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EXHIBIT 10.21
PETROLEUM EXPLORATION PERMIT 38716
DEED OF ASSIGNMENT
THIS DEED OF ASSIGNMENT is made this 10th day of July 1997
BETWEEN: XXXXXXXXX ENTERPRISES LTD, of Level 18,200 Mart
St, Brisbane, Queensland, Australia ("Xxxxxxxxx")
AND: INDO OVERSEAS EXPLORATION LTD, of Suite 1200, 0000
Xxxx Xxxxxx Xx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, Xxxxxx ("Indo
Overseas")
AND: INDO-PACIFIC ENERGY (NZ) LTD, of 000 Xxxxxx Xx,
Xxxxxx, Xxxxxxxxxx, Xxx Xxxxxxx (Indo (NZ)")
AND: DURUM ENERGY CORPORATION LTD, of Suite 1200, 0000
Xxxx Xxxxxx Xx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, Xxxxxx ("DUE")
AND: DURUM ENERGY (NZ) LTD, of 000 Xxxxxx Xx, Xxxxxx,
Xxxxxxxxxx, Xxx Xxxxxxx ("DUE (NZ)")
AND: EURO PACIFIC ENERGY PTY LTD, of 000 Xxxxxx Xx,
Xxxx Xxxxx, Xxxxxxx Xxxxxxxxx, Xxxxxxxxx ("Euro")
RECITALS
X. Xxxxxxxxx, Indo Overseas and Euro are holders of PEP38716 in
the following percentage interests:
Xxxxxxxxx 52.8%
Indo Overseas 38.4%
Euro 8.8%
A. Indo Overseas has agreed to assign to DUE 6% of its 38.4%
interest in PEP38716.
B. Indo Overseas has agreed to assign to DUE (NZ) 15% of its
38.4% interest in PEP38716.
C. Indo Overseas has agreed to assign to Indo (NZ) 17.4% of its
38.4% interest in PEP38716
NOW THIS DEED WITNESSETH
1. DEFINITIONS AND INTERPRETATION
1.1 definitions
In this deed, including the Recitals, except to the extent that
the context otherwise requires:
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"Effective Date" means 30 January 1996
"PEP38716 means Petroleum Exploration Permit 38716 issued under
the Crown Minerals Xxx 0000 of New Zealand as amended time to
time.
2. ASSIGNMENT OF INTEREST
Indo Overseas hereby assigns to DUE 6% of its 38.4% interest in
PEP38716, Indo Overseas hereby assigns to DUE (NZ) 15% of its
38.4% interest in PEP38716 and Indo Overseas hereby assigns to
Indo (NZ) 17.4% of its 38.4% interest in PEP38716 with effect
from the Effective Date and DUE, DUE (NZ) and Indo (NZ) severally
accept such assignments so that with effect from the Effective
Date, Xxxxxxxxx, Indo (NZ), DUE, DUE (NZ) and Euro hold the
following undivided interests in PEP38716
Xxxxxxxxx 52.80%
Indo(NZ) 17.40%
DUE 6.00%
DUE(NZ) 15.00%
Euro 8.80%
3. ASSUMPTION OF OBLIGATIONS
Indo (NZ), to the extent of the 17.4% undivided interest assigned
to it under this Deed; DUE, to the extent of the 6.0% undivided
interest assigned to it under this Deed; DUE(NZ), to the extent
of the 15.00% undivided interest to it under it under this Deed
all assume and covenant with each of Xxxxxxxxx, and Euro to
perform with the effect from the Effective Date the liabilities,
obligations, responsibilities and duties of Indo Overseas with
respect to the 38.4% interest which is assigned to them under
this Deed and agree to indemnify and hold Xxxxxxxxx and Euro
harmless against all such liabilities, obligations,
responsibilities and duties.
4. COSTS AND STAMP DUTY
The costs of and incidental to the preparation and execution of
this Deed together with all stamp duty and registration fees
payable on this Deed shall be borne and paid by Indo (NZ), DUE
and DUE(NZ).
5. GOVERNING LAW
This Deed shall be governed by and construed in accordance with
New Zealand law.
IN WITNESS WHEREOF this Deed of Assignment was executed on the
day and year first written above.
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Signed for and on behalf of /s/ N. J. Xxxxxx
XXXXXXXXX ENTERPRISES LTD by Director
N. J. Xxxxxx
Name of Director
Signed for and on behalf of /s/ X. X. Xxxxxxx
INDO OVERSEAS EXPLORATION LTD by Director
X. X. Xxxxxxx
Name of Director
Signed for and on behalf of /s/ X.X. Xxxxxxx
INDO PACIFIC ENERGY (NZ) LTD by Director
X.X. Xxxxxxx
Name of Director
Signed for and on behalf of DURUM /s/ X.X. Xxxxxxx
ENERGY CORPORATION by Director
X.X. Xxxxxxx
Name of Director
Signed for and on behalf of /s/ Xxxxx Xxxxx
EURO PACIFIC ENERGY LIMITED by Director
Xxxxx Xxxxx
Name of Director
CERTIFICATE OF NON-REVOCATION OF POWER OF ATTORNEY
I, Xxxxx Xxxx Xxxxxxx, certify:
1. That by deed dated 20th June 1997, Indo Overseas Exploration
Ltd appointed me to be its attorney on the terms and subject to
the conditions set out in that deed; and
2. That, at the date of this certificate, I have not received
any notice or information of the revocation of that appointment
by the liquidation of Indo Overseas Exploration Ltd or otherwise.
Signed at Wellington, N.Z. this 10th day of October, 1997
/s/ D.J. Xxxxxxx
XXXXX XXXX XXXXXXX
