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 FOURTH AMENDMENT TO


PRODUCTION SHARING CONTRACT


(AREA A - OFFSHORE NE BIOCO)








Jk r\ This Fourth Amendment to Production Sharing Contract (this “Amendment) is made


and entered into this^^ day of March, 1996 by and between The Republic of Equatorial


y Guinea (herein referred to as the “State”), represented for the purposes hereof by its Ministry


of Mines and Energy (herein referred to as the “Ministry”), and UMC Equatorial Guinea


Corporation, a corporation organized and existing under the laws of the State of Delaware,


U.S.A, (herein referred to as UMC), represented for the purposes hereof by Coy H. Squyres,


its Executive Vice President - International" •


Recitals


A. The State and United Meridian International Corporation heretofore entered into


a Production Sharing Contract dated August 18, 1992 but having an effective date of


September 10, 1992, covering the area described therein which is referred to as Area A -


Offshore NE Bioco. Such Production Sharing Contract has been amended by a First


Amendment to Production Sharing Contract dated September 17, 1993; by a Second


Amendment to Production Sharing Contract dated March 1, 1994;- and--by a Third


Amendment to Production Sharing Contract dated June 29, 1994. As amended, such


Production Sharing Contract is herein referred to as the “Contract”.








B. By letter dated September 16, 1993 Contractor elected to proceed into the


Second Subperiod under the Contract and paid the bonus required in respect of such election


in accordance with Section 9.2 of the Contract. All of the interest of Contractor in the


Contract is now owned and held by UMC.








C. Pursuant to the request of the State, UMC has paid to the Ministry, on behalf of


the State, Two Hundred Thirteen Thousand Nine Hundred Twelve United States Dollars (US


$213,912) for surface rentals under the Contract for the period from September 10, 1996


through December 31, 1997. In connection with such payment the Parties agreed that certain


amendments should be made to the Contract for the benefit of both parties, and this


Amendment sets forth the modifications to the Contract contemplated by the Parties.


D. Words or phrases defmed in the Contract and used herein shall have the same


meanings as set forth in the Contract unless the context otherwise provides.


Agreements


1. Section 1.2(am) of the Contract is amended in its entirety to read as follows:


(am) Initial Exploration Period means the period of time commencing on


the Effective date of the Contract and ending at midnight local time,


Malabo, Republic of Equatorial Guinea, on September 9, 2000 or such


later date as such period may be extended to pursuant to Section 2.1(c).


2. The fourth sentence of Section 2.1(a) of the Contract is deleted and the following


sentence is inserted in place thereof:


The Second Subperiod shall have a term commencing with the termination


of the First Subperiod and ending midnight local time;"Mal'abi);^


of Equatorial Guinea, on September 9, 1998 and shall be called the


--------- “Second Subperiod11;--------- ~


3. Section 6. l(j) of the Contract is amended by adding the following sentence at •


the end of the Section:





Notwithstanding the provisions of this Section 6. l(j),Contractor shall not


be required to establish or fund a program to train personnel of the


Ministry and citizens of the Republic of Equatorial Guinea during the


period from January 1, 1997 through December 31, 1998.





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4. Section 9.5 of the Contract is amended by adding the following sentence at the


end of the Section:


Notwithstanding the provisions of this Section 9.5, Contractor shall not be


required to pay to the State the surface rentals for the period from January


1, 1998 through September 9, 1998.


5. Each Party acknowledges that the other has performed all obligations required


to date in accordance with the terms of the Contract.


6. Except as amended hereby the Contract remains unchanged, and the parties


acknowledge the Contract, as so amended^o be in full force and effect.


IN WITNESS WHEREOF, the Parties have executed this Amendment in two (2)


originals in the English and Spanish languages as of the date first above written.


---------- --- TS ENERqy


^ENERGY OF THE REPUBLIC OF


Equatorial guinea











UMC EQUATORIAL GUINEA


CORPORATION




















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