration of the Bugruvativske Field without creation
of a legal entity
The last sentence of the above mentioned Clause 9.3.1 shall have the following
wording: ((...In this case Participants 2 and 3 who took part in HRO shall be
paid from the Separate Balance Sheet of Joint Activity an amount two times
greater and Participant 1 an amount four times greater than the actual costs he
(they) incurred)).
JOINT STOCK COMPANY "UKRNAFTA"
Certificate ___________, ZKPU Code ___________
Taxpayer Index _____________________
3-5 Xxxxxxxxxxx xx-xxxxxx, Xxxx 00000, Xxxxxxx
Telephone: 00-000-000-00-00
Fax: 00-000-000-00-00
LATERAL VECTOR RESOURCES INC.
C/X Xxx Xxxxxx O'Reilly Xxxxxxxx
000 Xxxxxxx Xxxxxx
000 Xxxxx Xxxxxx
Xxxxxxxxxx
Xxx Xxxxxxxxx X0X 0X0
Copy by fax to: Lateral Vector Resources Inc.
Guernsey Office Fax No x00 0000 000000
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CLOSED JOINT STOCK COMPANY "IPEC"
Certificate 37503783, ZKPU Code 30057276
Taxpayer Index 300572726103
00 Xxxxxxxxxxxx Xxxxxx, Xxxx 00000, Xxxxxxx
Telephone: 00-000-000-00-00
Fax: 00-000-000-00-00
Settlement account 26000000520000
at Bank Credit Lyonnais Ukraine
MFO 300379
FOR AND ON BEHALF OF OJSC (( UKRNAFTA ))
/s/X.X.Xxxxxxxxx_______________________
X.X. Xxxxxxxxx
Chairman of the Board
FOR AND ON BEHALF OF((LATERAL VECTOR RESOURCES INC.))
/s/Xx Xxxxx Xxxxxx_________________________
Dr. Xxxxx Xxxxxx
President and Chief Executive Officer
FOR AND ON BEHALF OF CJSC ((IPEC))
/s/V.S.Chudnovets_________________________
V.S. Xxxxxxxxxx
Chairman of the Board
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