AGREEMENT
BY
AND
BETWEEN
OIL
INDIA
LIMITED, a company incorporated under the Companies Act, 1956 having its
Corporate Office at 0, Xxxxxxxxx Xxxx, Xxx Xxxxx - 110 001 (hereinafter referred
to as “OIL”, which expression, unless repugnant to the context or contrary to
the meaning thereof, include its successors and permitted assignees) of the
FIRST PART.
AND
GEOGLOBAL
RESOURCES (BARBADOS) INC., a company incorporated under the laws of Barbados,
having its office at Suite No. 310, 605-1st
Street
SW, Calgary, Alberta, Canada T2P 3S9 (hereinafter referred to as “GGR”, which
expression, unless repugnant to the context or contrary to the meaning thereof,
include its successors and permitted assignees) of the SECOND PART.
Oil
India
Limited is submitting bid for Block No. KG-ONN-2004/1 (Block-28) offered under
the New Exploration Licensing Policy, Sixth Round (NELP-VI) by the Ministry
of
Petroleum& Natural Gas, Government of India, 2006.
The
bid
is being submitted jointly by the Oil India Ltd. and GeoGlobal Resources
(Barbados) Inc., with the following participating interest in the
Block.
Oil
India
Limited : 90%
Geo
Global Resources (Barbados) Inc. : 10%
M/s
GeoGlobal Resources (Barbados) Inc. has expressed its desire to take a total
25%
participating interest in the above block. A Joint Bidding Agreement to this
effect was signed between Oil India Limited and GeoGlobal Resources (Barbados)
Inc. on 27th
July,
2006. M/s GeoGlobal Resources (Barbados) Inc., is, however presently constrained
with the shortage of net worth to pick up the entire 25% participation interest.
Therefore, for bid submission purposes, M/s GGR is taking 10% participating
interest. M/s GGR hereby irrevocably agrees that before 30th
June,
2007, they will raise their net worth sufficient enough to take the additional
participating interest of 15% and make their total participating interest to
25%
and will pay all the costs for the additional 15% participating interest to
OIL.
OIL agrees to assign this 15% participating interest as per the PSC procedure.
APPLICABLE
LAW & ARBITRATION
This
agreement shall be governed by, construed, interpreted and enforced in
accordance with laws of India and Courts at Delhi shall have the exclusive
jurisdiction.
Subject
to the notifications issued by the Government of India from time to time and
except otherwise provided for in this agreement, if the parties reach an impasse
regarding any dispute relating to this agreement or breach of the agreement,
such dispute shall be settled exclusively and finally by arbitration in
accordance with the Arbitration & Conciliation Act, 1996 through an Arbitral
Tribunal consisting of three Arbitrators. Any party may submit the dispute
to
arbitration and the arbitration proceeding shall be held in English language
at
New Delhi.
Except
as
otherwise specifically provided herein, all notices authorised or required
between the parties by any provision of the Agreement shall be in writing in
English language and delivered in person or by registered mail or by courier
services or by an electronic means or transmitting written communications,
which
provides confirmation of complete transmission, or with confirmation of receipt
of complete transmission from the receiving party, having been obtained and
addressed to such parties, as designated below.
FOR
OIL
Oil
India
Limited
Xxxx
Xx.
00, Xxxx Xxxx,
Xxxxxx
00X, XXXXX - 201301
Attn: Xx.
X.X.Xxxxxxxxxx, CA (E&D)
Telephone
No. : x00-000-0000000
Facsimile
No. : x00-000-0000000
E-Mail : xxxxxxxxxxxx0000@xxxxxxxxxx.xxx
FOR
GEOGLOBAL RESOURCES (BARBADOS) INC.
Attn: Xx.
Xxxx
X Xxx, President & CEO
Suite
No.
310, 605-1st
Street
SW,
Calgary,
Alberta,
Canada
T2P 3S9
Attn: Xx.
Xxxx
X Xxx,
President
& CEO
Telephone
No. : x0-000-000-0000
Facsimile
No. : x0-000-000-0000
E-Mail : xxxx@xxxxxxxxx.xxx
IN
WITNESS WHEREOF, the duty authorised representatives of the parties hereinto
subscribe their respective hands, on the day, month and year first above
written.
FOR
& ON BEHALF OF
FOR & ON BEHALF OF
OIL
INDIA LIMITED.
GEO GLOBAL RESOURCES (BARBADOS)
INC.
/s/
X.X.XXXXXXXXXX
/s/
XXXX XXX
NAME:
X.X. XXXXXXXXXX
NAME:
XXXX XXX
TITLE:
CHIEF ADVISOR (E&D)
TITLE:
PRESIDENT & CEO
DATE:
14/09/2006
DATE:
14/09/2006
/s/
X.X. XXXXXX
/s/
X. XXXXXXXXX
Witness:
X.X. Xxxxxx Witness:
X.
Xxxxxxxxx
Senior
Advisor (Geology) Country
Manager
OIL GGR
