AND CORRECT COPIES
OF THE JOINT VENTURE AGREEMENTS HAVE BEEN DISCLOSED TO THE BUYER.
8.2
WITH RESPECT TO THE JOINT VENTURE AGREEMENTS, NO OTHER PERSON IS
ENTITLED TO EXERCISE ANY RIGHT (INCLUDING ANY RIGHT OF TERMINATION OR ANY RIGHT
OF PRE-EMPTION OR OTHER OPTION) AS A RESULT OF THE SALE AND TRANSFER OF THE
QUOTA.
8.3
THERE IS NO THIRD PARTY ACTIVITY RELATED TO EXPLORATION AND/OR
EXPLOITATION OF HYDROCARBONS IN THE CONTRACT AREAS, OR CONDITION OR CIRCUMSTANCE
THAT COULD IMPEDE OPERATIONS UNDER THE JOINT VENTURE AGREEMENTS, SAVE AS
DISCLOSED BY THE LICENSES.
8.4
THE JOINT VENTURE AGREEMENTS AND ALL ASSOCIATED AUTHORISATIONS FOR
EXPENDITURE (AFES), WORK PROGRAMS AND THE APPLICABLE LAWS INSOFAR AS THEY
PERTAIN TO LEVIES AND/OR ROYALTIES PAYABLE TO THE GOVERNMENTAL AUTHORITIES
CONTAIN THE FULL DETAILS OF THE COMPANY'S ENTITLEMENT TO AND THE COSTS OF
PARTICIPATION IN THE ACTIVITIES CONTEMPLATED THEREBY.
8.5
THE JOINT VENTURE AGREEMENTS, TOGETHER WITH THE LICENSES AND ALL
APPLICABLE LAWS, SET OUT THE ENTIRETY OF THE OBLIGATION OF THE COMPANY TO THE
GOVERNMENTAL AUTHORITIES, AND NO OTHER UNDERSTANDING OR AGREEMENT EXISTS BETWEEN
THE SELLER OR THE COMPANY ON THE ONE HAND AND THE GOVERNMENTAL
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AUTHORITY ON THE OTHER IN RELATION TO THE SUBJECT MATTER OF THE JOINT VENTURE
AGREEMENTS.
8.6
THE COMPANY'S INTERESTS UNDER EACH OF THE JOINT VENTURE AGREEMENTS
ARE NOT SUBJECT TO ANY ENCUMBRANCES EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN
THE APPLICABLE LAWS, THE RESPECTIVE JOINT VENTURE AGREEMENTS AND THE LICENSES.
9.
WORK PROGRAMS
9.1
ALL WORK PROGRAMS AGREED TO BE PERFORMED UNDER THE JOINT VENTURE
AGREEMENTS IN RELATION TO THE LICENSES HAVE BEEN COMPLETED IN ACCORDANCE WITH
THE RELEVANT JOINT VENTURE AGREEMENT. THERE ARE NO WORK PROGRAMS ASSOCIATED WITH
THE LICENSES SAVE THAT THE INKE EXPLORATION LICENSE WILL REQUIRE A WORK PROGRAM
TO BE SUBMITTED AS PART OF OR TOGETHER WITH A TECHNICAL OPERATING PLAN.
10.
STATUS OF OPERATIONS
10.1
THE STATUS OF OPERATIONS IS THAT (I) THE BA-E-1 WELL IN THE
CONTRACT AREA IS UNDERGOING AN INTERMEDIATE PRODUCTION TEST WHICH IS INTENDED TO
RECOVER ALL THE FLUIDS FROM THE PREVIOUSLY CONDUCTED FRACTURE STIMULATION
PROGRAM AND (II) THE KISKUNHALAS PIPELINE IS PRESENTLY SUSPENDED PENDING AWARD
OF FURTHER REQUIRED PERMITS TO CONTINUE CONSTRUCTION.
11.
INSURANCE
11.1
THE INSURANCE POLICIES MAINTAINED BY OR ON BEHALF OF THE COMPANY
PROVIDE COVER AGAINST LOSSES AND LIABILITIES NORMALLY INSURED AGAINST BY A
PERSON CARRYING ON THE SAME TYPE OF BUSINESS AS THE COMPANY AND AS REQUIRED BY
THE APPLICABLE LAWS.
11.2
THE PARTICULARS OF THOSE POLICIES SET OUT IN THE DISCLOSURE LETTER
ARE TRUE AND ACCURATE.
11.3
THERE ARE NO OUTSTANDING CLAIMS UNDER, OR IN RESPECT OF THE
VALIDITY OF, ANY OF THOSE POLICIES AND AT THE DATE OF THIS AGREEMENT, THERE ARE
NO PENDING PROCEEDINGS OR CIRCUMSTANCES LIKELY TO GIVE RISE TO ANY CLAIM UNDER
THOSE POLICIES.
11.4
SO FAR AS THE SELLER IS AWARE, ALL THE INSURANCE POLICIES ARE IN
FULL FORCE AND EFFECT, ARE NOT VOID OR VOIDABLE.
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11.5
NOTHING HAS BEEN DONE OR NOT DONE BY THE COMPANY