Exhibit 10(30)
CONSULTANCY AGREEMENT
This Consultancy Agreement is made as of January 29, 1998 by and between CanArgo
Energy Corporation and Fincom AS, Norway represented by Rune Xxxxxxx. This
agreement is only valid if the business combination between Fountain Oil Inc.
and CanArgo Energy Inc. is closed.
ENGAGEMENT
For and during the term, and subject to the terms and conditions hereinafter set
forth, the Consultant hereby agrees to perform Investor Relations and Norwegian
financial regulatory requirements relating to IR and other related duties to be
determined.
TERM
The terms of this agreement shall commence on August 1, 1998 and shall terminate
and shall be binding for both parties for the first six months and thereafter
there is a 90 days notice period.
COMPENSATION
The following compensation shall be provided for the consultant:
CanArgo Energy Corporation shall pay a monthly fee of USD 7000 based on 50% time
spent by Rune Xxxxxxx to perform the duties specified by CanArgo Energy
Corporation. In addition CanArgo will pay variable expenses to perform the
duties such as travelexpenses, overseas calls and misc.entertainment expenses
based on approved budget.
CanArgo Energy Corporation intend to, based on Board Approval, to issue 50,000
share options to Rune Xxxxxxx as soon as practicable and possible but in no
event later than the start of this contract. The terms and vesting provisions
of the share option program will be based on best price allowable but subject to
approval by the Board of Directors.
Oslo, January 29, 1998
/s/ Rune Xxxxxxx /s/ Xxxxxxx Xxxxxxx
Rune Xxxxxxx Xxxxxxx Xxxxxxx,
Designate Co-
Chairman
and CFO
CanArgo Energy
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