DEED OF ASSIGNMENT
This Deed of-Assignment is made and entered into on this 9th day of April
1998 by and between Alliance Egyptian National Exploration Company, a Company
organized and existing under the laws of the Cayman Islands, hereinafter
referred to as ("Alliance") as Assignor; and
GHP Exploration Egypt Ltd., a Corporation organized and existing under thc
laws of Bermuda U.S.A., hereinafter referred to as ("GHP") as Assignee;
Whereas, Alliance has certain rights, privileges, duties and obligations
under the Concession Agreement dated 22/9/97, (hereinafter referred to as the
Concession Agreement) and issued by Law No.11 of 1997, entered into by the
Government of the Arab Republic of Egypt ("Government") and the Egyptian
General Petroleum Corporation ("EGPC") and the National Exploration
Company, for Petroleum Exploration and Exploitation, covering Central Sinai
Area as described in Annex "A" and outlined in Annex "B" of the above
mentioned Concession Agreement
Whereas, the National Exploration Company, has assigned all of its interests,
rights, privileges, duties and obligations in the above mentioned Concession
Agreement to "Alliance" by virtue of the Deed of Assignment approved by the
Government of A.R.E. on 3rd December 1997,
Whereas, Alliance wishes to assign all undivided twenty five percent (25%)
of its interests, rights,
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privileges, duties and obligations in the above mentioned Concession
Agreement to GHP,
Whereas, GHP accepts 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 approval of the Government
Now, Therefore, the parties to this Assignment agree as follows:
1 -This Assignment is made in accordance with tile provisions of Article
(XXI) of the aforementioned Concession Agreement.
2 -Alliance hereby assigns twenty five percent (25%) an undivided of its
interests, rights, privileges, duties and obligations in tile aforementioned
Concession Agreement to GHP,
3 -This Assignment shall be binding upon and inure to the benefit of the
parties hereto, their successors and assigns.
4 -GHP (the Assignee) hereby expressly states that it is bound by all the
provisions and covenants contained in tile Concession Agreement and any
modifications or additions in writing as well as any contracts concluded by
Alliance (the Assignor) with EGPC in implementation of the Concession
Agreement thereof that may have been made up to the date of this Deed of
Assignment.
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5- Alliance and GHP state that the rights and privileges of both the
Government and EGPC contained in the Concession Agreement shall not be
prejudiced by tile Provisions of this Deed of Assignment.
6- Pursuant to Article (XXI) paragraph (e) of the Concession Agreement,
Alliance and GHP 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- Alliance Egyptian National Exploration Company (the Operator) through its
office in the A.R.E., its address: 10 Xxxxx Xxxx El Said Sq. -Dakki -Giza,
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 tile approval of the
Government.
In witness whereof, parties have duly executed this Deed of Assignment on
this 9 day of April, 1998.
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ASSIGNOR:
BY: ALLIANCE EGYPTIAN
NATIONAL EXPLORATION COMPANY
NAME: XXXXXXX X. XXXXXXXX
TITLE: CHAIRMAN
SIGNATURE:
ASSIGNEE:
BY: GHP EXPLORATION (EGYPT) LTD.
NAME: XXXXX XXXXXX
TITLE: DIRECTOR
SIGNATURE:
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20F
THE ABOVE MENTIONED DEED OF ASSIGNMENT DATED 9 DAY OF APRIL, 1998 OF THE
CENTRAL SINAI CONCESSION AGREEMENT IN THE ARAB REPUBLIC OF EGYPT SIGNED BY
VIRTUE OF LAW NO.11 OF 1997 IS ACCEPTED AND APPROVED.
THE EGYPTIAN GENERAL PETROLEUM CORPORATION
BY: ENG ABDEL XXXXXX XXXX
TITLE: CHAIRMAN OF THE BOARD
SIGNATURE:
DATE: / / 1998
ARAB REPUBLIC OF EGYPT
GOVERNMENT
BY: XX. XXXXX XXX XXXXX XXXXX EL BANBI
TITLE: MINISTER OF PETROLEUM
SIGNATURE:
DATE: 8/9/1998
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