Common Contracts

AGENCY AGREEMENT

Agency Agreement • June 20th, 2007 • Ontario

• Contract Type
  Agency Agreement
• Filed
  June 20th, 2007
• Jurisdiction
  Ontario

Jennings Capital Inc. (the "Lead Agent"), Tristone Capital Inc. and Haywood Securities Inc. (collectively, the "Agents" and each individually, an "Agent") understand that Tethys Petroleum Limited (the "Company") proposes to issue and sell a minimum of 9,090,909 Ordinary Shares (as defined below) and a maximum of 18,181,818 Ordinary Shares (the "Primary Shares") and that CanArgo Limited (the "Selling Shareholder"), a wholly-owned subsidiary of CanArgo Energy Corporation ("CanArgo"), proposes to sell up to 8,000,000 Ordinary Shares (the "Secondary Shares"). The Primary Shares and the Secondary Shares are referred to collectively herein as the "Offered Shares".