000
XXXXXXX 00.00
XXXXX XXX XXXXXXX OIL COMPANY
AND
TRANS NEW ZEALAND OIL COMPANY (NZ) LIMITED
XXXX XXXXX & XXXXX
SOLICITORS
WELLINGTON,
AUCKLAND AND NEW PLYMOUTH
ASSIGNMENT AGREEMENT (PEP 38332)
THIS AGREEMENT is dated the 25th of August 0000
XXXXXXX XXXXX XXX XXXXXXX OIL COMPANY of Nevada, USA ("TNZO")
AND TRANS NEW ZEALAND OIL COMPANY (NZ) LIMITED at Wellington
("TraNZ(NZ)")
RECITALS
A. As at the date of this Agreement, TNZO is the holder of a
20% participating interest in Petroleum Exploration Permit 38332
("the permit").
B. TNZO has agreed to transfer and TraNZ(NZ) has agreed to take
on transfer such share in the permit, on the terms and conditions
set out in this Agreement.
OPERATIVE PART
1. ASSIGNMENT OF INTERESTS
1.1 Subject to this Agreement, in consideration for the sum of
$1 (one New Zealand dollar), TNZO transfers and assigns to
TraNZ(NZ) a 20% participating interest in the Permit, with effect
from 31 July 1997 ("Effective Date").
1.2 TNZO retains all its rights relating to the interest to be
assigned, until the Effective Date of the assignment.
1.3 With effect on and from the Effective Date, TraNZ(NZ)
assumes the obligations and liabilities arising on and from the
Effective Date (but always excluding the liabilities and
obligations arising prior to the Effective Date) and shall be
entitled to the full benefit and advantage of the assigned
interest and all rights under it to the same extent to which TNZO
would have been so entitled had the interest not been assigned to
TraNZ(NZ).
175
2. AGREEMENT CONDITIONAL
This Agreement and the transfers and assignments provided
for by it are conditional upon the consent of the Minister being
given to this Agreement and to those transfers and assignments,
pursuant to the Crown Minerals Xxx 0000.
3. RESTORATION
If the condition in Clause 2 is not satisfied, the parties
will do all such things and execute all such documentation as may
be necessary to restore the status quo ante between the parties.
4. COUNTERPART EXECUTION
This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original,
but all of which shall together constitute one and the same
instrument. However, this Agreement shall not have any effect
until all of the parties named in it have either executed the
same copy of this Agreement or have executed a counterpart of
this Agreement.
5. GOVERNING LAW
This Agreement shall be governed by, and construed in
accordance with, the laws of New Zealand.
EXECUTED AS AN AGREEMENT on the date set out at the head of the
first page.
SIGNED for and on behalf of
TRANS NEW ZEALAND OIL COMPANY (NZ)
LIMITED By:
/s/ Jenni Lean /s/ X.X. Xxxxxxx
Signature of Director Signature of Director
SIGNED for and on behalf of
TRANS NEW ZEALAND OIL COMPANY
By its duly authorised attorney:
/s/ Jenni Lean
Signature of Attorney
