Document:

Exhibit 10.17

 

Accelerated
Clinical Trial Agreement

 

This
Accelerated Clinical Trial (ACTA) Agreement (“Agreement”) is made as of August 31, 2018 (“Effective Date”)
by and between University of Miami (“Institution”), having an address at 1320 S. Dixie Highway, Suite 650, Coral Gables,
FL 33146, and Cancer Insight, LLC, a limited liability company having its principal place of business at 1422 E Grayson, 3rd
Floor, San Antonio, TX 78208 (“CRO”). CRO and Institution are herein referred to collectively as “Parties.”
Individually, each of CRO and Institution is a “Party.”

 

WHEREAS,
CRO has been engaged by BriaCell Therapeutics Corp. (the “Sponsor”) to arrange and administer a multi-center clinical
trial funded by Sponsor to determine the safety and efficacy of Sponsor’s product;

 

WHEREAS,
Sponsor is a for-profit organization that intends to conduct a sponsored multi-center clinical trial, described in 1.1 below,
involving the use of certain diagnostic(s), drug(s), devices(s), or biologic(s) provided by Sponsor and desires that Institution
participate in such clinical trial;

 

WHEREAS,
Institution, Sponsor and CRO have agreed to use the ACTA, to accelerate the process of translating laboratory discoveries
into treatments for patients, to engage communities in clinical research efforts, and to train a new generation of clinical and
translational researchers;

 

WHEREAS,
the Institution has appropriate facilities and personnel with the qualification, training, knowledge, and experience necessary
to conduct such a clinical trial; and

 

WHEREAS,
the Study contemplated by this Agreement is of interest and benefit to Institution, Sponsor and CRO, and will further the
instructional and research objectives of Institution in a manner consistent with its status as a research and health care institution;

 

NOW,
THEREFORE, in consideration for the mutual promises made in this Agreement and for valid consideration, the Parties agree
as follows:

 

1.
Scope of Agreement

 

1.1.
Institution will undertake a sponsored multi-center clinical trial (“Study”) described in the protocol entitled “A
Phase I/Ila Rollover Study of the Whole-Cell Vaccine BriaVaxrM in Metastatic or Locally Recurrent Breast Cancer Patients in Combination
with lpilimumab or Pembrolizumab” and having a protocol designation of BRI-ROL-001, which is incorporated herein as
Exhibit A (“Protocol”). Institution will use its reasonable efforts to only recruit subjects in accordance
with the Protocol. The Study will be conducted by the Institution under the direction of Carmen Calfa M.D., an employee of Institution
(“Principal Investigator”).

 

1.2.
In the event of any conflict between the terms and conditions of this Agreement and the Protocol or between this Agreement and
any of its Exhibits, the terms and conditions of the Protocol shall control with respect to matters of the clinical conduct of
the Study, and the terms of this Agreement shall control with respect to all other matters.

 

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 1.3. Unless otherwise agreed to by the Parties, Sponsor and/or CRO will provide to Institution on a timely
basis, without charge, the required quantities of properly-labeled Sponsor drug(s) or biologics(s) (“Study Drug”) and/or
device(s) (“Study Device”) and other materials (e.g., Investigator’s Brochure, handling and storage instructions,
and, if applicable, placebo) necessary for Institution to conduct the Study in accordance with the Protocol. Unless stated otherwise
in writing by Sponsor, all such items are and will remain the sole property of Sponsor until administered or dispensed to Study
subjects during the course of the Study. Receipt, storage, and handling of Study Drug or Study Device will be in compliance with
all applicable laws and regulations, the Protocol, and CRO’s or Sponsor’s instructions.

 

1.4.
CRO and Institution shall comply with and conduct all aspects of the Study in compliance with all applicable federal, state, and
local laws and regulations, including generally accepted standards of good clinical practice as adopted by current FDA regulations
and statutes and regulations of the U.S. Government relating to exportation of technical data, computer software, laboratory prototypes,
and other commodities as applicable to academic institutions. Institution will only allow individuals who are appropriately trained
and qualified to assist in the conduct of the Study.

 

1.5.
Institution shall obtain IRB approval for this Study and proof thereof shall be provided to CRO. Initiation of the Protocol and
Institution’s obligation to conduct the Study shall not begin until IRB approval is obtained. Institution shall obtain from
each subject, prior to the subject’s participation in the Study, a signed informed consent and necessary authorization to
disclose health information to CRO and/or Sponsor in a form approved in writing by the IRB or a waiver of consent as directed
by the IRB and further provided that the informed consent is consistent with Institution’s policies.

 

1.6.
Institution shall promptly inform Sponsor of any urgent safety measures as instructed in the Protocol or breaches of the Protocol
of which Institution becomes aware.

 

1.7.
Institution acknowledges CRO’s right to assign or transfer, in whole or in part, with notice to Institution, any of its
rights or obligations under this Agreement to the Sponsor or Sponsor’s designate.

 

2.
Payments

 

Sponsor
will provide financial support for the Study and will provide such funds to CRO who will pay Institution in accordance with the
budget attached as Exhibit B (“Budget”) on a prorated basis, according to the actual work completed and any
non-cancelable obligated expenses, for subjects who are enrolled into the Study. The Parties acknowledge that the Budget amounts
represent an equitable exchange for the conduct of the Study in light of the professional time and expenses required for the performance
of the Study.

 

In
addition to other necessary routing information detailed in Exhibit B, each payment shall clearly reference the Study Protocol
Number and PI name.

 

For
administrative convenience, various Study contact information may be attached hereto and incorporated by reference as Exhibit
C, entitled, “Administrative & Study Points of Contact.”

 

The
Institution’s tax identification number is: 59-0624458

 

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3.
Confidentiality

 

3.1.
It is anticipated that in the performance of this Agreement, Sponsor and/or CRO on behalf of Sponsor may need to disclose to Institution
information which is considered confidential. The rights and obligations of the Parties with respect to such information are as
follows:

 

“Confidential
Information” refers to information of any kind which is disclosed to the Institution by Sponsor and/or CRO on behalf of
Sponsor for purposes of conducting the Study or Data (as defined below in Section 4) which:

 

a)
by appropriate marking, is identified as confidential and proprietary at the time of disclosure;

 

b)
if disclosed orally, is identified in a marked writing within thirty (30) days as being confidential.

 

Sponsor
and/or CRO on behalf of Sponsor will make reasonable efforts to mark Confidential Information as stated in (a) and (b) above.
However, to the extent such marking is not practicable, then in the absence of written markings, information disclosed (written
or verbal) that a reasonable person familiar with the Study would consider it to be confidential or proprietary from the context
or circumstances of disclosure shall be deemed as such.

 

Notwithstanding
the foregoing, Data and results generated in the course of conducting the Study are not Confidential Information for
publishing purposes in accordance with Section 9 of this Agreement. Institution agrees, for a period of five (5) years
following the termination or expiration of this Agreement, to use reasonable efforts, no less than the protection given their
own confidential information, to use Confidential Information received from Sponsor and/or CRO on behalf of Sponsor in
accordance with this Section.

 

Institution
agrees to use Sponsor’s Confidential Information solely as allowed by this Agreement, and for the purposes of conducting
the Study. Institution agrees to make Sponsor’s Confidential Information available only to those of its, or its affiliated
hospitals’ employees, IRB members, personnel, agents, consultants, and vendors, and approved subcontractors, as applicable,
who require access to it in the performance of this Study, and are subject to similar terms of confidentiality.

 

3.2.
The obligation of nondisclosure does not apply with respect to any of the Confidential Information that:

 

	 	a)	is or
    becomes public knowledge through no breach of this Agreement by Institution;
	 	 	 
	 	b)	is disclosed to
    Institution by a third party entitled to disclose such information without known obligation of confidentiality;
	 	 	 
	 	c)	is already known
    or is independently developed by Institution without use of Sponsor’s Confidential Information as shown by Institution’s
    contemporaneous written records;
	 	 	 
	 	d)	is necessary to
    obtain IRB approval of Study or required to be included in the written information summary provided to Study subject(s) and/or
    informed consent form;
	 	 	 
	 	e)	is released with
    the prior written consent of the Sponsor; or
	 	 	 
	 	f)	is
    required to support the medical care of a Study Subject.

 

3.3.
Institution may disclose Confidential Information to the extent that it is required to be produced pursuant to a requirement of
applicable law, IRB, government agency, an order of a court of competent jurisdiction, or a facially valid administrative, Congressional,
or other subpoena, provided that Institution, subject to the requirement, order, or subpoena, promptly notifies Sponsor. To the
extent allowed under applicable law, Sponsor may seek to limit the scope of such disclosure and/or seek to obtain a protective
order. Institution will disclose only the minimum amount of Confidential Information
necessary to comply with law or court order as advised by Institution’s legal counsel.

 

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3.4.
No license or other right is created or granted hereby, except the specific right to conduct the Study as set forth by
Protocol and under terms of this Agreement, nor shall any license or other right with respect to the subject matter hereof be
created or granted except by the prior written agreement of the Parties duly signed by their authorized
representatives.

 

3.5.
Upon Sponsor’s and/or CRO’s written request, Institution agrees to return all Confidential Information supplied to
it by Sponsor and/or CRO on behalf of Sponsor at Sponsor’s expense pursuant to this Agreement except that Institution may
retain such Confidential Information in a secure location for purposes of identifying and satisfying its obligations and exercising
its rights under this Agreement.

 

3.6
Institution may disclose the existence of this Agreement and any additional information necessary to ensure compliance with applicable
Federal, State and Institutional policies, regulations, and laws.

 

4.
Data Use/Ownership

 

“Data”
shall mean all data and information generated by Institution as a result of conducting the Study in accordance with the IRB approved
Protocol. Data does not include original Study subject or patient medical records, research notebooks, source documents, or other
routine internal documents kept in the Institution’s ordinary course of business operations, which shall remain the sole
and exclusive property of the Institution or medical provider. Sponsor owns and has the right to use the Data in accordance with
the signed informed consent and authorization form, applicable laws, and the terms of this Agreement. Notwithstanding any licenses
or other rights granted to Sponsor herein, but in accordance with the confidentiality and publication sections herein, Institution
shall retain the right to use the Data and results for its publication, IRB, regulatory, legal, clinical, educational, and internal
research purposes.

 

5.
HIPAA/HIPAA Privacy

 

5.1.
Institution shall comply with applicable laws and regulations, as amended from time to time, including without limitation, the
Health Insurance Portability and Accountability Act of 1996 and its implementing regulations (HIPAA) with respect to the collection,
use, storage, and disclosure of Protected Health Information (PHI) as defined in HIPAA. CRO and Sponsor, through its agreement
with CRO, shall collect, use, store, access, and disclose PHI collected from Study subjects only as permitted by the IRB approved
informed consent form or HIPAA authorization form obtained from a Study subject. Sponsor will collect, use, store, and disclose
any Subject Material, defined in Section 15, it receives only in accordance with the informed consent form and, in any event,
will not collect, use, store, or disclose any PHI attached to or contained within the Subject Material in any manner that would
violate this Section of the Agreement.

 

Institution
acknowledges that, pursuant to Section 111 of the Medicare, Medicaid, and SCHIP Extension Act of 2007 (“MMSEA”), Sponsor
has an obligation to submit certain reports to the Centers for Medicare & Medicaid Services with respect to Medicare beneficiaries
who participate in the Study and experience a research injury for which diagnosis or treatment costs are incurred. Sponsor and
CRO recognize that each party is subject to laws and regulations protecting the confidentiality of research subject information.
Accordingly: (1) Institution agrees upon prior written request to provide to Sponsor, or CRO as designated by Sponsor, certain
identifiable patient information required by MMSEA for Study subjects who are Medicare beneficiaries and incur medical costs in
association with a research injury and whose costs are reimbursed by Sponsor pursuant to this Agreement; and (2) Institution further
agrees to otherwise cooperate with Sponsor (and CRO as designated by Sponsor) to the extent necessary for Sponsor to meet its
MMSEA reporting obligations.

 

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5.2.
CRO’s ability to review the Study subjects’ Study-related information contained in the Study subject’s medical
record shall be subject to reasonable safeguards for the protection of Study subject confidentiality and the Study subjects’
informed consent form or HIPAA authorization form.

 

5.3.
Neither CRO, nor Sponsor through its agreement with CRO, shall attempt to identify, or contact, any Study subject unless permitted
by the informed consent form.

 

6.
Record Retention

 

As
applicable by law, Institution shall retain and preserve a copy of the Study records for the longer of:

 

	 	a)	two
    (2) years after a marketing authorization for Study Drug, or Study Device has been approved for the indication for which it
    was investigated or Sponsor has discontinued research on the Study Drug or Study Device;
	 	 	 
	 	b)	such longer period
    as required by federal regulatory requirements; or
	 	 	 
	 	c)	c) as requested
    by Sponsor at Sponsor’s reasonable storage expense.

 

7.
Monitoring and Auditing

 

7.1.
Site visits by Sponsor, CRO and/or another authorized designee (e.g., Study monitor) will be scheduled in advance for times mutually
acceptable to the Parties during normal business hours. Sponsor’s, CRO’s and/or authorized designee’s access
is subject to reasonable safeguards to ensure confidentiality of medical records and systems.

 

7.2.
Upon becoming aware of an audit or investigation by a regulatory agency with jurisdiction over the Study, Institution agrees to
provide Sponsor with prompt notice of the auditor investigation. If legally permissible or allowable by the regulatory agency
and permissible in accordance with the Institution’s policy, Sponsor may be available or request to be present with approval
from auditor during such audit, but Sponsor will not alter or interfere with any documentation or practice of Institution. Institution
shall be free to respond to any regulatory agency inquiries and will provide Sponsor with a copy of any formal response or documentation
to the regulatory agency regarding the Study.

 

8.
Inventions, Discoveries and Patents

 

8.1.
It is recognized and understood that certain existing inventions and technologies, and those arising outside of the research conducted
under this Agreement, are the separate property of Sponsor or Institution and are not affected by this Agreement, and neither
Sponsor nor Institution shall have any claims to or rights in such separate inventions and technologies.

 

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8.2.
Any new patentable inventions, developments, or discoveries made during and in the performance of the Study (“Inventions”)
shall be promptly disclosed to Sponsor. Title to Inventions that necessarily use or necessarily incorporate Sponsor’s Study
Drug and/or Study Device shall reside with Sponsor (“Sponsor Inventions”). Institution shall assign all Sponsor Inventions
to Sponsor in writing. Title to Inventions other than Sponsor Inventions (“Other Inventions”) shall reside with Sponsor
if Sponsor personnel are the sole inventors, with Institution if Institution personnel are the sole inventors, and shall be held
jointly if both Institution and Sponsor personnel are inventors. Institution’s obligations under Sections 8.2 and 8.3 hereunder
shall be performed by its appropriate office with technology transfer responsibilities, if required by and in accordance with
Institution’s policies.

 

8.3.
To the extent that Institution owns sole or joint title in any such Other Inventions, Sponsor is hereby granted, without option
fee other than consideration of the Study sponsored herein and the reimbursement to Institution for patent expenses incurred prior
to or during the option period, an option to acquire an exclusive, worldwide, royalty-bearing license to Institution’s rights
to any Other Invention, which option shall extend for no more than ninety (90) days after Sponsor’s receipt of an Invention
disclosure from Institution (“Option Period”). Sponsor and Institution shall use their reasonable efforts to negotiate,
for a period not to exceed ninety (90) days after Sponsor’s exercise of such option, a license agreement satisfactory to
both parties (“Negotiation Period”). In the event Sponsor fails to exercise its option within the Option Period, or
Sponsor and Institution fail to reach agreement on the terms of such license within the Negotiation Period, Institution shall
have no further obligation to Sponsor under this Agreement with regard to the specific Other Invention.

 

8.4.
Institution shall retain a royalty-free, irrevocable license to use for its own internal noncommercial research, educational and
patient care purposes, all Sponsor Inventions or Other Inventions licensed or assigned to Sponsor hereunder.

 

8.5.
Nothing contained in this Agreement shall be deemed to grant either directly by implication, estoppel, or otherwise any license
under any patents, patent applications, or other proprietary interest to any other inventions, discovery or improvement of either
Sponsor or Institution.

 

8.6.
CRO and Institution agree that the provisions of this Agreement are intended to be interpreted and implemented so as to comply
with all applicable federal laws, rules, and regulations, including without limitation the requirements of Rev. Proc. 2007-47;
provided, however, if it is determined by the Internal Revenue Service or any other federal agency or instrumentality (the “Government”)
that the provisions of this Agreement are not in such compliance, then those parties agree to modify the provisions and the implementation
of this Agreement so as to be in compliance with all applicable federal laws, rules, and regulations as determined by the Government.

 

9.
Publication

 

9.1.
Institution shall be free to publish, present, or use any Data and results arising out of its performance of the Protocol (individually,
a “Publication”). At least thirty (30) days prior to submission for Publication, Institution shall submit to Sponsor
for review and comment any proposed oral or written Publication (“Review Period”). Institution will consider any such
comments in good faith but is under no obligation to incorporate Sponsor’s suggestions. The Review Period for abstracts
or poster presentations shall be thirty (30) days. If during the Review Period, Sponsor notifies Institution in writing that:
(i) it desires patent applications to be filed on any inventions disclosed or contained in the disclosures, Institution will defer
Publication for a period not to exceed sixty (60) days, to permit Sponsor to file any desired patent applications; and (ii) if
the Publication contains Sponsor’s Confidential Information as defined in Section 3 and Sponsor requests Institution in
writing to delete such Sponsor’s Confidential Information, the Institution agrees to delete such Sponsor’s Confidential
Information only to the extent such deletion does not preclude the complete and accurate presentation and interpretation of the
Study results.

 

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9.2.
The Parties agree that this Study is a multi-center clinical trial. Therefore, Institution agrees that the first Publication of
the results of the Study shall be made in conjunction with the presentation of a joint multi-center Publication of the Study results
with the Principal Investigators from all sites contributing Data, analyses, and comments. However, Institution may publish the
Data and Study results individually in accordance with this Section 9 upon first occurrence of one of the following: (i) multi-center Publication is published; (ii) no multi-center publication is submitted within eighteen (18) months after conclusion, abandonment,
or termination of the Study at all sites; or (iii) Sponsor confirms in writing there will be no multi-center Publication.

 

9.3.
If no multi-center Publication occurs within eighteen (18) months of the completion of the Study at all sites, upon request by
Institution, Sponsor will provide such Institution access to the aggregate Data from all Study sites.

 

9.4.
If the Institution, through its Principal Investigator, is identified to participate in the multi-center Publication: (i) Institution
will have the opportunity to review the aggregate multi-center Data, upon request; and (ii) consistent with the International
Committee of Medical Journal Editors (ICMJE) regulations, Institution will have adequate opportunity to review and provide input
on any abstract or manuscript prior to its submission for Publication. Institution also retains the right, on behalf of its Principal
Investigator, to decline to be an author on any Publication.

 

10.
Use of Name

 

10.1.
Neither Institution nor CRO may use the name, trademark, logo, symbol, or other image or trade name of the other Party or their
employees and agents in any advertisement, promotion, or other form of publicity or news release or that in any way implies endorsement
without the prior written consent of an authorized representative of the other Party whose name is being used. Such approval will
not be unreasonably withheld.

 

10.2.
Institution and Sponsor understand that the amount of any payment made hereunder may be disclosed and made public by the other
party as required by law or regulation, including the Patient Protection and Affordable Care Act of 2010, provided that the disclosure
clearly designates the payment as having been made to Institution for research and not to the physician.

 

10.3.
Institution may acknowledge the Sponsor’s support, including but not limited to financial support as may be required by
academic journals, professional societies, funding agencies, and applicable regulations. Notwithstanding anything to the contrary
in this Agreement, Institution may publicly post information about the Study on Institution’s clinical trials directory/website.
Additionally, notwithstanding anything herein to the contrary, Institution shall have the right to post Sponsor’s and/or
CRO’s names, the Study title, and the Study period, and funding amount, on Institution publicly accessible lists of research
conducted by the Institution.

 

11.
Indemnification and Limitation of Liability

 

11
..1 Sponsor’s indemnification obligations are outlined in a separate Letter of Indemnification, attached hereto as Exhibit
D.

 

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11.2.
CRO expressly disclaims any liability in connection with the Study Drug or Study Device, including any liability for any claim
arising out of a condition caused by or allegedly caused by any Study procedures associated with such product except to the extent
that such liability is caused by the negligence, willful misconduct or breach of this Agreement by CRO.

 

11.3.
Institution shall have no obligation to indemnify CRO and CRO shall have no obligation to indemnify Institution.

 

12.
Subject Injury

 

Sponsor’s
subject injury obligations are outlined in Exhibit D.

 

13.
Insurance

 

13.1.
Institution shall, at its sole cost and expense maintain a policy or program of insurance or self- insurance at the level of at
least $1,000,000 per occurrence (or per claim) and $3,000,000 annual aggregate to support its obligations assumed in this Agreement.
However, if Institution is a public entity entitled to governmental immunity protections under applicable state law, then Institution
may provide liability coverage in accordance with any limitations associated with the applicable law.

 

13.2.
CRO shall maintain an insurance policy or a program of self-insurance at levels sufficient to support its obligations assumed
herein.

 

13.3.
Upon written request, either Party will provide evidence of its insurance or self-insurance acceptable to the other Party. A Party’s
inability to meet its insurance obligation constitutes material breach of this Agreement.

 

14.
Term and Termination

 

14.1.
This term of this Agreement shall commence upon the Effective Date and terminate upon the completion of the Parties’ Study-related
activities under the Agreement, unless terminated early as further described in this Section.

 

14.2.
CRO has the right to terminate this Agreement upon thirty (30) days prior written notice to the Institution. This Agreement may
be terminated immediately at any time for any reason by the Institution or CRO when, in their judgment or that of the Principal
Investigator, the Institution’s IRB, Scientific Review Committee, if applicable, or the Food and Drug Administration, it
is determined to be inappropriate, impractical, or inadvisable to continue, in order to protect the Study subjects’ rights,
welfare, and safety, or the IRB otherwise disapproves the Study. If for any reason Principal Investigator becomes unavailable
to direct the performance of the work under this Agreement, Institution shall promptly notify CRO. If the Parties are unable to
identify a mutually acceptable successor, this Agreement may be terminated by either Party upon thirty (30) days written notice.

 

14.3.
Notwithstanding the above a Party may, in addition to any other available remedies:

 

	 	a)	immediately
    terminate this Agreement upon the other Party’s material failure to adhere to the Protocol, except for deviation required
    to protect the rights, safety, and welfare of Study subjects; and/or
	 	 	 
	 	b)	terminate this Agreement
    upon the other Party’s material default or breach of this Agreement, provided that the defaulting/breaching Party fails
    to remedy such material default, breach, or failure to adhere to the Protocol within thirty (30) business days after written
    notice thereof.

 

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14.4.
In addition to the above, this Agreement may be terminated by Institution in the event of a material default or breach of this
Agreement by CRO, or by CRO in the event of a material breach of this Agreement by Institution, provided that the defaulting/breaching
party fails to remedy such material default or breach within thirty (30) business days after written notice thereof.

 

14.5.
In the event that this Agreement is terminated prior to completion of the Study, for any reason, Institution shall:

 

	 	a)	notify
    the IRB that the Study has been terminated;
	 	 	 
	 	b)	cease enrolling
    subjects in the Study;
	 	 	 
	 	c)	cease treating Study
    subjects under the Protocol as directed by CRO to the extent medically permissible and appropriate;
	 	 	 
	 	d)	terminate, as soon
    as practicable, all other Study activities; and
	 	 	 
	 	e)	furnish to CRO any
    required final report for the Study in the form reasonably acceptable to CRO.

 

Promptly
following any such termination, Institution will provide to CRO copies of Data collected pursuant to the Study Protocol. Upon
Sponsor’s or CRO’s written request, Institution shall provide to the requesting party, at Sponsor’s or CRO’s
expense, all Sponsor’s Confidential Information provided under this Agreement provided, however, that Institution may retain
such copy of Confidential Information for record keeping purposes, monitoring its obligations, and exercising its rights hereunder,
subject to Institution’s ongoing compliance with the confidentiality and non-use obligations set forth in this Agreement.

 

14.6.
If this Study is terminated early by either Party, the Institution shall be reimbursed for all work completed, on a pro rata basis,
and reasonable costs of bringing the Study to termination incurred through the date of termination, and for non-cancelable commitments
properly incurred through that date. Upon receipt of notice of termination, Institution will use reasonable efforts to reduce
or eliminate further costs and expenses and will cooperate with CRO to provide for an orderly wind-down of the Study.

 

14.7.
Subsections 1.4, 1.6, and 14.6, and Sections 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 (and the attached Letter of Indemnification), 12,
13, 15, 19 and 23, shall survive any termination or expiration of this Agreement, except that Section 3 shall survive for the
period stated in Section 3.1. Any provision of this Agreement that by its nature and intent remains valid after termination will
survive termination.

 

15.
Subject Material

 

15.1.
Subject Material means any biologic material of human origin including, without limitation, tissues, blood, plasma, urine, spinal
fluid, or other fluids derived from the Study subjects in accordance with and pursuant to the Protocol (“Subject Material”).

 

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15.2.
Institution agrees to make the Subject Material available to the Sponsor in accordance with the Protocol for the purposes of the
Study. The Subject Material may be used by the Sponsor, central lab, or other contracted party only as allowed by the Study subject’s
informed consent form or pertinent institutional review board(s). Sponsor’s use of Subject Materials, other than as allowed
by the Study subject’s informed consent form, will require additional IRB review and approval.

 

16.
Subcontract

 

If
applicable, Institution has the right to subcontract to other sites to conduct the Study in accordance with the Protocol with
terms consistent with this Agreement with written approval of the Sponsor, which approval shall not be unreasonably withheld.
If Institution subcontracts any Study related duties, Institution shall contract with such subcontractors incorporating terms
substantially similar to the terms herein. Such subcontracts may be provided to the CRO upon written request.

 

The
Parties acknowledge and agree that the Sponsor and each of its affiliates is a third-party beneficiary to this Agreement.

 

17.
Notices

 

Any
notice, authorization, approval, consent or other communication will be in writing and deemed given:

 

	 	a)	Upon
    delivery in person;
	 	b)	Upon delivery by
    courier;
	 	c)	Upon delivery date
    by a nationally-recognized overnight delivery service such as FedEx.

 

Ifto
CRO:

 

Cancer
Insight, LLC

Attn:
Steven White

Chief
Operating Officer

1422
E Grayson, 3rd Floor

San
Antonio, TX 78208

 210-884-0810

swhite.@cancerinsight.com

 

If
to Sponsor:

 

BriaCell
Therapeutics Corp.

820
Heinz Avenue

Berkeley,
CA 94710

Tel:
1-888-485-6340

Fax:
424-245-3719

 

Ifto
Institution:

 

University
of Miami

1320
S. Dixie Highway, Suite 650

Coral
Gables, FL 33146

Tel.:
305-284-3952

CR
IS@med .miami.edu

 

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With
a copy to Principal Investigator:

 

Carmen
Calfa, M.D.

8100
SW 10 Street,

Crossroads
Office Park Building 3

Plantation,
FL 33324

Telephone:
(305)243-3379

Email:
cic25@miami.edu

 

18.
Independent Contractor

 

It
is mutually understood and agreed that the relationship between Institution and CRO is that of independent contractors. No party
shall represent itself as the agent, employee, partner, joint venturer, or servant of the other. Except as specifically set forth
herein, no party shall have nor exercise any control or direction over the methods by which the other party performs work or obligations
under this Agreement. Further, nothing in this Agreement is intended to create any partnership, joint ventures, lease, or equity
relationship, expressly or by implication, among those parties.

 

19.
Clinical Trial Registry

 

Prior
to enrollment of the first subject in the Study, Sponsor will register the Study on www.clinicaltrials.gov in accordance with
the requirements of the International Committee of Medical Journal Editors (ICMJE) and Public Law 110-85. Results of this Study
will be reported in compliance with applicable laws.

 

20.
Non-Referral/Anti-Corruption Language

 

20.1.
Institution and CRO, on behalf of Sponsor, agree that it is not their intent under this Agreement to induce or encourage the unlawful
referral of subjects or business between the Parties, and there shall not be any requirement under this Agreement that those parties,
their employees or affiliates, including their medical staff, engage in any unlawful referral of subjects to, or order or purchase
products or services from, one of those parties.

 

20.2.
Institution and CRO, on behalf of Sponsor, agree that their employees, who are involved in the conduct of the Study, will not
offer, pay, request or accept any bribe, inducement, kickback or facilitation payment, and shall not make or cause another to
make any offer or payment to any individual or entity for the purpose of influencing a decision for the benefit of one of those
parties.

 

21.
Force Majeure

 

If
either Party hereto shall be delayed or hindered in, or prevented from, the performance of any act required hereunder for any
reason beyond such Party’s direct control, including but not limited to, strike, lockouts, labor troubles, governmental
or judicial actions or orders, riots, insurrections, war, acts of God, inclement weather, or other reason beyond the Party’s
control (a “Disability”) then such Party’s performance shall be excused for the period of the Disability. Any
Study timelines affected by a Disability shall be extended for a period equal to the delay and any affected Budget shall be adjusted
to account for cost increases or decreases resulting from the Disability. The Party affected by the Disability shall notify the
other Party of such Disability as provided for herein.

 

    	 	11	 

    	 

    

 

22.
Counterparts

 

This
Agreement may be executed in any number of counterparts, each of which shall be an original and all of which together shall constitute
one and the same document, and is binding on all Parties notwithstanding that each of the Parties may have signed different counterparts.
Facsimiles or scanned copies of signatures or electronic images of signatures shall be considered original signature unless prohibited
by applicable law.

 

23.
Debarment

 

The
Institution certifies that to its knowledge neither it, nor any of its employees, agents or other persons performing the Study
under its direction, is currently debarred, suspended, or excluded under the Federal Food, Drug and Cosmetic Act, as amended,
or disqualified under the provisions of 21 CFR §312.70. In the event that the Principal Investigator or any Study personnel
becomes debarred or disqualified during the term of this Agreement or within 1 year after termination of the Study, the Institution
agrees to promptly notify CRO after learning of such event. Institution certifies that it is not excluded from a federal health
care program, including Medicare and Medicaid. In the event an Institution becomes excluded during the term of this Agreement
or within 1 year after termination of the Study, the Institution agrees to promptly notify CRO after learning of such event.

 

24.
Choice of Law -Intentionally omitted

 

25.
Entire Agreement

 

Section
and clause headings are used herein solely for convenience of reference and are not intended as substantive parts of the Parties’
agreement. This ACTA incorporates the Exhibits referenced herein. This written ACTA constitutes the entire agreement between the
Parties concerning the subject matter, and supersedes all other or prior agreements or understandings, whether written or oral,
with respect to that subject matter. Any changes made to the terms, conditions or amounts cited in this ACTA require the written
approval of each Party’s authorized representative.

 

The
authorized representatives of the Parties have signed this ACTA as set forth below.

 

	University
    of Miami 	 	Cancer
    Insight, LLC
	 	 	 
	By:	/s/
    Jill Tincher	 	By:	/s/
    Steven White
	Name:	Jill
    Tincher	 	Name:	Steven
    White
	Title:	Executive
    Director, Research Administration	 	Title:	Chief
    Operating Officer
	Date:	9/4/18	 	Date:	August
    31, 2018

 

	READ
    AND ACKNOWLEDGED	 
	 	 	 
	By:	/s/
    Carmen Calfa, M.D.	 
	Name:	Carmen
    Calfa, M.D.	 
	Title:	Principal
    Investigator	 
	Date:	8/31/18	 

 

    	 	12	 

    	 

    

 

EXHIBIT
A

PROTOCOL

 

See
attached and incorporated Protocol and consent form.

 

    	 	13	 

    	 

    

 

EXHIBIT
B

BUDGET

 

Fee
and Payment Schedule:

 

	 	A.	This
    Budget has been negotiated at fair and reasonable value. Institution has not been influenced to participate in this Study
    based on financial or other inducements from Sponsor. The compensation may be used at the discretion of Institution to offset
    the costs of the Study. For Study subject visit and Study conduct reimbursements, an item listed herein will be considered
    payable upon Institution’s complete and accurate data entry into the applicable electronic data capture system (EDC)
    of all assessments associated with that visit in the EDC.
	 	 	 
	 	B.	Sponsor will not
    be liable for any payment in excess of the fees and costs provided herein except upon Sponsor’s prior written agreement.
    Institution may submit to Sponsor a revised budget requesting additional funds at such time as expenses may reasonably be
    projected to exceed the fees and costs provided herein.
	 	 	 
	 	C.	The compensation
    per Study subject will be earned by Institution and made payable by Cancer Insight as follows:

 

	 	i.	$3,816.00
    will be paid upon completion of Cycle One, as defined by the Protocol;
	 	 	 
	 	ii.	$3,816.00 will be
    paid upon completion of Cycle Two, as defined by the Protocol;
	 	 	 
	 	iii.	$3,816.00 will be
    paid upon completion of Cycle Three, as defined by the Protocol;
	 	 	 
	 	iv.	$3,816.00 will be
    paid upon completion of Cycle Four, as defined by the Protocol;
	 	 	 
	 	v.	$3,816.00 will be
    paid upon completion of Cycle Five, as defined by the Protocol;
	 	 	 
	 	vi.	$3,816.00 will be
    paid upon completion of Cycle Six, as defined by the Protocol;
	 	 	 
	 	vii.	$3,816.00 will be
    paid upon completion of Cycle Seven, as defined by the Protocol;
	 	 	 
	 	viii.	$3,816.00 will be
    paid upon completion of Cycle Eight, as defined by the Protocol;
	 	 	 
	 	ix.	$3,816.00 will be
    paid upon completion of Cycle Nine, as defined by the Protocol;
	 	 	 
	 	x.	$3,816.00 will be
    paid upon completion of Cycle Ten, as defined by the Protocol;
	 	 	 
	 	xi.	$3,816.00 will be
    paid upon completion of Cycle Eleven, as defined by the Protocol;
	 	 	 
	 	xii.	$3,816.00 will be
    paid upon completion of Cycle Twelve, as defined by the Protocol;
	 	 	 
	 	xiii.	$3,816.00 will be
    paid upon completion of Cycle Thirteen, as defined by the Protocol;
	 	 	 
	 	xiv.	$3,816.00 will be
    paid upon completion of Cycle Fourteen, as defined by the Protocol
	 	 	 
	 	xv.	$3,816.00 will be
    paid upon completion of Cycle Fifteen, as defined by the Protocol
	 	 	 
	 	xvi.	$3,816.00 will be
    paid upon completion of Cycle Sixteen, as defined by the Protocol

 

    	 	14	 

    	 

    

 

	 	xvii.	$3,816.00
    will be paid upon completion of Cycle Seventeen, as defined by the Protocol.

 

	 	D.	Where
    Institution utilizes Western IRB (“WIRB”) as their central IRB, Cancer Insight will pay for WIRB costs directly
    and Institution may direct WIRB to invoice Cancer Insight directly. This study was reviewed by local IRB. Fee schedule in
    link for reference: http://hsro.med.miami.edu/fees.
	 	 	 
	 	E.	Start-up funding
    will be provided in the amount of $12,390.00 and payable upon execution of the Agreement, which may be used at the discretion
    of Institution to offset the costs of the Study.
	 	 	 
	 	F.	The following administrative
    and other fees shall be invoiceable to Sponsor:

 

	 	i.	CRIS
    Fee (one-time) of $2,500.00;
	 	 	 
	 	ii.	Research Compliance
    Fee (one-time) of $350.00;
	 	 	 
	 	iii.	CTRS Fee (one-time)
    of $1,290.00;
	 	 	 
	 	iv.	Site Initiation
    Visit (one-time) of $1,500.00;
	 	 	 
	 	v.	Pharmacy Startup
    Fee (one-time) of $2,580.00;
	 	 	 
	 	vi.	Pharmacy Maintenance
    (annual) of $900.00;
	 	 	 
	 	vii.	Pharmacy Closeout
    (one-time) of $650.00;
	 	 	 
	 	viii.	SAE Reports (per
    occurrence) of $660.00;
	 	 	 
	 	ix.	IND reports (annually)
    $2,330.00;
	 	 	 
	 	x.	Records Retention
    (one-time) of $2,230.00;
	 	 	 
	 	xi.	Subsequent IRB submissions
    (per occurrence) of $790.00;
	 	 	 
	 	xii.	Reconsenting Fee
    (per subject, per consent) of $190.00;
	 	 	 
	 	xiii.	Monitor Visit (per
    day) of $900.00;
	 	 	 
	 	xiv.	Site Closeout Visit
    (one-time) of $1,440.00;
	 	 	 
	 	xv.	Not-for-cause FDA
    audits (per day) of $1,140.00;
	 	 	 
	 	xvi.	ICF translation
    (per word) pf $0.41;

 

	 	G.	As required
    by Study procedures and under the terms of the Study Protocol, Study subjects, at different time points, may require the following
    tests, scans, and/or procedures. When such tests and labs are not deemed routine by Investigator for a Study subject at the
    given time point and are performed to satisfy the Study Protocol’s requirements for data collection, Sponsor will reimburse
    Institution at the rates listed below, which are inclusive of any institutional overhead.

 

    	 	15	 

    	 

    

 

	CT
    scan of chest: $882.37	CBC:
    $25.74
	CT
    scan of abdomen & pelvis: $965.66	CMP:
    $34.98
	Chest
    x-ray : $381.47	GGT:
    $23.85
	Bone
    scan: $1,095.52	LOH:
    $20.00
	MRI
    chest: $2,141.32	Uric
    acid: $14.98
	MRI
    abdomen: $1,518.61	PT:
    $13.02
	MRI
    pelvis: $1,517.62	aPTT:
    $19.90
	Breast
    mammogram: $429.87	Serum
    pregnancy test: $49.88
	ECG:
    $174.86	Urinalysis:
    $7.16
	Echo:
    $2,030.78	Serological
    marker cTn: $33.46
	MUGA:
    $1,111.46	Serological
    marker NT-proBNP: $112.42
	PET:
    $ 3,890.27	 

 

	 	H.	Invoices
    shall be sent to Cancer Insight via email to Tiffany Nunn at t nunn@canc erinsight. com with cc copy to Steven White
    at swhite@cancerinsight.com.
	 	 	 
	 	I.	Payments shall be
    sent no later than thirty (30) days from receipt and approval of invoices. Payments will be issued via electronic funds transfer
    whenever possible and under the following instructions. In the event that such method of payment is rendered impossible or
    impractical, payments will be issued via check and mailed to the address included on the associated invoice.
	 	 	 
	 	 	Bank
        Name: Bank of America, N.A.

        Account
        Number: 1595794746

        Routing
        Number: 063100277

 

    	 	16	 

    	 

    

 

EXHIBIT
C

ADMINISTRATIVE
AND STUDY POINTS OF CONTACT

 

CRO
Clinical Department Point of Contact:

 

Karen
Arrington

karrington@cancerinsight.com

 

CRO
Regulatory Department Point of Contact:

 

Susie
Hargrove

 shargrove@cancerinsight.com

 

CRO
Administrative and Billing Department Point of Contact:

 

Steven
White

swhite@cancerinsight.com

 

    	 	17	 

    	 

    

 

EXHIBIT
D

LETTER
OF INDEMNIFICATION (LOI)/SUBJECT INJURY

 

INSTITUTION:
UNIVERSITY OF MIAMI (the “Institution”)

 

	TITLE
    OF CLINICAL TRIAL:	“A
    Phase I/Ila Rollover Study of the Whole-Cell Vaccine BriaVaxTM in Metastatic or Locally Recurrent Breast Cancer Patients
    in Combination with Ipilimumab or Pembrolizumab”

 

CRO:
Cancer Insight, LLC

 

STUDY
NUMBER: BRI-ROL-001

 

	1)	Institution
    has entered into an Accelerated Clinical Trial Agreement (ACTA) with CRO to participate in the above sponsored Study. CRO
    has been engaged by BriaCell Therapeutics Corp. (the “Sponsor”) to arrange and administer this BriaCell Therapeutics
    Corp. sponsored multi-center clinical trial.
	 	 
	2)	Sponsor
    has delegated to CRO responsibility for the management and monitoring of this Study. Sponsor has further authorized CRO to
    bind Sponsor to its obligations within the Accelerated Clinical Trial Agreement for this Study executed between CRO and Institution.
    Sponsor accepts responsibility for its obligations contained in that Accelerated Clinical Trial Agreement.
	 	 
	3)	Institution
    agrees to participate by allowing the Study to be undertaken utilizing such facilities, personnel and equipment as Institution
    may reasonably need for its conduct of the Study.
	 	 
	4)	In
    consideration of such participation by Institution, and subject to paragraph 5 below, the Sponsor shall defend, indemnify,
    and hold harmless the Institution and its medical affiliates and affiliated hospitals, and each of their trustees, officers,
    directors, governing bodies, subsidiaries, affiliates, investigators, employees, IRB members, agents, successors, heirs and
    assigns (collectively referred to as “Institution’s Indemnitees”), from and against any third party claims,
    loss, damage, cost and expense of claims (including reasonable attorney’s fees) and suits (“Claims”), alleged
    to be caused by or arising from the conduct of the Study or use of the Study Drug or Study Device under this Agreement or
    from the use of the Study results, regardless of the legal theory asserted.
	 	 
	5)	Sponsor
    shall have no obligation to provide such indemnification to the extent that such Claim is solely caused by Institution’s
    Indemnitee(s)’: (1) failure to adhere to and comply with all material and substantive specifications and directions
    set forth in the Protocol (except to the extent such deviation is reasonable to protect the rights, safety and welfare of
    the Study subjects); (2) failure to comply with all applicable laws and regulations in the performance of the Study; or (3)
    if such claim is directly caused by the negligent acts or omissions of Institution’s Indemnitees(s).
	 	 
	6)	Subject
    to the limits and without waiving any immunities provided under applicable law (including constitutional provisions, statutes
    and case law) regarding the status, powers and authority of the Institution or the Institution’s principal(s), Institution
    shall indemnify, hold harmless and defend Sponsor, its directors, officers, employees and agents, (“Sponsor’s
    Indemnitees”) from and against only those third-party Claims to the extent directly attributable to Institution’s
    negligence in its conduct
    of the Study. Notwithstanding the above, Institution shall have no obligation to indemnify Sponsor for any other Claims (including,
    but not limited to, infringement or product liability Claims).

 

    	 	18	 

    	 

    

 

	7)	The
    indemnified party shall give notice to the indemnifying party promptly upon receipt of written notice of a Claim for which
    indemnification may be sought under this Agreement, provided, however, that failure to provide such notice shall not relieve
    indemnifying party of its indemnification obligations except to the extent that the indemnifying party’s ability to
    defend such Claim is materially, adversely affected by such failure. Indemnifying party shall not make any settlement admitting
    fault or incur any liability on the part of the indemnified party without indemnified Party’s prior written consent,
    such consent not to be unreasonably withheld or delayed. The indemnified Party shall cooperate with indemnifying Party in
    all reasonable respects regarding the defense of any such Claim, at indemnifying Party’s expense. The indemnified Party
    shall be entitled to retain counsel of its choice at its own expense. In the event a Claim falls under this indemnification
    clause, in no event shall the indemnified Party compromise, settle or otherwise admit any liability with respect to any Claim
    without the prior written consent of the indemnifying Party, and such consent not to be unreasonably withheld or delayed.
	 	 
	8)	EXCEPT
    FOR THE PARTIES’ OBLIGATIONS TO INDEMNIFY EACH OTHER AS STATED ABOVE, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY
    FOR SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, EVEN IF ADVISED OF THE
    POSSIBILITY OF THE SAME.
	 	 
	9)	If
    a Study subject suffers an adverse reaction, illness, or injury which, in the reasonable judgment of Institution, was directly
    caused by a Study Drug or Study Device or any properly performed procedures required by the Protocol, Sponsor shall reimburse
    for the reasonable and necessary costs of diagnosis and treatment of any Study subject injury, including hospitalization,
    but only to the extent such expenses are not attributable to: (i) Institution’s negligence or willful misconduct; or
    (ii) the natural progression of an underlying or pre-existing condition or events, unless exacerbated by participating in
    the Study.
	 	 
	10)	Sponsor
    shall, at its sole cost and expense, procure and maintain commercial general liability insurance, clinical trial insurance
    and products liability insurance or equivalent self-insurance, unless otherwise indicated in an attachment, in amounts not
    less than $5,000,000.00 per occurrence and $5,000,000.00 annual aggregate. Such commercial general liability insurance, clinical
    trial insurance and products liability insurance or equivalent self-insurance shall provide contractual liability coverage
    for Sponsor’s indemnification obligations herein.
	 	 
	11)	Upon
    written request, Sponsor will provide evidence of its insurance policy or a program of self insurance and will provide Institution
    with written notice of any material change in its coverage which would affect Sponsor’s ability to meet its obligations
    under this Agreement. Sponsor’s inability to meet its insurance obligation constitutes material breach of this LOI and
    the Accelerated Clinical Trial Agreement executed with the CRO for this Study.
	 	 
	12)	During
    the Study and for at least two (2) years following the completion of the Study at all sites, Sponsor shall promptly provide
    Institution and Principal Investigator with the written report of any findings, including Study results and any routine monitoring
    findings in site monitoring reports, and data safety monitoring committee reports including, but not limited to, data and
    safety analyses, and any Study information that may (i) affect the safety and welfare of current or former Study subjects,
    or (ii) influence the conduct of the Study. Institution and/or Principal Investigator will communicate findings to the IRB
    and Study subjects, as appro priate .
	 	 
	13	Except
    as permitted in Article 10.3 in the ACT A, neither institution nor Sponsor may use the name, trademark, logo, symbol, or other
    image or trade name ofany other party or their employees and agents inany advertisement, promotion, or other form of publicity
    or news release or that in any way implies endorsement without the prior written consent ofan authorized representativeof
    the other party whose name is being used. Such approval wi II not be unreasonably withheld.

 

The
authorized representatives have signed this Letter of lndemnification as set forth below.

 

    	 	19	 

    	 

    

 

	UNIVERSITY
    OF MIAMI	 	BRIACELL
    THERAPEUTICS CORP.
	 	 	 	 	 
	By:	/s/
    Jill F. Tincher, MBA, CRA	 	By:	/s/
    William V. Williams
	Name:	Jill
    F. Tincher, MBA, CRA	 	Name:	William
    V. Williams
	Title:	Executive
    Director, ORA	 	Title:	President
    and CEO
	Date:	9/4/18	 	Date:	8/31/18

 

	READ
    AND ACKNOWLEDGED	 
	 	 	 
	By:	/s/
    Carmen Calfa, M.D.	 
	Name:	Carmen
    Calfa	 
	Title:	Principal
    Investigator	 
	Date:	8/31/18	 

 

    	 	20Exhibit
10.1

 

Execution Version

 

FARMOUT
AGREEMENT

 

PEL
512 South Block

 

SOUTH
AUSTRALIA

 

Discovery
Energy SA Pty Ltd

 

WESI
PEL512 Pty Ltd

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	ARTICLE 1 DEFINITIONS	2
	 	 
	ARTICLE 2 ASSIGNMENT OF INTEREST	7
	 	 
	ARTICLE 3 CONDITIONS PRECEDENT TO ASSIGNMENT	12
	 	 
	ARTICLE 4 CONSIDERATION AND COVENANTS	14
	 	 
	ARTICLE 5 OBLIGATIONS UNDER THE LICENCE AND JOA	20
	 	 
	ARTICLE 6 UNDERTAKING OF THE PARTIES	22
	 	 
	ARTICLE 7 REPRESENTATIONS AND WARRANTIES OF THE PARTIES	24
	 	 
	ARTICLE 8 TAX	29
	 	 
	ARTICLE 9 CONFIDENTIALITY	30
	 	 
	ARTICLE 10 NOTICES	32
	 	 
	ARTICLE 11 LAW AND DISPUTE RESOLUTION	32
	 	 
	ARTICLE 12 FORCE MAJEURE	33
	 	 
	ARTICLE
    13 DEFAULT	34
	 	 
	ARTICLE
    14 GENERAL PROVISIONS	35

 

A.
CONTRACT AREA AND AREA COVERED BY PEL 512

B.
JOINT OPERATING AGREEMENT 

C.
OBLIGATORY EXPENDITURE WORK PROGRAM GUIDANCE

D.
DEED OF ASSIGNMENT AND TRANSFER (OF LEGAL AND BENEFICIAL INTERESTS)

 

    	Discovery to WESI Farmout Agreement	i

    	 

    

 

FARMOUT
AGREEMENT

 

THIS
AGREEMENT is entered into on the 18th day of October 2019 by and between Discovery Energy SA Pty Ltd ACN 158 204 052 of
Level 8, 350 Collins Street, Melbourne VIC 3000, a company existing under the laws of Victoria, Australia (hereinafter referred
to as “DESAL”) and, WESI PEL512 Pty Ltd ACN 635 946 682 of Suite 33.01, Chifley Tower, 2 Chifley Square,
Sydney NSW 2000, a company existing under the laws of New South Wales, Australia (hereinafter referred to as “WESI”).
The companies named above, and their respective permitted successors and assignees (if any), may sometimes individually be referred
to as “Party” and collectively as the “Parties”.

 

WITNESSETH:

 

WHEREAS,
Petroleum Exploration Licence (PEL) 512 was issued by the Government to DESAL on 26 October 2012; and

 

WHEREAS,
as of the date of this Agreement, DESAL holds 100% of the rights and obligations of Licensee in PEL 512; and

 

WHEREAS,
DESAL has been in discussions with the Government to separate the South block of PEL 512 labelled as Block A on the map attached
as Exhibit A and the Lycium block labelled as Block B on the map attached as Exhibit A, from the West block of PEL 512 labelled
as Block C on the map attached as Exhibit A into two separate exploration licences in accordance with s.83 of the Act, on terms
and conditions that may be imposed by the Minister that are acceptable to DESAL; and

 

WHEREAS,
DESAL has been advised by the Government to delay the decision to divide or convert PEL 512 into separate licences until the expiry
of PEL 512 under its own terms; and

 

    	Discovery to WESI Farmout Agreement	1

    	 

    

 

WHEREAS,
DESAL is willing to assign and transfer certain legal and beneficial interests in its rights and obligations in PEL 512 to WESI,
excepting and reserving unto DESAL certain beneficial interests in the West Block, in accordance with the terms set forth herein
and WESI wishes to acquire such interests; and

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and obligations set out below and to be performed, DESAL
and WESI agree as follows:

 

ARTICLE
1

DEFINITIONS

 

As
used in this Agreement, the following capitalized words and terms shall have the meaning ascribed to them below. Any capitalized
term used in this Agreement and not specifically defined in this Agreement shall have the same meaning as in the Licence or the
JOA.

 

Acquiring
Party has the meaning given in Article 5.2(c).

 

Act means
the Petroleum and Geothermal Energy Act 2000 (SA)

 

AFE means an authority for expenditure issued in connection with this Farmout Agreement.

 

Agreement means this Farmout Agreement together with the Exhibits, and any extension, renewal or amendment hereof agreed to
in writing by the Parties.

 

Assignment
of Beneficial Interest and Transfer of Licence is the document attached as Exhibit D by which a legal interest in
PEL 512 is transferred and conveyed to WESI by DESAL and a beneficial interest in the Contract Area is assigned to WESI.

 

Capital
Requirement has the meaning given in Article 4.2(e).

 

Conditions
Precedent means all of the conditions enumerated in Article 3.1.

 

Consideration
means both the upfront payment to be made by WESI under Article 4.1 and WESI’s obligation to perform and complete
the Obligatory Expenditure Work Program at its sole cost and expense under Article 4.2.

 

    	Discovery to WESI Farmout Agreement	2

    	 

    

 

Contract
Area means the South block of the Licence labelled as Block A on the map attached as Exhibit A and the Lycium block
labelled as Block B on the map attached as Exhibit A.

 

Contract
Operator means WESI insofar as it is designated by DESAL under this Agreement to act as Operator under the conditions
of the Licence and the terms of the JOA for the purposes only of carrying out and satisfying in full all of the Obligatory Expenditure
Work Program.

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

Default
Rate means interest compounded on a monthly basis, at LIBOR plus three (3) percentage points, applicable on the first
Business Day before the due date of payment and afterwards on the first Business Day of each succeeding Calendar Month. If the
resulting rate is contrary to applicable usury law, then the rate of interest to be charged shall be the maximum rate permitted
by such applicable law.

 

DESAL has the meaning given in the preamble to this Agreement.

 

Documents means this Agreement, the Licence, the JOA, and the agreements listed in the attached Exhibits.

 

Effective
Date is the date set out in Article 2.5.

 

    	Discovery to WESI Farmout Agreement	3

    	 

    

 

Excluded
Amounts means and includes the following costs and expenses: (a) all premiums and other costs in connection with the
Surety Bonds, (b) any interest accruing following a Warning Notice pursuant to Article 4(e), (c) any general and administrative
costs of WESI that were not included in an approved Work Program and Budget, (d) any interest, penalties and enforcement costs
arising from a default or breach by WESI under this Agreement or any Document, (e) all costs, expenses and liabilities arising
out of or in connection with the gross negligence or willful misconduct of WESI, including all reworking costs following any such
gross negligence or willful misconduct, (f) salaries and wages of WESI and its Affiliates and other such direct charges of WESI
and its Affiliates referred to as direct charges under Section 2.2 of the AIPN Accounting Procedure and indirect charges of WESI
and its Affiliates referred to under Section III of the AIPN Accounting Procedure, whether or not such amounts are incurred in
relation to the Obligatory Expenditure Work Program, and (g) without limitation to the foregoing, any and all costs, expenses
and liabilities that are not chargeable to the Joint Account under and in accordance with the express terms of the JOA, including
the Accounting Procedure.

 

Insolvency
Event means the occurrence of any of the following: (a) WESI is not able to pay all or any portion of its debts, as
and when they become due and payable or is otherwise “insolvent” as defined in the Corporations Act; (b) WESI consents
to the appointment of or taking possession by, a receiver, a trustee, custodian, or liquidator of itself or of a substantial part
of its assets, or fails or admits in writing its inability to pay its debts generally as they become due, or makes a general assignment
for the benefit of creditors; (c) WESI files a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization
in a proceeding under any applicable bankruptcy or insolvency laws or an answer admitting the material allegations of a petition
filed against it in any such proceeding, or seeks relief by voluntary petition, answer or consent, under the provisions of any
now existing or future bankruptcy, insolvency or other similar law providing for the liquidation, reorganization, or winding up
of business entities, or providing for an agreement, composition, extension, or adjustment with its creditors; (d) a substantial
part of WESI’s assets are subject to the appointment of a receiver, trustee, liquidator, or custodian by court order and
such order shall remain in effect for more than thirty (30) days; (e) WESI is adjudged bankrupt or insolvent in accordance with
the Corporations Act, has any property sequestered by court order and such order remains in effect for more than thirty (30) days,
or has filed against it a petition under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution
or liquidation law of any jurisdiction, whether now or hereafter in effect, and such petition is not dismissed within thirty (30)
days of such filing; or (f) WESI is found otherwise to be insolvent under administration in accordance with the Corporations Act.

 

    	Discovery to WESI Farmout Agreement	4

    	 

    

 

JOA means the Joint Operating Agreement in the form attached as Exhibit B.

 

Laws/Regulations means those laws, statutes, rules and regulations governing activities under and in connection with the Licence, this
Agreement and the JOA.

 

LIBOR means the interest rate per annum equal to the London Interbank Offered Rate as administered by the ICE Benchmark
Administration (or any other person that takes over administrative of such rate for U.S. dollars) for one month U.S. dollar deposits,
as published in London by the Financial Times or if not published, then by The Wall Street Journal; provided, that if the
London Interbank Offered Rate is no longer available or is no longer a widely used benchmark rate, then the Parties shall select
a successor or replacement rate consistent with general market practice at such time, or if the Parties cannot agree on a replacement
or successor rate, then “LIBOR” shall mean a rate per annum equal to 2.50%.

 

Licence means Petroleum Exploration Licence (PEL) 512 issued by the Government to DESAL on 26 October 2012 and any licence
granted under the Act in substitution, replacement, extension or renewal of that licence insofar as it pertains to the lands burdened
by the Contract Area. If a separate petroleum exploration licence or other form of licence is granted covering the lands burdened
by the Contract Area as provided herein, “Licence” means that licence and any licence granted under the Act in substitution,
replacement, extension or renewal of that licence.

 

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Obligatory
Expenditure Work Program has the meaning given in Article 4.2(a).

 

Operator means DESAL as the entity designated to the Government as the operator of the Licence to conduct operations in the
Contract Area in accordance with the conditions of the Licence and under the terms of the JOA, and, subject to Article 5.2(c),
upon full and complete satisfaction by WESI of the Obligatory Expenditure Work Program and upon the issuance by the Government
of a separate licence or licences covering all or part of the Contract Area, WESI will be designated as Operator for such separate
licence or licences under the terms of the JOA.

 

Operating
Committee has the meaning ascribed to it in the JOA.

 

Participating
Interest means, as to any party holding contractual rights to the Contract Area (excluding, for purposes of clarity,
the holders of any royalty interest or other non-cost bearing interest), the undivided interest of such party expressed as a percentage
of the total interest of all parties in the rights and obligations derived from the Licence insofar as the Licence covers the
Contract Area, subject to all royalties and burdens in existence as of the Effective Date.

 

Surety
Bonds has the meaning given in Article 4.2(f).

 

Transfer
Waiver has the meaning given in Article 5.2(a).

 

Upcoming
Quarter has the meaning given in Article 4.2(f).

 

Waiver
Period has the meaning given in Article 5.2(a).

 

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WESI has the meaning given in the preamble to this Agreement.

 

West
Block means the West block of PEL 512 labelled as Block C on the map attached as Exhibit A.

 

Work
Programs and Budget has the meaning ascribed to it in the JOA.

 

ARTICLE
2

ASSIGNMENT OF INTEREST

 

2.1
Grant

 

	 	Within
    five (5) days following the satisfaction of the Conditions Precedent, and in exchange for the Consideration, DESAL shall:
	 	 
	 	(a) transfer to WESI, and WESI agrees to accept, fifty percent (50%) of DESAL’s legal interest in the Licence; and
	 	 
	 	(b) assign to WESI, and WESI agrees to accept, fifty percent (50%) of DESAL’s Participating Interest in the Contract Area and under the Licence, and the Parties shall execute and deliver the Assignment of Beneficial Interest and Transfer of Licence under Article 2.6, in accordance with the terms of this Agreement.

 

 2.2 Joint Operating Agreement; Operator

 

		(a)	Contemporaneously
                                         with the execution and delivery of this Agreement, the Parties agree to enter into the
                                         JOA attached hereto as Exhibit B provided that, if the Parties are unable to agree upon,
                                         execute and deliver the JOA at that time or within thirty (30) days after the Effective
                                         Date, then either Party may serve notice on the other Party. Thereafter the Parties must
                                         within thirty (30) days of the date of that notice execute a joint operating agreement
                                         in the form of Exhibit B. Until the JOA or that joint operating agreement is executed,
                                         Exhibit B shall operate to govern the relationship of the Parties in respect of the Licence
                                         subject to this Agreement and shall be binding on the Parties during that period.

 

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		(b)	WESI
                                         is appointed “Operator” for the sole and limited purposes of conducting,
                                         carrying out and satisfying in full the Obligatory Expenditure Work Program and agrees
                                         to act as such in accordance with this Agreement and the JOA, subject to DESAL’s
                                         right to submit Work Programs and Budgets for review by the Operating Committee in accordance
                                         with this Agreement. DESAL shall be Operator for all other matters in respect of the
                                         Licence and under the JOA until such time as WESI is designated Operator for all matters
                                         in accordance with Article 2.2(c).
	 	 	 
		(c)	Subject
                                         to Article 5.2(c), within thirty (30) days of WESI completing all operations and funding
                                         expenditures required under the Obligatory Expenditure Work Program and if the Government
                                         has issued a separate licence or licences covering the Contract Area or portions of the
                                         Contract Area, DESAL will designate WESI as Operator for all matters in respect of such
                                         separate licence or licences and under the JOA.
	 	 	 
		(d)	WESI
                                         shall defend and indemnify DESAL, together with DESAL’s Affiliates, and their respective
                                         directors, officers, and employees, from any and all damages, losses, costs (including
                                         reasonable legal costs and attorneys’ fees), and liabilities incident to claims,
                                         demands, or causes of action brought by or for any person or entity (including the Government),
                                         which claims, demands or causes of action arise out of, are incident to or result from
                                         (i) Joint Operations conducted by or on behalf of WESI or (ii) any of WESI’s duties
                                         and functions under this Agreement or the JOA, in each case of (i) and (ii), in WESI’s
                                         capacity as “Operator”, even though caused in whole or in part by a pre-existing
                                         defect, or the negligence (whether sole, joint or concurrent), gross negligence, willful
                                         misconduct, strict liability or other legal fault of DESAL (or DESAL’s Affiliates,
                                         and their respective directors, officers, and employees). This Article 2.2(d) shall expressly
                                         survive the termination or expiration of this Agreement.

 

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2.3 Binding
Effect

 

DESAL
and WESI shall be bound by this Agreement as of the date hereof and shall fully perform all of their respective obligations under
this Agreement and each of the Documents.

 

 2.4 Ownership

 

(a) After
the transfer of interest referred to in Article 2.1, the respective legal interests of the Parties in the Licence shall be:

 

DESAL
: 50%

 

WESI
: 50%

 

Total
: 100%

 

(b) After
the assignment of interest referred to in Article 2.1, the respective Participating Interests of the Parties in the Contract Area
and under the Licence shall be:

 

DESAL
: 50%

 

WESI
: 50%

 

Total
: 100%

 

(c) After
the assignment and transfer of interests referred to in Article 2.1, the Parties agree that, whereas WESI shall own and hold and
be entitled to an undivided 50% legal and beneficial interest in the Contract Area and under the Licence, all other interests
in the Licence shall remain in DESAL and WESI shall only own and hold bare legal title to the remainder of the Licence and in
particular the West Block.

 

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(d) In
respect of the West Block and the portions of the Licence related thereto, WESI covenants and agrees that:

 

(i)
WESI shall hold bare legal title in trust for DESAL:

 

(ii)
WESI shall not own any beneficial or economic interest;

 

(iii)
WESI shall have a fiduciary duty to exercise its legal interest for the sole benefit and at the direction of DESAL and WESI
shall have no authority or discretion to perform any tasks or functions, or make any elections, with respect to the West Block
other than those specifically requested and authorized by DESAL in writing

 

(iv)
WESI shall maintain its interest in the West Block free from any and all liens,
claims or Encumbrances, other than those arising in favor of DESAL pursuant to the Documents; and

 

(v)
WESI hereby irrevocably appoints DESAL its true and lawful attorney to, if there is an Insolvency Event, take such actions and
make such elections as are not prohibited by this Agreement, and sign such instruments (including those contemplated by Article
2.6(b)(iii)) and make such filings and applications as may be necessary to assign and transfer full legal title in the Licence
to DESAL and to obtain any necessary consents of the Government. Actions under this power of attorney may be taken by DESAL individually
without the joinder of the others. This power of attorney is irrevocable for the term of this Agreement and is coupled with an
interest.

 

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 2.5 Effective Date

 

The
effective date of this Agreement as between the Parties (hereafter the “Effective Date”) shall be deemed to
be the date first set forth above herein. The consideration payable by WESI reflects this Effective Date.

 

 2.6 Record Assignment and Transfer; Approval

 

		(a)	Within
                                         five (5) days following the satisfaction of the Conditions Precedent, the Parties shall
                                         execute the Assignment of Beneficial Interest and Transfer of Licence. For so long as
                                         PEL 512 has not been separated into two (2) or more licences, the Parties will work together
                                         in good faith and use reasonable efforts to find a mutually satisfactory solution to
                                         maintain the Licence in full force, giving effect to all terms of this Agreement including
                                         among others the payment by WESI of the cash consideration prescribed in Article 4.1;
                                         the performance of the Obligatory Expenditure Work Program described in Article 4.2;
                                         and the provision by DESAL of the economic benefits of the Assignment of Beneficial Interest.
                                         DESAL will give full recognition to WESI’s Participating Interest in the Contract
                                         Area and all operations in the Contract Area will be conducted in accordance with this
                                         Agreement and the JOA. Any and all decisions regarding the Licence insofar as the Licence
                                         pertains to the West Block shall be made at the sole discretion and direction of DESAL
                                         without any consultation with WESI and WESI agrees to make all such elections and take
                                         such actions as are necessary to effectuate DESAL’s decisions with respect to the
                                         West Block.

 

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		(b)	If
                                         and when the PEL 512 is separated into two (2) or more licences after the Effective Date,
                                         the Parties shall (i) use reasonable efforts to obtain, in writing, any required third-party
                                         consents, (ii) upon receipt of all such consents, execute all such documents that may
                                         be necessary or desirable to the Government for the new licence or licences over and
                                         in respect of the Contract Area to be granted and issued to DESAL and WESI in their respective
                                         undivided Participating Interests at that time and (iii) promptly and in no event more
                                         than three (3) Business Days following such separation, execute such assignments, instruments
                                         and other documents requested by DESAL in order for WESI to assign and transfer unto
                                         DESAL all of WESI’s interest in, to and under the licences or portions thereof
                                         burdening or pertaining to the West Block.
	 	 	 
		(c)	WESI
                                         shall promptly take all reasonable actions, and provide DESAL with all required and any
                                         reasonably requested documentation, to ensure compliance with the requirements established
                                         by the Government to approve and register the Assignment of Beneficial Interest and Transfer
                                         of Licence.
	 	 	 
		(d)	The
                                         Parties agree to execute and deliver any assignment as may be required to record the
                                         interest in the Contract Area of WESI in respect of the royalty interests referred to
                                         in Article 7.2(d); and to execute and deliver any assignment as may be required to record
                                         the interest of WESI in respect of the Deed (pursuant to section 31 of the Native
                                         Title Act 1993) between DESAL and the Government, the Dieri Aboriginal Corporation
                                         and others dated 4 September 2012.

 

ARTICLE
3

CONDITIONS PRECEDENT TO ASSIGNMENT

 

 3.1 Conditions Precedent

 

This
Agreement and the effectiveness of the Assignment of Beneficial Interest and Transfer of Licence delivered in connection with
this Agreement are subject to the satisfaction or waiver (by DESAL only in respect of condition (a) ) of each of the following
conditions, (collectively the “Conditions Precedent”):

 

		(a)	WESI
                                         shall have paid to DESAL the cash consideration set forth in Article 4.1;

 

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		(b)	The
                                         Parties obtain, in writing, any required third-party consents for entering into this
                                         Agreement and the Assignment of Beneficial Interest and Transfer of Licence; and
	 	 	 
		(c)	This
                                         Agreement, the JOA and Assignment of Beneficial Interest and Transfer of Licence as registrable
                                         dealings under the Act, have been approved and registered by the Government under the
                                         Act. Upon notification of such approval and registration, this Agreement and such assignment
                                         and transfer shall be deemed to have been made with effect as of and from the Effective
                                         Date.

 

3.2  Acts
to be Performed:

 

DESAL,
in the case of Articles 3.1(b) and 3.1(c), and WESI in the case of each of the Conditions Precedent, shall each use its best endeavors
to execute all documents, and do and procure to be done all such acts and things as are reasonably within its power to ensure
the Conditions Precedent are satisfied as soon as is reasonably practicable after execution of this Agreement.

 

 3.3 Termination

 

This
Agreement shall terminate automatically if the Condition Precedent described in Article 3.1(a) is not satisfied within the time
provided in Article 4.1. DESAL may terminate this Agreement at any time prior to satisfaction of all of the Conditions Precedent
by giving notice to WESI in accordance with the provisions of Article 10 in the event that any of the following occurs:

 

		(a)	the
                                         Condition Precedent described in Article 3.1(b) is not satisfied within forty five (45)
                                         days of the Effective Date; or

 

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		(b)	the
                                         Condition Precedent described in Article 3.1(c) is not satisfied within ninety (90) days
                                         of the Effective Date.

 

In
the event of termination pursuant to this Article 3.3, the proposed Assignment of Beneficial Interest and Transfer of Licence
shall terminate, shall be rendered void and shall have no force or effect and WESI shall have no interest whatsoever in the Licence
and Contract Area, and WESI shall reassign and be deemed to have reassigned any rights or equitable interest it may have acquired
under this Agreement or the Assignment of Beneficial Interest and Transfer of Licence to DESAL retroactive to the Effective Date
of this Agreement.

 

ARTICLE
4

CONSIDERATION AND COVENANTS

 

	4.1	In
                                         consideration of the right to receive the Assignment of Beneficial Interest and Transfer
                                         of Licence, WESI will pay to DESAL a cash consideration of A$2,500,000.00 in immediately
                                         available funds within forty five (45) days of the Effective Date of this Agreement,
                                         by way of direct bank transfer into an account to be specified by notice from DESAL to
                                         WESI prior to the Effective Date.

 

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	4.2	In
                                         consideration for receiving the Assignment of Beneficial Interest and Transfer of Licence,
                                         WESI agrees to perform or cause to be performed and pay and discharge, until the following
                                         work is completed in the Contract Area, the following:

 

		(a)	In
                                         accordance with the terms of this Agreement and the JOA, WESI shall have the obligation
                                         and shall be responsible for and shall pay for one hundred percent (100%) of the costs
                                         of Work Programs and Budgets approved by the Operating Committee in accordance with this
                                         Agreement and the JOA until a cumulative amount of A$30,500,000 (excluding any Excluded
                                         Amounts) has been funded by WESI under the JOA to pay such costs (“Obligatory
                                         Expenditure Work Program”). WESI shall fully complete and perform the Obligatory
                                         Expenditure Work Program consistent with the terms of this Agreement and the JOA before
                                         the end of the current period of the Licence or 27 months from the Effective Date of
                                         this Agreement, whichever first occurs. All amounts paid or expended by WESI under the
                                         Obligatory Expenditure Work Program shall first be applied to obligations attributable
                                         to DESAL’s Participating Interest and then to obligations attributable to WESI’s
                                         Participating Interest share. After the satisfactory conclusion of the Obligatory Expenditure
                                         Work Program, all further costs and expenses of Joint Operations will be paid in accordance
                                         with the JOA based on each Party’s Participating Interest.
	 	 	 
		(b)	DESAL
                                         shall have the right to audit WESI’s books and records pertaining to the Obligatory
                                         Expenditure Work Program in accordance with the audit provisions of the JOA.
	 	 	 
		(c)	Within
                                         ten (10) days of the Effective Date, the Operating Committee shall establish a Technical
                                         Subcommittee to formulate and advise the Operating Committee in regard to all Work Programs
                                         and Budgets. Based on the advice of the Technical Subcommittee, within thirty (30) days
                                         of the Effective Date DESAL shall establish the initial Work Program and Budget for the
                                         1st and 2nd Calendar Quarters of 2020, that conforms with the methodology
                                         set forth on Exhibit C.

 

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Subject
to the rest of this Article 4.2(c), for so long as DESAL and WESI (or their Affiliates) are the only Parties to the JOA and during
the period of the Obligatory Expenditure Work Program, the decisions of the Operating Committee shall be unanimous. In making
decisions, the Operating Committee shall give preference to performing exploration operations on the Contract Area during the
period of the Obligatory Expenditure Work Program. If a Work Program and Budget (following the first Work Program and Budget,
that is established solely by DESAL) or amended Work Program and Budget, or a matter otherwise referred to the Operating Committee,
is not approved by the Operating Committee within 15 days after DESAL submits such Work Program and Budget or such matter to the
Operating Committee for approval, then notwithstanding anything to the contrary in the JOA, DESAL and WESI shall cooperate in
good faith in the Technical Subcommittee to formulate a revised Work Program and Budget (that would include the proposed matter
or operation the subject of such Technical Subcommittee review) and advise the Operating Committee accordingly. Based on the advice
of the Technical Subcommittee, DESAL shall either submit a revised Work Program and Budget to the Operating Committee for further
consideration or submit that the most recently approved Work Program and Budget should not be revised. If the revised Work Program
and Budget is not approved by the Operating Committee within 15 days after further submission by DESAL, WESI must proceed with
most recently approved Work Program and Budget, having full regard for and giving effect to the applicable provisions of Exhibit
C at that time, without giving effect to any proposed revisions. If, in DESAL’s sole discretion, it is not appropriate at
the time to proceed with the most recently approved Work Program and Budget, DESAL may either (i) in consultation with WESI engage
a third party engineering firm at the Parties’ joint cost and expense to make a recommendation with respect to the proposed
revised Work Program and Budget or (ii) submit a further revised Work Program and Budget, in each case of (i) or (ii), for review
and consideration by the Technical Subcommittee and further submission to the Operating Committee, in accordance with this Article
4.2(c), again having full regard for and giving effect to the applicable provisions of Exhibit C at that time.

 

If
the abovementioned decision-making process is not resolved by a mutual decision of the Operating Committee within 45 days after
the Work Program and Budget or amended Work Program and Budget, or other matter is first submitted by DESAL to the Operating Committee
for approval, DESAL as Operator shall have the deciding vote on the matters under dispute. Until the satisfactory conclusion of
the Obligatory Expenditure Work Program, “Operator” for purposes of this Article 4.2(c) shall be DESAL in its continuing
role as Operator under the JOA. Upon satisfactory conclusion of the Obligatory Expenditure Work Program and designation under
the JOA of WESI as Operator for all matters under the JOA, all decisions of the Operating Committee including approvals of all
Work Programs and Budgets shall be determined in accordance with the JOA.

 

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		(d)	During
                                         the Obligatory Expenditure Work Program, WESI shall call quarterly AFE meetings that
                                         will be scheduled at least twenty (20) days prior to the commencement of each Calendar
                                         Quarter. At least fifteen (15) days prior to the quarterly AFE meetings, WESI as Contract
                                         Operator must furnish AFEs to the Operating Committee in respect of all work, and notwithstanding
                                         anything to the contrary in Article 6.7 of the JOA, including Minimum Work Obligations
                                         and general and administrative costs, carried out in respect of the Obligatory Expenditure
                                         Work Program and must otherwise comply with Article 6.7 of the JOA. These meetings will
                                         be to confirm the expenditure and operations for the immediately upcoming Calendar Quarter
                                         and the capital necessary for WESI to achieve such expenditure and operations (“Capital
                                         Requirement”), consistent with the approved Work Program and Budget, unless
                                         modified in accordance with the process stipulated in Article 4.2(c). Within ten (10)
                                         days of the AFE meeting, WESI will be obligated to place that Calendar Quarter’s
                                         Capital Requirement into an operations account visible to DESAL over which DESAL shall
                                         have a lien and security interest, entitling DESAL, following a default by WESI under
                                         this Agreement or the JOA, to “control” and to a right of access to the funds
                                         on deposit therein, notwithstanding any objection by WESI. All amounts on deposit in
                                         such account shall be used for and applied exclusively to expenditures and operations
                                         set forth in the Obligatory Expenditure Work Program. If WESI does not deposit the Capital
                                         Requirement into the operations account within 10 days of the AFE Meeting, DESAL will
                                         have the right to serve Notice pursuant to this Agreement and the JOA indicating at the
                                         time of Notice that it is a Warning Notice, which accrues interest at a rate per annum
                                         equal to the Default Rate, calculated on the agreed expenditure of the corresponding
                                         AFE. Such amount plus interest will be payable by WESI into the operations account within
                                         10 days of the Warning Notice. If the Capital Requirement and the Warning Notice interest
                                         amount are not paid by this time, a Default Notice may be served by DESAL to WESI under
                                         the JOA.

 

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		(e)	DESAL
                                         will, in accordance with the JOA, submit to the Operating Committee an annual Work Program
                                         and Budget to provide for the Obligatory Expenditure Work Program operations for the
                                         then current and, subsequently, the upcoming year. During the Obligatory Expenditure
                                         Work Program and not later than one month prior to the beginning of each Calendar Quarter
                                         (“Upcoming Quarter”), WESI will establish at its sole cost two (2)
                                         separate surety bonds issued by a commercial bank with offices in Australia and the United
                                         States of America reasonably satisfactory to DESAL, in an amount equal to the estimated
                                         expenditures individually for the two Calendar Quarters immediately following such Upcoming
                                         Quarter under the Work Program and Budget approved by the Operating Committee (“Surety
                                         Bonds”). The Surety Bonds will be updated on or prior to the last day of each
                                         Calendar Quarter to reflect the estimated expenditures incurred but not paid for such
                                         Calendar Quarter then ended, together with the estimated expenses for the two Calendar
                                         Quarter immediately succeeding the Upcoming Quarter (including, in the case of the end
                                         of the third Calendar Quarter of each year, the first Calendar Quarter of the immediately
                                         succeeding calendar year). The Surety Bonds will be payable to DESAL should WESI be held
                                         in Default in accordance with this Agreement or the JOA. The cost of such Surety Bonds
                                         will not be counted toward the cumulative amount required to be funded by WESI under
                                         the Obligatory Expenditure Work Program.

 

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		(f)	During
                                         the period of the Obligatory Expenditure Work Program, the Parties agree to waive the
                                         terms of Article 5.13.B of the JOA and agree that no work programs are of a type that
                                         could be conducted as an Exclusive Operation under Article 7 of the JOA.
	 	 	 
		(g)	WESI
                                         shall be prohibited from voluntarily withdrawing from this Agreement and the Licence
                                         until the Obligatory Expenditure Work Program has been satisfactorily concluded and completed.
	 	 	 
		(h)	WESI
                                         understands that DESAL has held discussions with the Government to separate the Licence
                                         into two separate licences, and that DESAL has elected to delay the decision to effect
                                         such separation until the Licence expires under its own terms. If DESAL, in its sole
                                         discretion, elects to resume discussions with the Government regarding the separation
                                         of the Licence, DESAL will give prior written notice
                                         to WESI of that decision but will have the sole authority of agreeing with the Government
                                         the terms and conditions of the separation provided the separation does not impose work
                                         commitments in excess of the work commitments existing on PEL 512 before separation,
                                         and provided also the boundary for the Contract Area reflects the area as outlined in
                                         Exhibit A. DESAL will keep WESI, for information purposes only, informed of DESAL’s
                                         negotiations with the Government regarding the Licence separation.

 

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		(i)	Within
                                         30 days of WESI completing all operations and funding expenditures required under the
                                         Obligatory Expenditure Work Program, DESAL may provide a written request to WESI proposing
                                         for DESAL to continue its carried position. WESI may accept or decline such request by
                                         providing written notice to DESAL within thirty (30) days of receiving such request.
                                         If WESI accepts any such request within such timeframe, then following such acceptance:
                                         (a) DESAL will assign and transfer a further 27.5% Participating Interest to WESI such
                                         that WESI’s Participating Interest will increase to 77.5% and DESAL’s Participating
                                         Interest will decrease to 22.5%; (b) WESI shall remain liable for all costs, expenses
                                         and liabilities associated with all Joint Operations under the JOA and chargeable to
                                         DESAL in connection with the JOA or the Contract Area; (c) DESAL will be free carried
                                         on all Joint Operations costs, including further exploration and appraisal, pre-development,
                                         conceptual designs, development, and any infrastructure required (excluding royalties,
                                         taxes, etc.); (d) WESI will have the rights and obligations of the “Operator”
                                         under the JOA as defined therein, including with regard to decision-making rights and
                                         responsibilities; and (e) DESAL will retain all rights of a “Non-Operator”
                                         under the JOA as defined therein, including but not limited to voting rights.

 

ARTICLE
5

OBLIGATIONS UNDER THE LICENCE AND JOA

 

5.1 Acceptance
of Prior Terms

 

WESI
hereby ratifies, confirms and accepts the terms and conditions of the Licence and WESI agrees to abide by the terms and conditions
of the Licence to the extent of its Participating Interest from time to time.

 

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5.2 Right
of First Refusal

 

		(a)	Any
                                         transfer of all or part of the Participating Interest held by a Party, whether direct
                                         or indirect, shall be subject to the terms of Article 12 of the JOA; provided that, subject
                                         to Article 5.2(b), the Parties each agree to a one-time waiver of their rights under
                                         Article 12.2.F of the JOA (“Transfer Waiver”), which waiver shall
                                         be effective for a single period commencing on the Effective Date and ending when the
                                         first seven (7) Exploration Wells have each been drilled and either Completed or Plugged
                                         and Abandoned (“Waiver Period”). Such Transfer Waiver shall apply
                                         to any transfer for which a Party has entered into a non-binding term sheet (with detail
                                         similar to the term sheet between the Parties hereto for this Agreement) prior to the
                                         end of the Waiver Period with a third party desiring to acquire all or part of its Participating
                                         Interest. During the Waiver Period, the Party desiring to transfer all or part of its
                                         Participating Interest shall offer the other Party the opportunity to participate in
                                         any competitive bidding process except to the extent such transfer is to an Affiliate
                                         (as defined in the JOA) or the transfer is part of a merger, consolidation, or the sale
                                         of a majority of the transferring Party’s shares or substantially all of its assets.
	 	 	 
		(b)	Notwithstanding
                                         anything to the contrary in Article 5.2(a), no transfer by WESI of any part of its Participating
                                         Interest during the Obligatory Expenditure Work Program will be effective without the
                                         prior written consent of DESAL, in DESAL’s sole discretion. No transfer by WESI
                                         of its Participating Interest or any portion thereof during the Waiver Period will be
                                         effective unless WESI and such proposed assignee has demonstrated to DESAL’s complete
                                         satisfaction that the person seeking to acquire such Participating Interest or portion
                                         thereof has sufficient financial and technical resources to successfully fulfill all
                                         of WESI’s obligations hereunder and under the JOA.

 

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		(c)	Notwithstanding
                                         Article 12.2.B of the JOA, in the event that (i) DESAL elects to transfer all or part
                                         of its Participating Interest after the Waiver Period, (ii) WESI does not exercise its
                                         rights under Article 12 of the JOA to acquire the Participating Interest DESAL is transferring,
                                         and (iii) DESAL has requested that the party acquiring the Participating Interest DESAL
                                         is transferring (“Acquiring Party”) become the Operator and the Acquiring
                                         Party accepts such request, then WESI shall relinquish all of its rights, if any, to
                                         be Operator hereunder and under the JOA to the Acquiring Party and the Parties will perform
                                         all actions necessary, including any actions required by the Government, to provide for
                                         the Acquiring Party to become Operator for the Contract Area hereunder and under the
                                         JOA.

 

5.3 Right
of First Refusal on the Licence Outside the Contract Area

 

DESAL
retains the exclusive right to market the area of PEL 512 outside of the Contract Area and shown as West Block on Exhibit A for
sale, farm out, or in any another transaction for a period of thirty (30) months commencing from the Effective Date of this Agreement.
WESI will be provided an opportunity to participate in any competitive bidding process during this exclusive marketing period.
After the thirty (30) months exclusive marketing period, WESI will mutatis mutandis, have the right of first refusal provided
under Article 12 of the JOA to acquire any such interest to the extent marketed by DESAL for sale, farm out, or by other transfer,
and not previously farmed out, sold or otherwise transferred by DESAL in whole or in part.

 

ARTICLE
6

UNDERTAKING OF THE PARTIES

 

	6.1	For
                                         so long as DESAL is Operator of the Licence, DESAL shall promptly notify WESI of any
                                         occurrence that would have a material adverse effect on the business, operations, financial
                                         condition or results of operations under the Licence.

 

    	Discovery to WESI Farmout Agreement	22

    	 

    

 

	6.2	If
    the Parties elect to extend the Licence or portions thereof relating to the South Block beyond the term of the Licence as
    in effect on the Effective Date, the Parties agree to convert the Contract Area of the Licence into the maximum Petroleum
    Retention Licences (PRL) acceptable to the Government. Without limitation to the foregoing but subject to Article 4.2(i),
    except for those decisions regarding the separation of the Licence into two (2) separate new exploration licences during the
    term of the Licence as in effect on the Effective Date which shall be in DESAL’s sole discretion without any requirement
    of consultation, DESAL agrees to consult fully with WESI in connection with all other decisions under the Licence as it pertains
    to the Contract Area including the issue of new PRLs over the Contract Area; provided that for any decision for which DESAL
    is required to consult with WESI under this Article 6.2, such decision and any action DESAL takes as a consequence of such
    decision shall be in DESAL’s sole discretion so long as DESAL does not expect such decision to have a material adverse
    impact on WESI’s rights under this Agreement.
	 	 
	6.3	Each
    Party, as applicable, agrees to use commercially reasonable efforts to satisfy, in an expeditious manner, the Conditions Precedent
    to the Assignment of Beneficial Interest and Transfer of Licence set forth in Article 3.1.
	 	 
	6.4	Intentionally
    Omitted
	 	 
	6.5	WESI
    Default Remedies

 

Pursuant
to and without prejudice to the terms of Article 4.2(e) and Article 4.2 (f), if DESAL has good reason, acting reasonably and fairly,
to issue a Warning Notice to WESI as a result of WESI’s breach of its obligations under Article 4.2(e), such Warning Notice
is, notwithstanding the terms of Article 8.1.A of the JOA, a preliminary notice to WESI that, unless WESI deposits the amount
of the agreed AFE expenditure and accrued interest into the operating account within twenty (20) Days after service of the Warning
Notice, DESAL shall have the right to deliver to WESI a formal Default Notice under Article 8.1.A of the JOA and the relevant
Default provisions in Article 8 of the JOA will apply, except, for the term of this Agreement, as varied by the following:

 

	 	(a)	if
    WESI fails to remedy the Default within five (5) Business Days after service of the Default Notice on WESI, DESAL may, in
    its sole discretion, call for and WESI must immediately without delay cause the two current Surety Bonds to be redeemed and
    the amounts of those Surety Bonds paid into the operating account immediately. DESAL will effect and keep control of the operating
    account until the Default is remedied to its sole and complete satisfaction; and

 

    	Discovery to WESI Farmout Agreement	23

    	 

    

 

	 	(b)	within
    the Default Period WESI must use its best endeavours to secure further funding sufficient to ensure that the remainder of
    the Obligatory Expenditure Work Program is fully funded, and WESI must provide appropriate securities and guarantees to DESAL
    that such funding is secure and irrevocable and without recourse to DESAL, to DESAL’s full satisfaction and at its sole
    discretion acting reasonably.

 

ARTICLE
7

REPRESENTATIONS AND WARRANTIES OF THE PARTIES

 

	7.1	DESAL’s
    Representations and Warranties

 

DESAL
warrants to WESI that, as of the Effective Date:

 

	 	(a)	DESAL
    is the registered holder and beneficial owner of the whole of the undivided legal and beneficial interest in the Licence,
    including the WESI interest, free of Encumbrances other than those that may be disclosed by DESAL during the due diligence;

 

    	Discovery to WESI Farmout Agreement	24

    	 

    

 

	 	(b)	there
    are no pre-emptive rights in respect of the Licence which may cause consent to the transfer of the WESI interest to be withheld;
	 	 	 
	 	(c)	to
    DESAL’s knowledge, the Licence is in good standing and no condition exists that would be reasonably likely to result
    in the cancellation, revocation or forfeiture thereof for any reason and DESAL is not aware of any circumstance which may
    give rise to such cancellation, revocation or forfeiture;
	 	 	 
	 	(d)	DESAL
    has complied with all obligations, authorisations and applicable laws in respect of the Licence in all material respects;
	 	 	 
	 	(e)	DESAL
    is not engaged in any litigation, arbitration or other proceeding concerning the Licence and it is not aware of any pending
    or, to the extent threatened in writing, litigation, arbitration or other proceeding concerning the Licence;

 

	7.2	WESI’s
    Representations and Warranties

 

Except
as otherwise disclosed in the attached schedules, WESI makes the following representations and warranties to DESAL as of the Effective
Date:

 

	 	(a)	Claims
    and Litigation. There are no material claims, demands, actions, suits, governmental inquiries, or proceedings pending,
    or to WESI’s knowledge, threatened, against WESI which would have an adverse effect upon the consummation of the transactions
    contemplated by this Agreement.
	 	 	 
	 	(b)	Financing.
    WESI has sufficient cash, available lines of credit or other sources of immediately available funds to enable it to fulfill
    all of its obligations under the Licence as it pertains to the Contract Area and this Agreement.
	 	 	 
	 	(c)	Technical
    Capability. WESI has the technical capability, personnel and resources to fulfill its obligations under this Agreement.

 

    	Discovery to WESI Farmout Agreement	25

    	 

    

 

	 	(d)	WESI has been made
    aware of the following: (i) an overriding royalty in respect of the Licence originally held by Liberty Petroleum Corporation
    and levied at 2.0% gross well head value; (ii) an overriding royalty in respect of the Licence held by DESAL and is levied
    at 5% gross well head value; and (iii) the Native Title Claim over the Contract Area that is the subject of an agreement with
    the claimants under s.31 of the Native Title Act 1993, pursuant to which the holders of the Licence are subject to an annual
    administration fee levied by the Native Title party and a production payment levied by and payable to the Government on behalf
    of the Native Title party at the rate of 1% of the value at the well head of Petroleum produced and sold from a well within
    the Licence.

 

	7.3	Mutual
    Representations and Warranties

 

The
Parties make the following representations and warranties to each other as of the Effective Date:

 

	 	(a)	Corporate Authority.

 

Each
Party is duly organized and validly existing under the laws of the country where it is organized. To the extent required, each
Party is qualified to conduct business in the jurisdiction as necessary to perform the Licence. Each Party has all requisite corporate
power and authority to enter into this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated
hereby. This Agreement has been duly executed and delivered by each Party and constitutes a legal, valid and binding obligation
of each Party, enforceable against each Party in accordance with its terms.

 

    	Discovery to WESI Farmout Agreement	26

    	 

    

 

	 	(b)	Payments.

 

Neither
Party nor its Affiliates have made, offered, or authorized and will not make, offer or authorize any payment, gift, promise or
other advantage, in connection with the matters which are the subject to this Agreement, whether directly or indirectly 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 party official or candidate for office, where such payment, gift or promise
would violate: (a) the applicable Laws of the country of operations; (b) the laws of the country of formation of the Party or
such Party’s ultimate parent company (or its principal place of business); or, (c)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.

 

	 	(c)	Other Representations
    and Warranties.

 

Except
as disclosed in schedules attached to this Agreement, the execution, delivery, and performance of this Agreement by each Party,
the consummation of the transactions contemplated hereby, and the compliance with the provisions hereof will not, to the best
of each Party’s knowledge and belief:

 

	 	(1)	violate any applicable
    Laws/Regulations, judgment, decree or award;
	 	 	 
	 	(2)	contravene the organization
    documents of a Party; or
	 	 	 
	 	(3)	result in a violation
    of a term or provision, or constitute a default or accelerate the performance of an obligation under any contract or agreement
    executed by a Party hereto.

 

    	Discovery to WESI Farmout Agreement	27

    	 

    

 

	7.4	Disclaimer
    of Other Representations and Warranties

 

EXCEPT
FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES PROVIDED IN THIS ARTICLE 7, DESAL AND WESI MAKE NO, AND DISCLAIM AND WAIVE AND
REPRESENT AND WARRANT THAT EACH HAS NOT RELIED UPON ANY, WARRANTY OR REPRESENTATION OF ANY KIND, EITHER EXPRESS, IMPLIED, STATUTORY,
OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, THE ACCURACY OR COMPLETENESS OF ANY DATA, REPORTS, RECORDS, PROJECTIONS, INFORMATION,
OR MATERIALS NOW, HERETOFORE, OR HEREAFTER FURNISHED OR MADE AVAILABLE TO WESI IN CONNECTION WITH THIS AGREEMENT, INCLUDING ANY
REPRESENTATION OR WARRANTY AS TO (A) TITLE TO OR LIENS AGAINST ANY ASSIGNED INTEREST, (B) THE CONTENTS, CHARACTER OR NATURE OF
ANY DESCRIPTIVE MEMORANDUM, ANY REPORT OF ANY PETROLEUM ENGINEERING CONSULTANT OR ANY GEOLOGICAL, SEISMIC DATA, RESERVE DATA,
RESERVE REPORTS, RESERVE INFORMATION (ANY ANALYSIS OR INTERPRETATION THEREOF) RELATING TO AN ASSIGNED INTEREST, (C) ANY OTHER
MATERIALS OR INFORMATION THAT MAY HAVE BEEN MADE AVAILABLE OR COMMUNICATED TO WESI, ITS AFFILIATES OR THEIR REPRESENTATIVES IN
CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS DOCUMENT OR ANY DISCUSSION OR PRESENTATION RELATING HERETO, (D) THE QUANTITY,
QUALITY OR RECOVERABILITY OF HYDROCARBONS IN OR FROM ANY ASSIGNED INTEREST, (E) THE EXISTENCE OF ANY PROSPECT, RECOMPLETION, INFILL
OR STEP-OUT DRILLING OPPORTUNITIES, (F) ANY ESTIMATES OF THE VALUE OF ANY ASSIGNED INTEREST OR FUTURE REVENUES GENERATED BY SUCH
ASSIGNED INTEREST, (G) THE PRODUCTION OF PETROLEUM SUBSTANCES FROM ANY ASSIGNED INTEREST OR WHETHER PRODUCTION HAS BEEN CONTINUOUS
OR OTHERWISE COMPLIED WITH THE TERMS OF THE LICENCE, (H) THE MAINTENANCE, REPAIR, CONDITION, QUALITY, SUITABILITY, DESIGN OR MARKETABILITY
OF ANY ASSIGNED INTEREST. DESAL FURTHER DISCLAIMS, AND THE WESI WAIVES, ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR CONFORMITY TO MODELS OR SAMPLES OF MATERIALS OF ANY EQUIPMENT, IT BEING EXPRESSLY
UNDERSTOOD AND AGREED BY THE PARTIES HERETO THAT EXCEPT AS SET FORTH ABOVE ANY ASSIGNED INTEREST BEING TRANSFERRED IS TRANSFERRED
ON AN “AS IS, WHERE IS” BASIS, WITH ALL FAULTS AND DEFECTS AND THAT WESI HAS MADE OR CAUSED TO BE MADE SUCH INSPECTIONS
AS WESI DEEMS APPROPRIATE.

 

    	Discovery to WESI Farmout Agreement	28

    	 

    

 

ARTICLE
8

TAX

 

	8.1	Tax
    Obligations

 

Each
Party shall be responsible for reporting and discharging its own tax measured by the profit or income of the Party and the satisfaction
of such Party’s share of all contract obligations under the Licence and under this Agreement. Each Party shall protect,
defend and indemnify each other Party from any and all loss, cost or liability arising from the indemnifying Party’s failure
to report and discharge such taxes or satisfy such obligations. The Parties intend that all income and all tax benefits (including
deductions, depreciation, credits and capitalization) with respect to the expenditures made by the Parties hereunder, including
the Obligatory Expenditure Work Program expenditures made by WESI on behalf of DESAL, will be allocated by the Government tax
authorities to the Parties based on each Party’s Participating Interest share, and not based upon the Party paying the amounts
giving rise to such tax benefits. If such allocation is not accomplished due to the application of the Laws / Regulations or other
Government action, the Parties shall negotiate in good faith to adopt mutually agreeable arrangements that will allow the Parties
to achieve the financial results intended.

 

	8.2	Joint
    Levy

 

If
interpretation or enforcement of the Licence 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.

 

	8.3	Goods
    and Services Tax

 

(a)
The Parties acknowledge and agree that the Consideration is GST exclusive.

 

(b)
The Parties acknowledge and agree that any supply made under this Agreement is the supply of a going concern and that accordingly
the supply is treated as being GST-free in accordance with section 38.325 of the A new Tax System (Goods and Services Tax)
Act 1999 (Cth) (the “GST Act”).

 

    	Discovery to WESI Farmout Agreement	29

    	 

    

 

ARTICLE
9

CONFIDENTIALITY

 

	9.1	Except
    as otherwise provided in the Licence and the JOA, each Party agrees that all information disclosed under this Agreement, except
    information in the public domain or lawfully in possession of a Party prior to the Effective Date, shall be considered confidential
    and shall not be disclosed to any other person or entity without the prior written consent of the Party which owns such confidential
    information. This obligation of confidentiality shall remain in force during the term of this Agreement. Notwithstanding the
    foregoing, confidential information may be disclosed without consent and without violating the obligations contained in this
    Article in the following circumstances:

 

	 	(1)	to
    an Affiliate provided the Affiliate is bound to the provisions of this Article 9 and the Party disclosing is responsible for
    the violation of an Affiliate;
	 	 	 
	 	(2)	to
    a governmental agency or other entity when required by the Licence;
	 	 	 
	 	(3)	to
    the extent such information is required to be furnished in compliance with the applicable Laws/Regulations, or pursuant to
    any legal proceedings or because of any order of any court binding upon a Party;
	 	 	 
	 	(4)	to
    attorneys engaged, or proposed to be engaged, by any Party where disclosure of such information is essential to such attorneys’
    work for such Party and such attorneys are bound by an obligation of confidentiality;
	 	 	 
	 	(5)	to
    contractors and consultants engaged, or proposed to be engaged, by any Party where disclosure of such information is essential
    to such contractor’s or consultant’s work for such Party;
	 	 	 
	 	(6)	to
    a bona fide prospective transferee of a Party’s Participating Interest, or portion thereof, to the extent appropriate
    in order to allow the assessment of such Participating Interest (including an entity with whom a Party and/or its Affiliates
    are conducting bona fide negotiations directed toward a merger, consolidation or the sale of a majority of its or an Affiliate’s
    shares);

 

    	Discovery to WESI Farmout Agreement	30

    	 

    

 

	 	(7)	to
    a bank, other financial institution or to its financial advisors, investors or members of the financial community who have
    an interest on the matters the subject of this Agreement to the extent appropriate to a Party arranging for funding;
	 	 	 
	 	(8)	to
    the extent such information must be disclosed pursuant to any rules or requirements of any government or stock exchange having
    jurisdiction over such Party, or its Affiliates; provided that such Party shall comply with the requirements of Article 14.10
    hereunder;
	 	 	 
	 	(9)	to
    its respective employees, subject to each Party taking sufficient precautions to ensure such information is kept confidential;
	 	 	 
	 	(10)	to
    the extent any information which, through no fault of a Party, becomes a part of the public domain; and
	 	 	 
	 	(11)	to
    the Government solely to the extent as may be required to satisfy the Conditions Precedent.

 

	9.2	Disclosure
    as pursuant to Articles 9.1(5), (6), and (7) shall not be made unless prior to such disclosure the disclosing Party has obtained
    a written undertaking from the recipient party to keep the information strictly confidential for at least as long as the period
    set out above and to use the information for the sole purpose described in Articles 9.1(5), (6), and (7) and, whichever is
    applicable, with respect to the disclosing Party.

 

    	Discovery to WESI Farmout Agreement	31

    	 

    

 

ARTICLE
10

NOTICES

 

All
notices authorized or required between the Parties by any of the provisions of this Agreement shall be in writing (in English)
and delivered in person or by courier service or by any electronic means of transmitting written communications which provides
written confirmation of complete transmission, and properly addressed to the other Party. Verbal and e-mail (or other electronic)
communication does not constitute notice for purposes of this Agreement, and e-mail addresses and telephone numbers for the Parties
are listed below as a matter of convenience only. A notice given under any provision of this Agreement shall be deemed delivered
only when received by the Party to whom such notice is directed, and the time for such Party to deliver any notice in response
to such originating notice shall run from the date the originating notice is received. “Received” for
purposes of this Article shall mean actual delivery of the notice to the address of the Party specified hereunder.

 

	Name:
    WESI PEL512 Pty Ltd	 	Name:
    Discovery Energy SA Pty Ltd
	Address:
    Suite 33.01, Chifley Tower	 	Address:
    Level 8, 350 Collins Street
	2
    Chifley Square, Sydney NSW 2000	 	Melbourne
    VIC 3000
	Attention:
    Mr Simon Philis	 	Attention:
    Mr Keith Spickelmier
	Email:
    sphilis@wesicorp.com	 	Email:
    ks@discoveryenergy.com
	 	 	 

 

ARTICLE
11

LAW AND DISPUTE RESOLUTION

 

	11.1	The Parties agree
    that, in the event of a Dispute, the terms of Article 18.2 of the JOA shall apply, mutatis mutandis, to and for the resolution
    of that Dispute.
	 	 
	11.2	Subject to Article
    11.1, the Parties will submit to the non-exclusive jurisdiction of the Courts of the State of Victoria with respect only to
    any application for interim measures.

 

    	Discovery to WESI Farmout Agreement	32

    	 

    

 

ARTICLE
12

FORCE MAJEURE

 

If
as a result of Force Majeure, any Party is rendered unable, wholly or in part, to carry out its obligations under this Agreement,
other than the obligation to pay any amounts due, then the obligations of the Party giving such notice, so far as and to the extent
that the obligations are affected by such Force Majeure, shall be suspended during the continuance of any inability so caused
and for such reasonable period thereafter as may be necessary for the Party to carry out the affected obligation, but for no longer
period. The Party claiming Force Majeure shall notify the other Parties of the Force Majeure within a reasonable time after the
occurrence of the facts relied on and shall keep all Parties informed of all significant developments. Such notice shall give
reasonably full particulars of the Force Majeure and also estimate the period of time which the Party will probably require to
remedy the Force Majeure. The affected Party shall use all reasonable diligence to remove or overcome the Force Majeure situation
as quickly as possible in a commercially reasonable manner but shall not be obligated to settle any labor dispute except on terms
acceptable to it. All such disputes shall be handled within the sole discretion of the affected Party. For the purposes of this
Agreement, “Force Majeure” shall have the same meaning as is set out in the Licence.

 

    	Discovery to WESI Farmout Agreement	33

    	 

    

 

ARTICLE
13

 

DEFAULT

 

	13.1	Default

 

Except
as otherwise agreed in the JOA and as otherwise provided in Articles 4.2 (e) and (f) of this Agreement, if WESI fails to complete
the work and pay the amounts due under Article 4 of this Agreement by the applicable dates, WESI shall be in default and such
amounts less any amounts received by DESAL pursuant to Article 4.2 (f) of this Agreement shall accrue interest at a rate per annum
equal to the Default Rate calculated from the due date until the date of payment.

 

	13.2	Reassignment

 

Without
prejudice to the JOA and any other rights or remedies available to DESAL under the JOA or otherwise at law or in equity, in the
event that WESI fails to perform its obligations under Article 4 herein, Article 8 of the JOA shall apply mutatis mutandis
hereunder in respect of the rights, duties, obligations and liabilities of the Parties, and DESAL shall have the option, subject
to Article 6.5(c), exercisable at any time after twenty (20) days from DESAL’s Default Notice to WESI of WESI’s failure
to timely fulfill its obligations under Article 4, to require that WESI withdraw completely from the JOA and the Licence in accordance
with Article 8.4.D.1 of the JOA and reassign WESI’s Participating Interest and Licence interest to DESAL free of cost and
free from any and all liens, claims or Encumbrances. In this event, WESI shall promptly execute any and all such documents as
are necessary for such reassignment in the same form and manner as the Assignment of Beneficial Interest and Transfer of Licence;
and, assist in obtaining any required Government approval of such reassignment. In connection with the foregoing, WESI hereby
appoints DESAL as its true and lawful attorney to sign such documents and make such filings and applications as may be necessary
to make legally effective the assignments and transfers contemplated by this Article 13 and the JOA, and to obtain any necessary
consents of the Government. Actions under this power of attorney may be taken by DESAL individually without the joinder of WESI.
This power of attorney is irrevocable for the term of this Agreement and is coupled with an interest.

 

    	Discovery to WESI Farmout Agreement	34

    	 

    

 

ARTICLE
14

GENERAL PROVISIONS

 

	14.1	Relationship
    of Parties

 

The
rights, duties, obligations and liabilities of the Parties under this Agreement shall be individual, not joint or collective.
It is not the intention of the Parties to create, nor shall this Agreement be deemed or construed to create, a mining or other
partnership, joint venture or association or (except as explicitly provided in this Agreement) a trust. This Agreement shall not
be deemed or construed to authorize any Party to act as an agent, servant or employee for any other Party for any purpose whatsoever
except as explicitly set forth in this Agreement. In their relations with each other under this Agreement, the Parties shall not
be considered fiduciaries except as expressly provided in this Agreement.

 

	14.2	Further
    Assurances

 

Each
of the Parties shall do all such acts and execute and deliver all such documents as shall be reasonably required in order to fully
perform and carry out the terms of this Agreement.

 

	14.3	Waiver

 

No
waiver by any Party of any one or more defaults by another Party in the performance of any provision of this Agreement shall operate
or be construed as a waiver of any future default or defaults by the same Party whether of a like or of a different character.
Except as expressly provided in this Agreement, no Party shall be deemed to have waived, released or modified any of its right
under this Agreement unless such Party has expressly stated, in writing, that it does waive, release or modify such right.

 

    	Discovery to WESI Farmout Agreement	35

    	 

    

 

	14.4	Joint
    Preparation

 

Each
provision of this Agreement shall be construed as though all Parties participated equally in the drafting of the same. Consequently,
the Parties acknowledge and agree that any rule of construction that a document is to be construed against the drafting party
shall not be applicable to this Agreement.

 

	14.5	Severance
    of Invalid Provisions

 

If
and for so long as any provision of this Agreement shall be deemed to be judged invalid for any reason whatsoever, such invalidity
shall not affect the validity or operation of any other provision of this Agreement except only so far as shall be necessary to
give effect to the construction of such invalidity, and any such invalid provision shall be deemed severed from this Agreement
without affecting the validity of the balance of this Agreement.

 

	14.6	Modifications

 

There
shall be no modification of this Agreement except by written consent of all Parties.

 

	14.7	Priority
    of Agreement

 

In
the event of any conflict between the provisions of the main body of this Agreement and its Exhibits, the provisions of the main
body of the Agreement shall prevail. In the event of any conflict between this Agreement and the JOA, this Agreement shall prevail.
In the event of any conflict between this Agreement and the Licence, this Agreement shall prevail unless such would be in violation
of the Laws of Australia or the terms of the Licence.

 

    	Discovery to WESI Farmout Agreement	36

    	 

    

 

	14.8	Interpretation

 

	 	(a)	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
    Article.
	 	 	 
	 	(b)	Singular
    and Plural. Reference to the singular includes a reference to the plural and vice versa.
	 	 	 
	 	(c)	Gender.
    Reference to any gender includes a reference to all other genders.
	 	 	 
	 	(d)	Article.
    Unless otherwise provided, reference to any Article or an Exhibit means an Article or Exhibit of the Agreement.
	 	 	 
	 	(e)	Include.
    “include” and “including” shall mean to be inclusive without limiting
    the generality of the description preceding such term and are used in an illustrative sense and not a limiting sense.

 

	14.9	Counterpart
    Execution

 

This
Agreement may be executed in any number of counterparts and each such counterpart shall be deemed an original Agreement for all
purposes; provided that no Party shall be bound to this Agreement unless and until all Parties have executed a counterpart. For
purposes of assembling all counterparts into one document, DESAL is authorized to detach the signature page from one or more counterparts
and, after signature thereof by the respective Party, attach each signed signature page to a counterpart.

 

	14.10	Public
    Announcements

 

No
public announcement or statement regarding the terms or existence or this Agreement shall be made without prior written consent
of all Parties; provided that, notwithstanding any failure to obtain such approval, no Party shall be prohibited from issuing
or making any such public announcement or statement to the extent it is necessary to do so in order to comply with the applicable
laws, rules or regulations of any government, legal proceedings or stock exchange having jurisdiction over such Party or its Affiliates,
however, any such required public announcement shall include only that portion information which the disclosing Party is advised
by written opinion of counsel (including in-house counsel) is legally required. Such opinion shall be delivered to the other Parties
prior to any such public announcement.

 

	14.11	Entirety

 

With
respect to the subject matter contained herein, this Agreement (i) is the entire agreement of the Parties; and (ii) supersedes
all prior understandings and negotiations of the Parties.

 

[Signature
Page Follows]

 

    	Discovery to WESI Farmout Agreement	37

    	 

    

 

IN
WITNESS of their agreement each Party has caused its duly authorized representative to sign this instrument on the date set out
in the first sentence of this Agreement.

 

	For
    and on behalf of Discovery Energy SA Pty Ltd ABN 89 158 204 052 in accordance with section 127(1) of the Corporations
    Act 2001 (Cth):	)

        

        )

        

        )
	 
		 	 
	 	 	 
	Signature
    of director	 	Signature
        of company secretary

        

		 	
		 	 
	Name
    (please print)	 	Name
    (please print)
		 	
	For
    and on behalf of WESI PEL512 Pty Ltd ACN 635 946 682 in accordance with section 127(1) of the Corporations Act 2001
    (Cth):	)

        

        )

        

        )
	 
	 	 	 
		 	 
	Signature
    of director	 	Signature
        of director

        

        

	 	 	 
		 	 
	Name
    (please print)	 	Name
    (please print)

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

CONTRACT
AREA AND AREA COVERED BY PEL 512

 

 

    	Discovery to WESI Farmout Agreement	1

    	 

    

 

EXHIBIT
B

 

JOINT
OPERATING AGREEMENT

 

(see
attached)

 

    	Discovery to WESI Farmout Agreement	2

    	 

    

 

EXHIBIT
C

 

OBLIGATORY
EXPENDITURE WORK PROGRAM GUIDANCE

 

Order
and Priority of Operations

 

The
Parties acknowledge and agree that, absent mutual agreement by the Parties, each Work Program and Budget during the Obligatory
Expenditure Work Program shall target and prioritize the following matters in descending chronological order, and any disagreement
between the Parties involving operations shall be resolved, as applicable, by reference to the following matters:

 

1)
First, the acquisition of of 3D seismic and the geological and geophysical evaluation and interpretation of the seismic
data.

 

2)
Second, the drilling of not less than seven (7) Exploration Wells (or a lesser number of wells as may be approved by DESAL)
selected from those Exploration Well locations which may be developed from prospects developed from the Adidas seismic program
or other seismic programs.

 

3)
Third, in cases of disagreement over whether to drill an Exploration Well, an Appraisal Well or a Development Well, such
disagreement shall be resolved by drilling the Exploration Well.

 

4)
Fourth, in cases of disagreement over whether to drill an Appraisal well or a Development Well, such disagreement shall
be resolved by drilling the Appraisal Well.

 

    	Discovery to WESI Farmout Agreement	3

    	 

    

 

EXHIBIT
D

 

ASSIGNMENT
OF BENEFICIAL INTEREST AND TRANSFER OF LICENCE 

 

(see
attached)

 

    	Discovery to WESI Farmout Agreement	4

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