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| 1.   | THE      PRESIDENT OF INDIA, acting through the Joint Secretary, Ministry of the      Petroleum and Natural Gas, Government of India having its office at      Shastri Bhawan, Dr. Rajendra Prasad Marg, New Delhi 110 001, India      (hereinafter referred to as “Government”) of the FIRST    PART; |
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| 2.   | OIL      & NATURAL GAS CORPORATION LIMITED, a body corporate incorporated under      the Companies Act, 1956, having its registered office at Jeevan Bharti      Building Tower II, 124, Indira Circus (Connaught Circus), New Delhi      (hereinafter referred to as “ONGC”), of the SECOND  PART; |
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| 3.   | GUJARAT      STATE PETROLEUM CORPORATION LTD., a body corporate  incorporated      under the Companies Act, 1956, having its registered office at GSPC      Bhavan, 3rd      Floor, North Wing, Sector 11, Gandhinagar, (hereinafter referred to      “GSPC”) of the THIRD PART; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | GEOGLOBAL      RESOURCES (BARBADOS) INC., a body corporate incorporated under the laws of      Barbados, having its registered office at Chamberlain Place, Broad Street,      Bridgetown, Barbados, and whose corporate offices is at Suite 310, 605 –      1st      Street S.W., Calgary, Alberta, T2P 3S9, Canada (hereafter referred to as      “GGRB”), of the FOURTH PART. |
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| A.   | The      Government, ONGC, GSPC & HOEC executed a Production Sharing Contract      on the 12th      day of April, 2000 (hereinafter referred to as the “Production Sharing      Contract”) in respect of Block CB-ON/2 with the following respective      Participating Interests: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| GSPC | Fifty      percent (50%) |
|------|--------------------------|
| HOEC | Fifty      percent (50%) |

| B.   | Upon      completion of Phase-I of exploration activity as defined under the      Production Sharing Contract for CB-ON/2 block, HOEC withdrew from the      further commitment made under the Production Sharing.  GSPC,      however, expressed its willingness to enter into Phase-II with 100%      Participating Interest which has been approved by Government of India vide      letter No. O-19024/15 2000-ONG/D.V dated  28.11.03. |
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| C.   | The      Production Sharing Contract was amended by Amendment No. 1 dated January      13, 2005 to reflect the revised participating interest in Block      CB-ON/2. |
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| D.   | GPSC      is the Operator of the CB-ON/2 exploration block with a 100% Participating      Interest. |
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| E.   | The      Government has agreed vide Letter No. DGH/PSC/GSPCL/CB-ON/2/PI dated the      28th      day of August, 2006, for the assignment of 20% (Twenty Percent)      Participating Interest given by GSPC in respect of exploration Block      CB-ON/2 to GGRB. With this assignment by GSPC to GGRB the respective      participating interest of GSPC and GGRB are as  follows: |
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| GSPC | Eighty      percent (80%) |
|------|---------------------------|
| GGRB | Twenty      percent (20%) |

| F.   | The      parties now wish to execute this Amendment No. 2 to the Production Sharing      Contract to record the amendments and modifications of the Production      Sharing Contract, consequent to the assignment referred      hereinabove. |
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|   | a) | In      the cover page description of the parties, the following shall be      incorporated. |
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|   | b) | In      the description of the parties in the Preamble to the Production Sharing      Contract, the description of GGRB stands incorporated and the Preamble      shall be substituted as givenbelow: |
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|   | c) | In      Article 36.1 the following entry for GGRB shall stand      incorporated. |
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|   | d) | In      the cover page to Appendix C Accounting Procedure to the Production      Sharing Contract, the following shall be  inserted: |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------|

| a)   | Upon      execution of this Amendment No. 2 effective from August 24, 2006 GGRB      shall be entitled to and shall assume 20% (Twenty Percent) Participating      Interest in the Production Sharing Contract and shall be liable to the      extent of 20% of Participating Interest in the same manner, and to the      same extent as GSPC was entitled to, prior to the receipt of Government      approval and execution of this Amendment No.2. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | GSPC      shall be discharged from its obligations pursuant to the Production      Sharing Contract only to the extent of the aforesaid 20% of Participating      Interest, assigned to GGRB. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | The      Amendment No. 2 shall constitute an integral part of the Production      Sharing Contract. |
|--------|----|-----------------------------------------------------------------------------------------------------|

|   | b) | GSPC      & GGRB jointly and severally undertake in indemnify the Government of      India against any costs, interest, claims, damages, expenses, and/or      losses incurred and shall indemnify and reimburse any and all costs,      interest, claims, damages, expenses, losses incurred by any party to the      Contract as a result of execution of this Amendment No. 2 to the      Production Sharing Contract. GGRB further covenants and undertakes to      agree to be bound by the terms and conditions of the Production Sharing      Contract including the assumption of obligations, under the Production      Sharing Contract to the extent of 20% (Twenty Percent) Participating      Interest, from the Effective Date of Amendment No. 2. GGRB further      undertakes to furnish |
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|   | guarantees      and/or other document(s) as per the terms of the Production Sharing      Contract. |
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|   | c) | Except      to the extent specified in this Amendment No. 2, all other terms of the      Production Sharing Contract shall remain unchanged and nothing contain      herein shall change or alter, in any manner whatsoever, the validity,      enforceability and interpretation of the Production Sharing      Contract |
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|   | d) | The      Production Sharing Contract, except amended hereby, shall remain in full      force and effect. |
|--------|----|----------------------------------------------------------------------------------------------------------|

|   | e) | GSPC      acknowledges and agrees that it shall remain liable in respect of the 20%      (Twenty percent) Participating Interest assigned by it to GGRB in respect      of liabilities, costs or charges arising or resulting from the events      prior to the Effective Date of Amendment No.2. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | GSPC,      within the scope of the Production Sharing Contract and from the Effective      Date of Amendment No. 2, does hereby bind itself, its successors and      assignees to warranty and forever defend all and singular to the extent of      20% (Twenty Percent) Participating Interest assigned to GGRB, its      successors and permitted assignees, against every person      whomsoever. |
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| 7. | This      Amendment No. 2 shall be governed by and construed in accordance with the      laws of India. |
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| In      the Presence of: |   | SIGNED      AND EXECUTED FOR & ON BEHALF OF:PRESIDENT      OF INDIA |
|--------------------------|--------|-------------------------------------------------------------------------|
|                     |   |                                                                    |   |
|                     |   |                                                                    |   |
|                     |   | Per:                                                                    |   |
| WITNESS                  |   |                                                                    | [Name] |
|                     |   |                                                                    | [Title] |
|                     |   |                                                                    |   |
|                     |   | Per:                                                                    |   |
| WITNESS                  |   |                                                                    | [Name] |
|                     |   |                                                                    | [Title] |

| In      the Presence of: |   | SIGNED      AND EXECUTED FOR & ON BEHALF OF:GUJARAT      STATE PETROLEUM CORPORATION LIMITED |
|--------------------------|--------|--------------------------------------------------------------------------------------------------|
|                     |   |                                                                                             |   |
|                     |   |                                                                                             |   |
|                     |   | Per:                                                                                             |   |
| WITNESS                  |   |                                                                                             | [Name] |
|                     |   |                                                                                             | [Title] |
|                     |   |                                                                                             |   |
|                     |   | Per:                                                                                             |   |
| WITNESS                  |   |                                                                                             | [Name] |
|                     |   |                                                                                             | [Title] |

| In      the Presence of: |   | SIGNED      AND EXECUTED FOR & ON BEHALF OF:GEOGLOBAL RESOURCES (BARBADOS)      INC. |
|--------------------------|--------|------------------------------------------------------------------------------------------|
|                     |   |                                                                                     |   |
|                     |   |                                                                                     |   |
|                     |   | Per:                                                                                     |   |
| WITNESS                  |   |                                                                                     | [Name] |
|                     |   |                                                                                     | [Title] |
|                     |   |                                                                                     |   |
|                     |   | Per:                                                                                     |   |
| WITNESS                  |   |                                                                                     | [Name] |
|                     |   |                                                                                     | [Title] |

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