Barham Salith, Prime Minister on behalf of the Regional Council for the oil and gas affaires of the Kurdistan Region.
Ashti Hawrami, Minister of natural resources in the Kurdistan region.
The charged interest holders (as of the effective date, Genel Energy International is the only charged interest holder) shall pay an amount in Dollars, which is equal to the value of 30% of the profit petroleum allocated to such entity pursuant to this contract. Such a payment flows into the capacity building account which is a segregated bank government account, whose sole purpose is to support and finance certain infrastructure and capacity building projects to be identified by the government in the Kurdistan Region.
Production Share - "Profit Oil features (triggers for variations in split - IRR, factor, production, etc .)
While DNO Iraq and Genel Energy International are recovering Petroleum costs up to US $ 290 millions, in accordance with Article 1 and Article 25 of the amended contract, no available crude oil shall be profit crude oil.
From first production, subject to Article 25.3, and as and when petroleum is being
produced, DNO Iraq and Genel Energy International shall be entitled to take a percentage share of profit
crude oil and/or profit natural gas, in consideration for its investment in the
petroleum operations, which percentage share shall be determined in accordance with Article 26.5.
Production Share - Cost Oil features (basis of calculation, limits on cost recovery - e.g. as % of revenue or production, capex uplift, etc.)
The petroleum costs are exclusively obligation of DNO Iraq and Genel Energy International.
Petroleum costs incurred under this contract prior to the participation date can be recovered up to 66.66667% of available crude oil and available associated natural gas of the year, until the investors has so recovered US $ 290 millions.
When this amount of dollars has been recovered, petroleum costs incurred under this contract of up to 45% of available crude oil and available associated natural gas and all available associated natural gas above this percentage
or otherwise not used for the recovery of petroleum cost, shall be profit crude
oil.
Anti-corruption provisions: if the contract is reasonably proven to have been obtained in violations of the laws of Kurdistan Region or of Iraq concerning corruption, this contract shall be deemed void ab initio.
DNO Iraq and Genel Energy International declare that neither they or any of their affiliates has made, offered, or authorized, with respect to the contract, any payment, gift, promise or other advantage, whether directly or through any other person, to or for the use or benefit of any public official or any political party or candidate in violations of (i) the laws of the Kurdistan Region or of Iraq, (ii) the law of the place of incorporation or their principal place of business, or (iii) the principles described in the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions of 17/12/1997 and the Convention's Commentaries. No part of their participating interest under the contract is held or payable to a public official.