----

Ex

|   | • | The Memorandum of Agreement between the Democratic Republic of São Tomé e Príncipe and ERHC dated May 21,2001; and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | • | Option Agreement between the Democratic Republic of São Tomé e Príncipe and ERHC dated April 2,2003; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | • | Administration Agreement between the JDA and ERHC dated April 7, 2003 (collectively hereinafter referred to as the “Option Agreements”); and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | Definitions |
|----|-------------|

----

----

| 2. | Assignment |
|----|------------|

|   | (a) | Each of Addax and SIPEC will respectively acquire the Addax Assigned Interest and SIPEC Assigned Interest by direct execution of the PSC. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b)  | Conditions Precedent |
|--------|-----------|----------------------|

|   | (i)  | A PSC covering Block 2 is executed by the JDA, Addax, SIPEC and ERHC. |
|--------|-----------|-----------------------------------------------------------------------|

|   | (ii)  | The Representations and Warranties of Addax, Addax Parent, SIPEC and SIPEC Parent contained in Section 5 hereof are true as of the Effective Date and the Transfer Date; |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)  | The JOA is signed by all of the parties to the PSC on or prior to the Transfer Date; and |
|--------|-------------|------------------------------------------------------------------------------------------|

|   | (iv)  | SIPEC is appointed Operator under the PSC. |
|--------|------------|--------------------------------------------|

|   | (c) | If an Assignment is not made because the conditions precedent are not fulfilled (orwaived by the affected Party) by 31 December 2006, then all or any two of the Parties mayelect to extend the Agreement for mutually agreeable periods or, a Party by written notice to the other Party, may terminate this Agreement (and any financial obligations associated therewith) in which case neither Party shall have any further obligations to theother Party. If either Addax or SIPEC terminate this Agreement, but not the other, then this Agreement will remain in force in respect of the other Parties. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Addax and SIPEC Obligations |
|----|-----------------------------|

|   | (a) | After the Transfer Date Addax and SIPEC shall pay the following Costs in accordance with their respective Proportionate Obligation Share: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i)  |  All Costs and other obligations attributable to the Assigned Interest in accordance with the PSC, the JOA and any other applicable agreements. |
|--------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | All taxes, fees and other similar costs assessed by the Government in connection with the transfer, conveyance or assignment of the PSC to Addax and/or SIPEC (but specifically excluding income taxes owed by ERHC as provided in Section 6 hereof) and Addax and SIPEC agree to indemnify and hold ERHC harmless from any such taxes, fees or other costs relating to the Assignment. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | ERHC's share of all (i) Costs and (ii) other costs and obligations that are chargeable to the Joint Account under the JOA whether subject to cost recovery under the PSC or not, attributable to the Retained Interest during the Earning Period (the “Carried Costs”). |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Any signature bonus payable in respect of the Assigned Interest and the Retained Interest. |
|--------|------|--------------------------------------------------------------------------------------------|

|   | (v) | Furnish all financial guarantees required by the PSC, the JOA or other laws and regulations of the JDZ and JDA in respect of the Assigned Interest and the Retained Interest, and shall continue to maintain such guarantees in place during the Earning Period. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | In the event ERHC is required to obtain a licensing agreement with PGS for its seismic data set (“Licensed Data”), ERHC will be responsible for obtaining a separate licensing agreement for the Licensed Data, and Addax and SIPEC will reimburse ERHC for one hundred percent (100%) of the costs associated with said licensing agreement and all of such costs will be deemed Carried Costs incurred by Addax andSIPEC pursuant to Section 3(a)(iii). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Carried Costs paid by SIPEC shall carry interest at the rate of LIBOR+2% from the date SIPEC makes such payment, provided that the cumulative amount of the interest charged thereon by SIPEC shall in no event exceed Thirty Five Million United States Dollars (US $35,000,000). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Addax and SIPEC shall each be entitled to receive its Proportionate Obligation Share of up to one hundred percent (100%) of the allocation of Cost Oil attributable to Costs properly allocable to Cost Oil under the PSC until it has recovered all of the Carried Costs recoverable under the PSC that are attributable to the Retained Interest. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | In addition, Addax and SIPEC shall be entitled to receive its Proportionate Obligation Share of an additional amount up to fifty percent (50%) of the allocation of Profit Oil attributable to the Retained Interest until it has recovered all of the Carried Costs and the interest thereto that are not recoverable under the PSC, but are incurred as Joint Account costs under the JOA (specifically excluding any amountsincurred by Addax and SIPEC pursuant to Sections 3(aXiv), 4(a) and 4(b) hereof. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Each of Addax and SIPEC accept the terms and conditions set by the JDA for the awards of Block 2 and specifically acknowledge and agree to fulfill the minimum work program attributable to the Assigned Interest and the Retained Interest. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Neither Addax nor SIPEC may withdraw from the PSC after the Transfer Date prior to the completion of the Work Program for Phase I of the Exploration Period of the PSC (“Phase I”). However, after the completion of the Work Program for Phase I, nothing contained in this Section 3 shall prevent Addax and/or SIPEC from relinquishing its Participating Interest and withdrawing from the PSC in its sole discretionin accordance with the terms of the PSC and the JOA. The Parties agree to support the position in the JOA that if Addax and/or SIPEC elect to relinquish its Participating Interest and withdraw entirely from the PSC and the JOA after the completion of the Work Program for Phase I, any preemption rights, preferential purchase rights, or similar provisions shall not apply to Addax's and/or SIPEC's interest and Addax and/or SIPEC will convey hack to ERHC, free of all costs and encumbrances, the Assigned Interestand all Addax and/or SIPEC obligations provided in this Agreement shall terminate (except for obligations incurred prior to the withdrawal) and neither Party shall have any further obligations to the other Party. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | Undertaking of the Parties |
|----|----------------------------|

|   | (a) | Addax shall pay to ERHC by wire transfer of readily available funds, no later than ten (10) business days in Geneva, Switzerland after the execution of the PSC in respect of Block 2, the sum of Six Million Eight Hundred Thousand US dollars (US$6,800,000). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | SIPEC shall pay to ERHC by wire transfer of readily available funds, no later than ten (10) business days in China after the execution of the PSC in respect of Block 2 the sum of Thirteen Million Four Hundred Thousand US dollars (US$13,600,000) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If either of Addax or SIPEC fail to timely make the respective payment due under Sections 4(a) and 4(b) above, interest at the rate of LIBOR plus 4% for a period of thirty (30) days from the date such amount is due shall be added to the amount due. If the total amount due, plus interest is not paid within thirty (30) days from the due date, then this Agreement shall immediately terminate as to the Party defaultingon the payment. In the event the defaulting Party is SIPEC it shall be obligated to pay ERHC, as liquidated damages, the sum the default amount plus Ten Million United States Dollars (US$10,000,000). In the event the defaulting Party is Addax it shall be obligated to pay ERHC, as liquidated damages, the sum the default amount plus Five Million United States Dollars (US$5,000,000). If ERHC is forced to submit the nonpayment default to arbitration for resolution, the defaulting Party shall be obligated to pay thecosts and expenses in connection with the arbitration according to the tribunal's award. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | All Parties shall participate in the negotiation of the PSC and SIPEC, in consultation with ERHC and Addax, shall act as the lead negotiator for the Parties during such negotiation. Each party shall appoint negotiators who shall be authorized to participate in the PSC negotiations on behalf of the Parties. All Parties shall be advised of upcoming meetings with the JDA and consult regarding strategy, contract termsand conditions, and the progress of negotiations. Each of the Parties shall be entitled to be present at and participate in all negotiations with the JDA, if possible. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No Party shall have the right to bind the other Party without such Party's prior written approval. |
|--------|-----|----------------------------------------------------------------------------------------------------|

----

|   | (f) | Notwithstanding anything to the contrary contained herein, each Party shall bear its own costs related to the negotiation and execution of this Agreement, the PSC and the JOA. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Except as provided in the next sentence, if Addax and/or SIPEC terminate this Agreement for any reason prior to the Transfer Date, and subsequently acquire an interest in Block 2, it shall immediately notify the other Parties, and upon request, execute such documentation as is necessary to vest ERHC and the other Party(ies) with an interest consistent with the terms and conditions of this Agreement. However, if theJDA withdraws all awards in respect of Block 2 and places Block 2 in a subsequent bid round, then the Parties shall execute a mutually acceptable bidding agreement (using the AIPN Bidding Agreement Form as a model) and submit a joint bid for Block 2. If the bid is successful, this Agreement shall then apply to any bid interest awarded to the Parties. If the bid is not successful and no Party is awarded an interest in Block 2, then any Party may acquire an interest in Block 2 from one or more of the successfulbidders without any further obligations to the other Parties. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | During the Earning Period, ERHC shall vote its Participating Interest in all matters requiring a vote of the Parties under the JOA as directed by Addax and SIPEC for each of their respective Proportionate Obligation Share as the case may be. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | SIPEC as Operator agrees that a joint operations team shall be established as agreed between SIPEC, ERHC and Addax with participation of ERHC and Addax in the Petroleum Operations of Block 2. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Representation and Warranties |
|----|-------------------------------|

|   | (a) | ERHC hereby represents and warrants that as of the Effective Date: |
|--------|-----|--------------------------------------------------------------------|

|   | (i)  | It is a corporation duly formed and currently existing in good standing under the laws of the State of Colorado, U.S.A. and that it has full power and authority to execute and deliver this Agreement; |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii)  | The execution and delivery of this Agreement has been authorized by sufficient corporate action and that the person executing on behalf of ERHC has all necessary corporate power and authority to execute the Agreement and the other agreements contemplated by this Agreement; |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Neither the execution of this Agreement nor the consummation of the transactions contemplated herein will be or was in conflict with or result in the breach of any provision of, or constitute a default under the Option Agreements, any judgment, decree, law, regulation, ordinance or other governmental order applicable to ERHC or the intereststo be assigned hereunder; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | It has not received any notice of default and is not, to the best of its knowledge, in default under any order, writ, injunction or decree of any court, or any agreement or obligation, to which it is a party or by which it is bound or to which it may be subject, affecting Block 2 or ERHC's right to enter into this Agreement or the Assignment or to carry out the transactions contemplated herein; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v)   | It has not gone into liquidation, made an assignment for the benefit of creditors, declared itself or been declared bankrupt or insolvent by a competent court or had a receiver appointed in respect of the whole or any part of its assets and has no plans to do so; |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi)   | The Assigned Interests are not subject to any material adverse contractual obligations or to any net profits interests, overriding royalty interests, production payments or any mortgages, pledges, liens, burdens or other encumbrances whether created by ERHC or otherwise, and there is no agreement to create the same; |
|--------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii)   | ERHC owns the rights granted under the Option Interest and such rights have not been revoked or terminated, nor, to ERHC's knowledge, has there been any claims by any Government Authority to terminate such rights; |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii)   | As of the Transfer Date, ERHC shall have the authority to assign the Assigned Interest to Addax and SIPEC, but only as permitted and authorized by the JDA and any other appropriate Governmental Authorities; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | To ERHC's knowledge, ERHC has furnished to Addax and SIPEC correct copies of all documents in its possession that have been requested by either Addax and/or SIPEC and are relevant to the Assigned Interest except for documents that cannot be disclosed to Addax and SIPEC because of existing confidentiality agreements; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | There are no claims, actions, suits, audits, demands, arbitrations, mediations, formal investigations, or proceedings (“Actions”) pending, or to ERHC's knowledge, threatened, before any Governmental authority, mediator or arbitrator with respect to the Block 2 or Actions pending, or, to ERHC's knowledge, threatened, before any Governmental Authority, mediator or arbitrator against ERHC that will impairERHC's ability to perform its respective obligations under this Agreement and the documents required to be executed and delivered by ERHC. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)  | Each of Addax and SIPEC hereby severally represent and warrant that as of the Effective Date: |
|--------|-----------|-----------------------------------------------------------------------------------------------|

|   | (i) | Addax is a corporation that has been duly formed and currently exists in good standing under the laws of Nigeria and SIPEC is a corporation thatbeen duly formed and currently exists in good standing under the laws of Nigeria and that both have full power and authority to execute this Agreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii)   | The execution and delivery of this Agreement has been authorized by sufficient corporate action and the person executing on behalf of Addax and SIPEC has all necessary corporate power and authority to execute and accept the Agreement; |
|--------|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)   | The Addax Parent and SIPEC Parent will execute this Agreement solely for the purpose of asserting that either they or their wholly owned subsidiaries will satisfy all of their respective obligations hereunder; |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv)   | Each of Addax and SIPEC has not gone into liquidation, made an assignment for the benefit of creditors, declared itself or been declared bankrupt or insolvent by a competent court or had a receiver appointed in respect of the whole or any part of its assets and has no plans to do so; |
|--------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v)   | Neither the execution of this Agreement or the relevant Assignment nor the consummation of the transactions contemplated herein will be, or was, in conflict with or result in the breach of any provision of, or constitute a default under, any judgment, decree, law, regulation, ordinance or other governmental order applicable to Addax, SIPEC or the AssignedInterest; |
|--------|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi)   | It has not received any notice of default and is not, to the best of its knowledge, in default under any order, writ, injunction or decree of any court, or any agreement or obligation, to which it is a party or by which it is bound or to which it may be subject, affecting Block 2 or its right to enter into this Agreement or the Assignment or to carry outthe transactions contemplated herein; and |
|--------|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | There are no claims, actions, suits, audits, demands, arbitrations, mediations, formal investigations, or proceedings (“Actions”) pending, or to Addax's or SIPEC's knowledge, threatened, before any Governmental Authority, mediator or arbitrator with respect to the Block 2 or Actions pending, or, to Addax's and SIPEC's knowledge, threatened, before any Governmental Authority, mediator or arbitrator againstAddax or SIPEC that will impair Addax's or SIPEC's ability to perform its respective obligations under this Agreement and the documents required to be executed and delivered by Addax or SIPEC. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c)  | Mutual Representations and Warranties |
|--------|-----------|---------------------------------------|

----

|   | (i)   | Each Party warrants that it and its Affiliates and any of their respective directors, officers, employees or agents acting on behalf of such Party havenot made, offered, or authorized and will not make, offer, or authorize with respect to the matters which are the subject of this Agreement, any payment, gift, promise or other advantage, whether directlyor through any other person or entity, to or for the use or benefit of any public official (i.e., any person holding a legislative, administrative or judicial office, including any person employed by or acting on behalf of a public agency, a public enterprise or a public international organization) or any political party or political patty official or candidate for office, where such payment, gift, promise or advantage would violate (i) the applicable laws of the United States of America, Nigeria, São Tomée Príncipe or the JDA (ii) the laws of the country of incorporation of such Party or such Party's ultimate parent company and of the principal place of business of such ultimate parent company; or (iii) the principles described in the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed in Paris on December 17, 1997, which entered into force on February 15, 1999, and the Convention's Commentaries. Each Party shall in good time (i) respond in reasonabledetail to any notice from any other Party reasonably connected with the above-stated warranty; and (ii) furnish applicable documentary support for such response upon request from such other Party. Each Party agrees to (i) maintain adequate internal controls; (ii) properly record and report all transactions; and (iii) comply with the laws applicable to it. Each Party must rely on the other Parties' system of internal controls, and on the adequacy of full disclosure of the facts, and of financial and other dataregarding the joint operations undertaken under this Agreement. No Party is in any way authorized to take any action on behalf of another Party that would result in an inadequate or inaccurate recording and reporting of assets, liabilities or any other transaction, or which would put such Party in violation of its obligations under the laws applicable to the operations under this Agreement. |
|--------|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii)   | The execution of this Agreement by one of the Parties shall not trigger any liability or obligation as to any other Party other than those contained in this Agreement. |
|--------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)   | All representations and warranties made under this Article 5 shall be deemed repeated and valid, true and correct as of the Transfer Date, and each Party agrees to inform the other Party of any material changes to the facts in the representations and warranties prior to the Transfer Date. |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d)  | Indemnities |
|--------|-----------|-------------|

|   | (i)   | Each Party shall defend, indemnify and hold the other Parties harmless from any and all claims, damages, losses, penalties, costs and expenses arising from or related to, any breach by such Party in respect of the warranties made in Section 5(c)(i) hereof. Such indemnity obligation shall survive termination or expiration of this Agreement |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii)   | From and after the Transfer Date for the period specified in Section 5(d)(v), ERHC agrees to indemnify and hold Addax and SIPEC harmless from and against any claims, causes of action, losses, damages, or liabilities of any kind or character (“Damages”) that arise out of the breach by ERHC occurring prior to the Transfer Date of any of its warranties,representations and covenants under this Agreement. |
|--------|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)   | From and after the Transfer Date for the period specified in Section 5(dXv), Addax agrees to indemnify and hold ERHC and SIPEC harmless from and against any Damages that arise out of the breach by Addax occurring prior to the Transfer Date of any of its warranties, representations and covenants under this Agreement. |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | From and after the Transfer Date for the period specified in Section 5(d)(v), SIPEC agrees to indemnify and hold ERHC and Addax harmless from and against any Damages that arise out of the breach by SIPEC occurring prior to the Transfer Date of any of its warranties, representations and covenants under this Agreement. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv)   | Except as otherwise provided in Section 5(d)(i), from and after the Transfer Date, this Section 5(d) contains the Parties' exclusive remedy against each other with respect to breaches of the representations, warranties, covenants, and agreements of the Parties that occur prior to the Transfer Date. Except as otherwise provided in Section 5(c)(i), any claimfor indemnity hereunder must be made prior to the expiration of two (2) years from the Transfer Date. |
|--------|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | Between the Effective Date and the Transfer Date, in the event of a breach by any Party of any of the representations, warranties, covenants, and agreements contained herein, that cannot be cured to the satisfaction of the non-breaching Party(ies) within a reasonable period not to exceed ninety (90) days, each non-breaching Party has the additional remedy of terminating this Agreement only as to the breaching Partyin its sole discretion (and any financial obligations associated therewith) in which case the terminating Party(ies) shall have no further obligations to the other Party(ies). If the right of termination is exercised by either SIPEC or Addax it will only terminate the Agreement in respect its own benefits rights liabilities and obligations and the Agreement will remain in force in respect of the other Party. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vii) | The indemnity to which each Party is entitled under this Section 5 shall be for the benefit of and extend to such Party's present and former Affiliates, and its and their respective directors, officers, employees, and agents. Any claim for indemnity under this Section 5 by any such Affiliate, director, officer, employee, or agent must be brought and administered by the applicable Party to this Agreement |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e)   | Disclaimer of Other Representations and Warranties. |
|--------|-----------------|-----------------------------------------------------|

| 6. | Tax |
|----|-----|

|   | (a) | Each Party shall be responsible for reporting and discharging its own tax measuredby the profit or income of such Party and the satisfaction of such Party's share ofallobligations under the PSC and under this Agreement Each Party shall protect,defend and indemnify the other Party from any and all loss, cost or liability arisingfrom the indemnifyingParty's failure to report and discharge such taxes or satisfysuch obligations. The Parties intend that all income and all tax benefits (includingdeductions, depreciation, creditsand capitalization) with respect to theexpenditures made by the Parties hereunder will be allocated by the JDA taxauthorities to the Parties based on the share of each tax itemactually received orborne by each Party. If such allocation is not accomplished due to the applicationof the laws, regulations or other Government action, the Parties shall attempttoadopt mutually agreeable arrangements that will allow the Parties to achieve thefinancial results intended. Operator shall provide each Party, in a timely mannerandat such Party's sole expense, with such information with respect to jointoperations as such Party may reasonably request for preparation of its tax returnsor responding to anyaudit or other tax proceeding. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If interpretation or enforcement of the PSC by the Government imposes joint and several liability on the Parties for any levy, charge or tax, the Parties agree to cross indemnify each other to the extent that such levy, charge or tax is owed by one Party individually. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c)  | United States Tax Election. |
|--------|-----------|-----------------------------|

|   | (i) | If, for United States federal income tax purposes, this Agreement and the operations under this Agreement are regarded as a partnership, each Party elects to be excluded from the application of all of the provisions of Subchapter “K”, Chapter 1, Subtitle “A” of the United States Internal Revenue Code of 1986, as amended (the “Code”),to the extent permitted andauthorized by Section 761(a) of the Code and the regulations promulgated under the Code. Operator, if it is a U.S. Party, is authorized and directed to execute and file for each Party such evidence of this election as may be required by the Internal Revenue Service, including all of the returns, statements, and data required by United States Treasury Regulations Sections 1.761-2 and 1.6031(a)-1 (b)(5) and shall provide a copy thereof to each U.S. Party. However, if Operator is not aU.S. Party, the Party who holds the greatest Participating Interest among the U.S. Parties shall fulfill the obligations of Operator under this Section. Should there be any requirement that any Party give further evidence of this election, each Party shall execute such documents and furnish such other evidence as may be required by the Internal Revenue Service or as may be necessary to evidence this election. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | No Party shall give any notice or take any other action inconsistent with the foregoing election. If any income tax laws of any state or other political subdivision of the United States or any future income tax laws of the United States or any such political subdivision contain provisions similar to those in Subchapter “K”, Chapter 1, Subtitle “A” of the Code, under which an election similarto that provided by Section 761(a) of the Code is permitted Operator (or each U.S. Party if required for such purpose) shall make such election as may be permitted or required by such laws and each Non-U.S. Party shall join therein to the least extent necessary to permit such election to be effectively made. In making the foregoing election or elections, each U.S. Party states that the income derived by it from operations under this Agreement can be adequately determined without the computation of partnershiptaxable income. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Unless approved by every non-U.S. Party, no activity shall be conducted under this Agreement that would cause any non-U.S. Party to be deemed to be engaged in a trade or business within the United States under United States income tax laws and regulations or to be subject to any U.S. tax reporting or payment obligations that it would not otherwise be subject to. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Notices |
|----|---------|

----

| Addresses                   | Names of Representatives |
|-----------------------------|--------------------------|
|                        |                     |
| ERHC Energy, Inc            | Walter F. Brandhuber     |
| 5444 Westheimer, Suite 1570 | President & CEO      |
| Houston, TX 77056           |                     |
| Phone: 1-713- 626-4700      |                     |
| Facsimile: 1-713- 626-4704  |                     |

| Addax Energy Nigeria Limited      | Leslie Blair      |
|-----------------------------------|-------------------|
| No. 10 Bishop Aboyade Cole Street | Managing Director |
| Victoria Island, Lagos            |              |
| Nigeria                           |              |

| Phone: | 234 (1) 461 2400 |   |
|--------|------------------|--------|
| Fax:   | 234 (1) 262 1915 |   |

| Sinopec International Petroleum Exploration | Lian Mingxiang    |
|---------------------------------------------|-------------------|
| and Production Co. Nigeria Limited          | Managing Director |
| 12 Oyinkan Abayomi Dr.                      |              |
| Ikoyi, Lagos                                |              |
| Nigeria                                     |              |

| Phone: | 234 (I) 269 2841     |   |
|--------|----------------------|--------|
| Fax:   |  234(1)269 4286 |   |

| 8. | Governing Law; Dispute Resolution |
|----|-----------------------------------|

|   | (a)  | Governing Law |
|--------|-----------|---------------|

|   | (b)  | Waiver of Sovereign Immunity |
|--------|-----------|------------------------------|

----

|   | (c) | Dispute Resolution |
|--------|-----|--------------------|

|   | (i) | The Parties agree, as a severable and independent arbitration agreement separately enforceable from the remainder of this Agreement, that any dispute, controversy or claim arising out of or in relation to or in connection with this Agreement, including, without limitation, any dispute as to the construction, validity, interpretation, enforceability,or breach of this Agreement, or of any guaranty issued pursuant to or in connection with this Agreement, that cannot be settled through good-faith discussions between the senior management of the Parties shall be exclusively and finally settled by arbitration in accordance with this Section 8. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Any Party may submit such a dispute, controversy, or claim to arbitration by notice to the other Party and the administrator for the London Court of International Arbitration (“LCIA”). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | The arbitration proceedings shall be conducted in London, England in the English language in accordance with the Rules of the LCIA as in effect on the date of this Agreement (“Rules”). The applicable authorities in respect to procedural matters, in order of precedence for purposes of the arbitration, shall be this Agreement, the Rules, and laws of England and Wales. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | The arbitration shall be heard and determined by three (3) arbitrators. |
|--------|------|-------------------------------------------------------------------------|

|   | (v) | Each Party shall appoint an arbitrator of its choice within twenty (20) days of the submission of the notice of arbitration. If there are more than two Parties to the arbitration, the Party(ies) initiating the arbitration shall choose one arbitrator and the respondent Party(ies) shall choose one arbitrator. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | The Party appointed arbitrators shall in turn appoint a presiding arbitrator for the tribunal within twenty (20) days following the appointment of the second Party appointed arbitrator. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | If any Party fails to appoint its Party appointed arbitrator and/or the Party appointed arbitrators cannot reach agreement on a presiding arbitrator for the tribunal within the applicable period, the LCIA shall act as appointing authority to appoint an independent arbitrator with at least ten (10) years (including at least five (5) years experience international) experience in the legal and/or commercial aspectsof the petroleum industry. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (viii) | None of the arbitrators shall have been an employee of or consultant to any Party to this Agreement or any of its Affiliates within the five (5) year period preceding the arbitration, or have any financial interest in the dispute, controversy, or claim. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | The arbitrators shall not be bound by the rules of evidence and civil procedure. If a Party fails or refuses to appear at and participate in an arbitration hearing after due notice, the arbitrators may hear and determine the dispute on evidence produced by the Party or Parties that do(es) appear. The arbitrators shall be required to give written reasons for their decision. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | The award shall be issued in writing within sixty (60) days after the later of the close of the hearing, or the last day for submittal of information or other documents as requested for submittal by the arbitrators. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xi) | The decision of the majority of the arbitrators shall constitute an award and said award shall be final and binding upon the Parties, and shall be without right of appeal. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii) | The award of the arbitrators shall take the form of an order to pay money damages in US Dollars, shall not include consequential, punitive or other special damages, and shall include interest from the date of dispute until paid. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiii) | The fees of the arbitrators and costs incidental to arbitration proceedings, including legal expenses of the Parties, shall be borne in accordance with the award of the arbitrators. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiv) | Any arbitration award rendered pursuant to this Agreement shall be enforceable in accordance with the provisions of the 1958 Convention on the Enforcement of Foreign Arbitration Awards of the United Nations to which the United States of America and Nigeria are signatories, and may be entered and confirmed in any court having jurisdiction. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xv) | Any governmental body, agency, or government-owned entity which is or becomes a Party to this Agreement agrees to waive all sovereign immunity by whatever name or title with respect to disputes, controversies or claims arising out of or in relation to or in connection with this Agreement, including without limitation, the jurisdiction of the arbitration panel, the enforcement and execution of any arbitration decisionand award, and the issuance of any attachment or other interim remedy. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xvi) | Privileges protecting attorney-client communications and attorney work product from compelled disclosure or use in evidence, as recognized by the jurisdiction in which each Party's parent is located, shall apply to and be binding in any arbitration proceeding conducted under this Section 8. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 9. | Force Majeure |
|----|---------------|

| 10.  | Subsequent Transfer of Interest |
|-----------|---------------------------------|

|   | (a) | No Party shall assign or transfer all or any of its rights or obligations hereunder except in accordance with this Agreement and, if applicable, subject to any necessary consents of the JDA under the terms of the PSC and any other relevant regulations. Except as specifically provided herein, any transfer after the effectiveness of the JOAshall be subject to the provisions of the JOA. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Addax and/or SIPEC may assign or transfer all or any of its rights or obligations hereunder to an Affiliate after sending the other Parties advance written notice of its intention to assign such interest. Addax, SIPEC and their respective Parents shall guarantee the performance of the Affiliate's obligations under this Agreement. Addax and/or SIPEC may assign or transfer all or any of its rights or obligations hereunderto a third party not an Affiliate of Addax and/or SIPEC respectively that is capable of fully assuming and fulfilling the financial and technical obligations corresponding to the interest being transferred, but such transfer shall not be effective until the other Parties have given their written consent (which consent shall not be unreasonably or arbitrarily withheld) and such assignee has executed documentation satisfactory to the other Parties assuming all of the obligations and/of Addax or SIPEC under thisAgreement and the JOA with respect to the interest so assigned. Addax and/or SIPEC agree that any attempt to assign an interest to a third party that is subject to sanctions by the United States government that would prohibit ERHC from owning its Participating Interest in Block 2 shall be null and void and of no effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | ERHC may assign or transfer all or any of its rights or obligations hereunder to an Affiliate after sending Addax and SIPEC advance written notice of its intention to assign such interest ERHC may assign or transfer all or any of its rights and obligations hereunder to a third party not an Affiliate corresponding to the interest being assigned in accordance with the provisions of the JOA and to any necessary consentsof the JDA under the terms of the PSC and any other relevant regulations. No assignment by ERHC to a third party not an Affiliate of ERHC shall be effective until each of Addax and SIPEC have given their written consent (which consent shall not be unreasonably or arbitrarily withheld) and assignee has executed documentation satisfactory to Addax and SIPEC assuming all of the obligations of ERHC under this Agreement and the JOA with respect to the interest so assigned. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Liability |
|-----|-----------|

|   | (a) | Notwithstanding any other provision of this Agreement, in no event shall any Party be liable to the other Party(ies) for special, indirect or consequential damages in connection with this Agreement or with respect to any operations related thereto. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If Addax and/or SIPEC fail to pay any of the amounts due under this Agreement by the applicable due dates, such amounts shall accrue interest at the interest rate provided in the JOA calculated from the due date until the date of payment. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If Addax and/or SIPEC fail to pay any of the amounts due under Section 3(a) of this Agreement by the applicable due dates, and such amount(s) remain(s) unpaid for a period of ten (10) days, the Party failing to pay any such amounts shall be deemed to be in default of this Agreement Upon being informed of such default, ERHC shall send to the Party in default a written notice stating the amount and cause of such defaultand such Party shall have no more than ten (10) days after receiving such notice to remedy such default The liabilities and obligations of SIPEC and Addax under this Agreement are several and not joint and several and without prejudice to the provisions of the JOA neither SIPEC nor Addax shall be liable under this Agreement for the default of the other howsoever occurring. Inthe unlikely event that both Addax and SIPEC simultaneously become defaulting Parties under this Agreement which causes ERHC to become adefaulting party under the JOA, then in addition to all rights that ERHC may have against Addax and SIPEC, each of Addax and SIEPC shall be liable to pay to ERHC as liquidated damages the amount of Five Million Dollars (US$5,000,000) and Ten Million Dollars (US$10,000,00) respectively. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 12.  | Confidentiality |
|-----------|-----------------|

| 13.  | Miscellaneous |
|-----------|---------------|

|   | (a)  | Relationship of Parties. |
|--------|-----------|--------------------------|

|   | (b)  | Further Assurances. |
|--------|-----------|---------------------|

|   | (c)  | Waiver. |
|--------|-----------|---------|

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|   | (d)  | Joint Preparation. |
|--------|-----------|--------------------|

|   | (e)  | Severance of Invalid Provisions. |
|--------|-----------|----------------------------------|

|   | (f)  | Modifications. |
|--------|-----------|----------------|

|   | (g)  | Priority of Agreement |
|--------|-----------|-----------------------|

|   | (h)  | Interpretation. |
|--------|-----------|-----------------|

|   | i) | Headings. The topical headings used in this Agreement are for convenience only and shall not be construed as having any substantive significance or as indicating that all of the provisions of this Agreement relating to any topic are to be found in any particular Section. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | Singular and Plural. Reference to the singular includes a reference to the plural and vice versa. |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | iii) | Gender. Reference to any gender includes a reference to all other genders. |
|--------|------|----------------------------------------------------------------------------|

|   | iv) | Article. Unless otherwise provided, reference to any Section or Annex means a Section or Annex of the Agreement |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

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|   | (i)  | Counterpart Execution, |
|--------|-----------|------------------------|

|   | (j)  | Public Announcements. |
|--------|-----------|-----------------------|

|   | (k)  | Entirety. |
|--------|-----------|-----------|

|   | (1)  | Term |
|--------|-----------|------|

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|   | ERHC Energy, Inc.                                                                                                                                                                                |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                             |   |   |
|   | By:                                                                                                                                                                                              | /s/ Walter F [ILLEGIBLE] |   |
|   |                                                                                                                                                                                             |  Walter F. [ILLEGIBLE] |   |
|   |                                                                                                                                                                                             |  President and Chief Executive Officer |   |
|   |                                                                                                                                                                                             |   |   |
|   |                                                                                                                                                                                             |   |   |
|   | Addax Energy Niagra Limited                                                                                                                                                                      |   |
|   |                                                                                                                                                                                             |   |   |
|   |                                                                                                                                                                                             | /s/ L.L Blair |   |
|   | By:                                                                                                                                                                                              |  L. L. Blair |   |
|   |                                                                                                                                                                                             | Director |   |
|   |                                                                                                                                                                                             |   |   |
|   |                                                                                                                                                                                             |   |   |
|   | Sinopec International Petroleum Exploration and Production Co. Niagra Limited                                                                                                                    |
|   |                                                                                                                                                                                             |   |   |
|   |                                                                                                                                                                                             | /s/ Ling Ming Xiang |   |
|   |                                                                                                                                                                                             | Ling Ming Xiang |   |
|   |                                                                                                                                                                                             | Managing Director |   |
|   |                                                                                                                                                                                             |   |   |
|   |                                                                                                                                                                                             |   |   |
|   | Signed by Addax Petroleum Corporation and Sinopec International Petroleum Exploration and Production Corporation only for the purposes of affirming the provisions of section 5(a)([ILLEGIBLE]). |
|   |                                                                                                                                                                                             |   |   |
|   |                                                                                                                                                                                             |   |   |
|   | For and on Behalf of Addax Petroleum Corporation                                                                                                                                                 |
|   |                                                                                                                                                                                             |   |   |
|   | By:                                                                                                                                                                                              | /s/ Jean Claude Gandur |   |
|   |                                                                                                                                                                                             | Jean Claude Gandur |   |
|   |                                                                                                                                                                                             |   |   |
|   |                                                                                                                                                                                             |   |   |
|   | Sinopec International Petroleum Exploration and Production Corporation                                                                                                                           |
|   |                                                                                                                                                                                             |   |   |
|   |                                                                                                                                                                                             | /s/ Zhou [ILLEGIBLE] |   |
|   | By:                                                                                                                                                                                              | Zhou [ILLEGIBLE] |   |
|   |                                                                                                                                                                                             |   |   |

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