LUBLIN AREA
JOINT STUDY AGREEMENT
This Lublin Area Joint Study Agreement is made in two original copies,
effective as of December 70, 1996.
Between
The Polish Oil and Gas Company ("POGC") having its offices at xx. Xxxxxx
0/00, Xxxxxx, Xxxxxx 00-537, represented by Xx. Xxxxxx Xxxx, Director
And
FX Energy. Inc., ("FX Energy") having its offices at 0000 Xxxxxxxx Xxxxx,
Xxxxx 000,. Salt Xxxx Xxxx, Xxxx, 00000, XXX, represented by Xx. Xxxxx X.
Xxxxxx, Chief Executive Officer
hereinafter referred to individually as a "Party" or collectively as the
"Parties".
RECITALS
A. The Minister of Environmental Protection, Natural Resources and Forestry
has awarded exclusive oil and gas exploration and exploitation rights to FX
Energy through its subsidiary, Lubex Petroleum Company Sp. z o.o.
("Lubex"), covering eight concession blocks totaling approximately 2
million acres (the "Lublex Concession") located near the city of Lublin.
B. POGC has certain oil and gas rights to concession blocks (the "POGC Lublin
Blocks") which are located adjacent to the Lublex Concession on the north
and east.
The Parties hereby agree to the following:
1. POGC will deliver to FX Energy copies (both paper and tape where available)
of its geological and geophysical data from the concession blocks
immediately adjacent to the Lubex Concession and from such additional
concession blocks whether or not, immediately adjacent, as the parties may
mutually agree. All of such data is hereinafter referred to as the "POGC
Lublin Data".
2. FX Energy, at its own cost and expense, will evaluate, interpret and
reprocess as much of the POGC Lublin Data as it deems appropriate and will
deliver to POGC copies of such evaluations interpretations and reprocessing
along with its conclusions pertaining to hydrocarbon potential. FX Energy
will at all times strictly maintain the confidentiality of such data and
will return all copies to POGC. FX Energy will use reasonable efforts to
identify oil and gas prospects on the POGC Lublin Blocks and will share its
findings with POGC.
3. In the event the parties identify new hydrocarbon prospects on any of POGC
Lublin Blocks, they will in good faith discuss and negotiate with a view to
jointly applying for the rights to explore and exploit such blocks.
IN WITNESS whereof the Parties have caused this Agreement to be execute by
their duly authorized representatives as of the day, month and year first above
written.
FX Energy Inc. Polish Oil and Gas Company
By /s/ Xxxxx X. Xxxxxx By /s/ Xx. Xxxxxx Xxxx
CEO Director
