Document:

Exhibit 4.6

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED FOR SALE, SOLD OR
TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS SHALL BE EFFECTIVE WITH RESPECT THERETO, OR AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS
AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER. SUBJECT TO COMPLIANCE
WITH THE REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS, THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY
BE PLEDGED OR HYPOTHECATED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN SECURED BY THIS WARRANT OR ANY OF THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS WARRANT.

                                     WARRANT

                           TO PURCHASE ORDINARY SHARES

                                       OF

                        MER TELEMANAGEMENT SOLUTIONS LTD.

Issue Date:  August 3, 2005                                      Warrant No.  __

         THIS CERTIFIES that Avi Ziv or any subsequent holder hereof (the
"Holder"), has the right to purchase from MER TELEMANAGEMENT SOLUTIONS LTD., a
company organized under the laws of the State of Israel, with headquarters
located at 22 Zarhin Street, Ra'anana 43662, Israel (the "Company"), up to
37,000 fully paid and nonassessable Ordinary Shares of the Company, nominal
value NIS 0.01 (the "Ordinary Shares"), subject to adjustment as provided
herein, at a price per share equal to the Exercise Price (as defined below), at
any time and from time to time beginning on February 3, 2006 (the "Commencement
Date") and ending at 6:00 p.m., eastern time, on the date that is three and 1/2
years following the Commencement Date (or, if such date is not a Business Day,
on the Business Day immediately following such date) (the "Expiration Date").

<PAGE>

         1. Exercise.

         (a) Right to Exercise; Exercise Price. The Holder shall have the right
to exercise this Warrant at any time and from time to time during the period
beginning on the Commencement Date and ending on the Expiration Date as to all
or any part of the Ordinary Shares covered hereby (the "Warrant Shares"). The
"Exercise Price" for each Warrant Share purchased by the Holder upon the
exercise of this Warrant shall be equal to US$4.00, subject to adjustment for
the events specified in Section 5 below.

         (b) Exercise Notice. In order to exercise this Warrant, the Holder
shall send by facsimile transmission, at any time prior to 6:00 p.m., eastern
time, on the Business Day on which the Holder wishes to effect such exercise
(the "Exercise Date"), to the Company (with a copy to the Company's counsel) an
executed copy of the notice of exercise in the form attached hereto as Exhibit A
(the "Exercise Notice"), and shall forward to the Company the Exercise Price by
wire transfer to an account designated by the Company. The Exercise Notice shall
also state the name or names (with address) in which the Ordinary Shares that
are issuable on such exercise shall be issued. The Holder shall not be required
to deliver the original Warrant in order to effect an exercise hereunder.
Execution and delivery of an Exercise Notice with respect to less than all of
the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the
remaining number of Warrant Shares.

         (c) Holder of Record. The Holder shall, for all purposes, be deemed to
have become the holder of record of the Warrant Shares specified in an Exercise
Notice on the Exercise Date specified therein, irrespective of the date of
delivery of such Warrant Shares. Except as specifically provided herein, nothing
in this Warrant shall be construed as conferring upon the Holder hereof any
rights as a shareholder of the Company prior to the Exercise Date.

         (d) Cancellation of Warrant. This Warrant shall be canceled upon its
exercise and, if this Warrant is exercised in part, the Company shall, at the
time that it delivers Warrant Shares to the Holder pursuant to such exercise as
provided herein, issue a new warrant, and deliver to the Holder a certificate
representing such new warrant, with terms identical in all respects to this
Warrant (except that such new warrant shall be exercisable into the number of
Ordinary Shares with respect to which this Warrant shall remain unexercised);
provided, however, that the Holder shall be entitled to exercise all or any
portion of such new warrant at any time following the time at which this Warrant
is exercised, regardless of whether the Company has actually issued such new
warrant or delivered to the Holder a certificate therefor.

         2. Delivery of Warrant Shares Upon Exercise. Upon receipt of an
Exercise Notice pursuant to Section 1 above, the Company shall, no later than
the close of business on the later to occur of (i) the third (3rd) Business Day
following the Exercise Date set forth in such Exercise Notice and (ii) such
later date on which the Company shall have received payment of the Exercise
Price (such date being referred to as a "Delivery Date"), issue and deliver or
caused to be delivered to the Holder the number of Warrant Shares as shall be
determined as provided herein. In the event that the Company's transfer agent
("Transfer Agent") participates in the

                                       2

<PAGE>

Depository Trust Company ("DTC") Fast Automated Securities Transfer program
("FAST"), and except as otherwise provided in the next following sentence of
this Section 2, the Company shall effect delivery of Warrant Shares to the
Holder by crediting the account of the Holder or its nominee at DTC (as
specified in the applicable Exercise Notice) with the number of Warrant Shares
required to be delivered, no later than the close of business on such Delivery
Date. In the event that the Transfer Agent is not a participant in FAST, or if
the Warrant Shares are not otherwise eligible for delivery through FAST, or if
the Holder so specifies in an Exercise Notice or otherwise in writing on or
before the Exercise Date, the Company shall effect delivery of Warrant Shares by
delivering to the Holder or its nominee physical certificates representing such
Warrant Shares, no later than the close of business on such Delivery Date.

         3. Failure to Deliver Warrant Shares.

         (a) In the event that the Company fails for any reason to deliver to
the Holder the number of Warrant Shares specified in the applicable Exercise
Notice on or before the Delivery Date therefor (an "Exercise Default"), the
Company shall pay to the Holder payments ("Exercise Default Payments") in the
amount of (i) (N/365) multiplied by (ii) the aggregate Exercise Price of the
Warrant Shares which are the subject of such Exercise Default multiplied by
(iii) the lower of fifteen percent (15%) and the maximum rate permitted by
applicable law (the "Default Interest Rate"), where "N" equals the number of
days elapsed between the original Delivery Date of such Warrant Shares and the
date on which all of such Warrant Shares are issued and delivered to the Holder.
Cash amounts payable under this Section 3(a) shall be paid on or before the
fifth (5th) Business Day of each calendar month following the calendar month in
which such amount has accrued.

         (b) In the event of an Exercise Default, the Holder may, upon written
notice to the Company (an "Exercise Default Notice"), regain on the date of such
notice the rights of the Holder under the exercised portion of this Warrant that
is the subject of such Exercise Default (it being understood that the Holder may
deliver an Exercise Notice at any time following delivery of an Exercise Default
Notice to the Company). In the event that the Holder delivers an Exercise
Default Notice, the Holder shall retain all of the Holder's rights and remedies
with respect to the Company's failure to deliver such Warrant Shares prior to
delivery of such Notice (including without limitation the right to receive the
cash payments specified in Section 3(a) above).

         (c) The Holder's rights and remedies hereunder are cumulative, and no
right or remedy is exclusive of any other. In addition to the amounts specified
herein, the Holder shall have the right to pursue all other remedies available
to it at law or in equity (including, without limitation, a decree of specific
performance and/or injunctive relief). Nothing herein shall limit the Holder's
right to pursue actual damages for the Company's failure to issue and deliver
Warrant Shares on the applicable Delivery Date.

         4 Payment of the Exercise Price. The Holder shall pay the Exercise
Price through a cash exercise by delivering to the Company immediately available
funds.

         5. Anti-Dilution Adjustments; Distributions; Other Events. The Exercise
Price and the number of Warrant Shares issuable hereunder shall be subject to
adjustment from time to

                                       3

<PAGE>

time as provided in this Section 5. In the event that any adjustment of the
Exercise Price required herein results in a fraction of a cent, the Exercise
Price shall be rounded up or down to the nearest one hundredth of a cent.

         (a) Subdivision or Combination of Ordinary Shares. If the Company, at
any time after the Issue Date, subdivides (by any stock split, stock dividend,
recapitalization, reorganization, reclassification or otherwise) the outstanding
Ordinary Shares into a greater number of shares, then effective upon the close
of business on the record date for effecting such subdivision, the Exercise
Price in effect immediately prior to such subdivision will be proportionately
reduced. If the Company, at any time after the Issue Date, combines (by reverse
stock split, recapitalization, reorganization, reclassification or otherwise)
the outstanding Ordinary Shares into a smaller number of shares, then, effective
upon the close of business on the record date for effecting such combination,
the Exercise Price in effect immediately prior to such combination will be
proportionally increased.

         (b) Distributions. If the Company shall declare or make any
distribution of cash or any other assets (or rights to acquire such assets) to
holders of Ordinary Shares, as a partial liquidating dividend or otherwise,
including without limitation any dividend or distribution to the Company's
shareholders in shares (or rights to acquire shares) of capital stock of a
subsidiary) (a "Distribution"), the Company shall deliver written notice of such
Distribution (a "Distribution Notice") to the Holder at least thirty (30) days
prior to the earlier to occur of (i) the record date for determining
shareholders entitled to such Distribution and (ii) the date on which such
Distribution is made (the earlier of such dates being referred to herein as the
"Determination Date"). In the Distribution Notice to a Holder, the Company must
indicate whether the Company has elected (A) to deliver to such Holder the same
amount and type of assets being distributed in such Distribution as though the
Holder were a holder on the Determination Date therefor of a number of Ordinary
Shares into which this Warrant is exercisable as of such Determination Date
(such number of shares to be determined at the Exercise Price then in effect and
without giving effect to any limitations on such exercise) or (B) to reduce the
Exercise Price as of the Determination Date therefor by an amount equal to the
fair market value of the assets to be distributed divided by the number of
Ordinary Shares as to which such Distribution is to be made, such fair market
value to be reasonably determined in good faith by the independent members of
the Company's Board of Directors. If the Company does not notify the Holders of
its election pursuant to the preceding sentence on or prior to the Determination
Date, the Company shall be deemed to have elected clause (A) of the preceding
sentence.

         (c) Major Transactions. In the event of a merger, consolidation,
business combination, tender offer, exchange of shares, recapitalization,
reorganization, redemption or other similar event, as a result of which Ordinary
Shares shall be changed into the same or a different number of shares of the
same or another class or classes of stock or securities or other assets of the
Company or another entity or the Company shall sell all or substantially all of
its assets (each of the foregoing being a "Major Transaction"), the Company will
give the Holder at least thirty (30) days written notice prior to the earlier of
(I) the closing or effectiveness of such Major Transaction and (II) the record
date for the receipt of such shares of stock or securities or other assets, and:
(i) the Holder shall be permitted to exercise this Warrant in whole or in part
at any time prior to the record date for the receipt of such shares of stock or
securities or other

                                       4

<PAGE>

assets and shall be entitled to receive, for each share of Ordinary Shares
issuable to the Holder for such exercise, the same per share consideration
payable to the other holders of Ordinary Shares in connection with such Major
Transaction, and (ii) if and to the extent that the Holder retains any portion
of this Warrant following such record date, the Company will cause the surviving
or, in the event of a sale of assets, purchasing entity, as a condition
precedent to such Major Transaction, to assume the obligations of the Company
under this Warrant, with such adjustments to the Exercise Price and the
securities covered hereby as may be necessary in order to preserve the economic
benefits of this Warrant to the Holder.

         (d) Adjustments; Additional Shares, Securities or Assets. In the event
that at any time, as a result of an adjustment made pursuant to this Section 5,
the Holder of this Warrant shall, upon exercise of this Warrant, become entitled
to receive securities or assets (other than Ordinary Shares) then, wherever
appropriate, all references herein to Ordinary Shares shall be deemed to refer
to and include such shares and/or other securities or assets; and thereafter the
number of such shares and/or other securities or assets shall be subject to
adjustment from time to time in a manner and upon terms as nearly equivalent as
practicable to the provisions of this Section 5. Any adjustment made pursuant to
this Section 5 that results in a decrease in the Exercise Price shall also
effect a proportional increase in the number of Ordinary Shares into which this
Warrant is exercisable.

         6. Fractional Interests.

                  No fractional shares or scrip representing fractional shares
shall be issuable upon the exercise of this Warrant, but on exercise of this
Warrant, the Holder hereof may purchase only a whole number of Ordinary Shares.
If, on exercise of this Warrant, the Holder hereof would be entitled to a
fractional share of Ordinary Shares or a right to acquire a fractional share of
Ordinary Shares, the Company shall, in lieu of issuing any such fractional
share, pay to the Holder an amount in cash equal to the product resulting from
multiplying such fraction by the Market Price as of the Exercise Date.

         7. Transfer of this Warrant.

                  The Holder may sell, transfer, assign, pledge or otherwise
dispose of this Warrant, in whole or in part, as long as such sale or other
disposition is made pursuant to an effective registration statement or an
exemption from the registration requirements of the Securities Act. Upon such
transfer or other disposition, the Holder shall deliver this Warrant to the
Company together with a written notice to the Company, substantially in the form
of the Transfer Notice attached hereto as Exhibit B (the "Transfer Notice"),
indicating the person or persons to whom this Warrant shall be transferred and,
if less than all of this Warrant is transferred, the number of Warrant Shares to
be covered by the part of this Warrant to be transferred to each such person.
Within three (3) Business Days of receiving a Transfer Notice and the original
of this Warrant, the Company shall deliver to the each transferee designated by
the Holder a Warrant or Warrants of like tenor and terms for the appropriate
number of Warrant Shares and, if less than all this Warrant is transferred,
shall deliver to the Holder a Warrant for the remaining number of Warrant
Shares.

                                       5

<PAGE>

         8. Benefits of this Warrant.

                  This Warrant shall be for the sole and exclusive benefit of
the Holder of this Warrant and nothing in this Warrant shall be construed to
confer upon any person other than the Holder of this Warrant any legal or
equitable right, remedy or claim hereunder.

         9. Loss, theft, destruction or mutilation of Warrant.

                  Upon receipt by the Company of evidence of the loss, theft,
destruction or mutilation of this Warrant, and (in the case of loss, theft or
destruction) of indemnity reasonably satisfactory to the Company, and upon
surrender of this Warrant, if mutilated, the Company shall execute and deliver a
new Warrant of like tenor and date.

         10. Notice or Demands.

                  Any notice, demand or request required or permitted to be
given by the Company or the Holder pursuant to the terms of this Warrant shall
be in writing and shall be deemed delivered (i) when delivered personally or by
verifiable facsimile transmission, unless such delivery is made on a day that is
not a Business Day, in which case such delivery will be deemed to be made on the
next succeeding Business Day, (ii) on the next Business Day after timely
delivery to an overnight courier and (iii) on the Business Day actually received
if deposited in the U.S. mail (certified or registered mail, return receipt
requested, postage prepaid), addressed as follows:

                  If to the Company:

                  Mer Telemanagement Solutions Ltd.
                  22 Zarhin Street
                  Ra'anana 43662, Israel
                  Tel:     011-972-9-762-1733
                  Fax:     011-972-9-746-6596
                  Att:     Shlomi Hagai

                  With copies (which shall not constitute notice) to:

                  Dora Mer, Law Office
                  124 Ibn Gvirol Street
                  Tel Aviv 62038, Israel
                  Tel:     011-972-3-527-7773
                  Fax:     011-972-3-527-5999
                  Att:     Dora Mer, Esq.

                           and

                  Carter Ledyard & Milburn LLP
                  2 Wall Street

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<PAGE>

                  New York, NY 10005
                  Tel:     212-732-3200
                  Fax:     212-732-3232
                  Attn:    Steven J. Glusband, Esq.

and if to the Holder, to such address as shall be designated by the Holder in
writing to the Company.

         11. Applicable Law.

                  This Warrant is issued under and shall for all purposes be
governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed entirely within the State of
New York.

         12. Amendments.

                  No amendment, modification or other change to, or waiver of
any provision of, this Warrant may be made unless such amendment, modification
or change is set forth in writing and is signed by the Company and the Holder.

         13. Entire Agreement.

                  This Warrant constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof and thereof. There are
no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein and therein. This Warrant supersedes all prior
agreements and understandings among the parties hereto with respect to the
subject matter hereof and thereof.

         14. Headings.

                  The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

                           [Signature Page to Follow]

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<PAGE>

         IN WITNESS WHEREOF, the Company has duly executed and delivered this
Warrant as of the Issue Date.

                                            MER TELEMANAGEMENT SOLUTIONS LTD.

                                            By:    __________________________

                                            Name:  __________________________

                                            Title: __________________________

<PAGE>

                                                            EXHIBIT A to WARRANT
                                                            --------------------

                                 EXERCISE NOTICE
                                 ---------------

         The undersigned Holder hereby irrevocably exercises the right to
purchase _______ of the Ordinary Shares ("Warrant Shares") of MER TELEMANAGEMENT
SOLUTIONS LTD. evidenced by the attached Warrant (the "Warrant"). Capitalized
terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.

         1. Warrant Exercise. The Holder intends that payment of the Exercise
Price shall be made with respect to _________________ Warrant Shares.

         2. Payment of Exercise Price. The Holder shall pay the sum of
US$________________ to the Company in accordance with the terms of the Warrant.

Date: ______________________

____________________________________
     Name of Registered Holder

By:  _______________________________
       Name:
       Title:

                                       9

<PAGE>

                                                            EXHIBIT B to WARRANT
                                                            --------------------

                                 TRANSFER NOTICE
                                 ---------------

FOR VALUE RECEIVED, the undersigned Holder of the attached Warrant hereby sells,
assigns and transfers unto the person or persons named below the right to
purchase ________ shares of the Ordinary Shares of MER TELEMANAGEMENT SOLUTIONS
LTD. evidenced by the attached Warrant.

Date: ______________________

________________________________
   Name of Registered Holder

By:  _______________________________
       Name:
       Title:

Transferee Name and Address:

_____________________________

_____________________________

_____________________________

                                       10EXHIBIT 10.6  

INDEPENDENT CONTRACTOR SERVICES AGREEMENT  

THIS AGREEMENT is made and
shall be effective as of the 1st day of April, 2005 

BETWEEN: 

	  	
Sky
Petroleum, Inc., a corporation incorporated in the State of Nevada, United States of
America, with offices in the City of Calgary, in the Province of Alberta, Canada and in
the City of Austin, in the state of Texan, U.S.A. (“Sky” or the
“Corporation”) 

— and —

	  	
Michael
Noonan, an individual residing in the City of Austin, Texas (“Noonan”) and
acting also for Noonan Advisors, (the “Contractor”) 

WHEREAS the Corporation is
principally engaged in the acquisition, development, exploration and production of oil and
natural gas reserves, among other things; 

AND WHEREAS the Corporation
wishes to engage the services and expertise of Noonan, on the terms, conditions and for
the considerations as hereinafter set forth; 

AND WHEREAS the Contractor
shall make available to the Corporation the services of Noonan to perform services for the
Corporation; 

AND WHEREAS the Parties desire
to enter into this Agreement to set forth their respective rights and obligations; 

NOW THEREFORE in consideration of
the premises and the mutual covenants herein contained, and in consideration of the
Contractor providing consulting services to the Corporation, the Corporation and the
Contractor hereby covenant and agree as follows: 

	1.0  	   	Contract
for Services  

	1.01  	  	 Subject
to the terms and provisions of this Agreement, the Corporation hereby agrees to contract
for and engage the services of the Contractor, and the Contractor agrees to provide
services of Noonan in accordance with and subject to the provisions of this Agreement it
being clearly provided that the services of Noonan are in all respects dedicated and the
Contractor will procure that Noonan will not engage in activity that conflicts or
diminishes his ability to perform his obligations to the Corporation. 

Execution Version 

-2- 

	1.02  	  	Noonan's
services hereunder shall be provided on the following terms and conditions: 

	  	(a) 	  	Noonan
shall diligently serve the Corporation and cooperate with the Corporation and utilize
maximum professional skill and care to ensure that all services rendered hereunder are to
the satisfaction of the Corporation, acting reasonably;  

	  	(b) 	  	Noonan’s
duties and responsibilities are enumerated in Appendix           “B”.  

	1.03 	  	
The Parties agree that the Contractor enters into this Agreement as an independent
Contractor, and under no circumstances shall the Contractor or Noonan look to the
Corporation as an employer, partner, agent or principal. Contractor and Noonan acknowledge
that Noonan is not entitled to any benefits accorded to the Corporation’s employees,
including, without limitation, worker’s compensation, disability insurance, vacation
or sick pay. The Contractor and Noonan, jointly and severally hereby agree to indemnify
and save the Corporation harmless from any and all circumstances where Noonan is deemed to
be an employee, including where the Corporation becomes liable for the amounts of
statutory deductions, or all other charges including deductible amounts payable to taxing
authorities, fees, interest or penalties, for example. The Corporation hereby agrees to
indemnify and save the Contractor and Noonan harmless from any and all circumstances where
the Corporation is deemed to be an employer, including where the Contractor becomes liable
for the amounts of statutory deductions, or all other charges including deductible amounts
payable to taxing authorities, fees, interest or penalties, for example. 

	1.04 	  	
Contractor shall pay, when and as due, any and all taxes, duties and other similar charges
assessed or incurred as a result of Noonan’s income for services rendered by Noonan.
Contractor will be responsible for all liabilities in respect of all taxes relating to
compensation under this Agreement, and will indemnify the Corporation against all claims,
costs, penalties, or demands made by any governmental authority with respect to any
income, sales or other taxes in relation to the compensation payable under the this
Agreement (“Statutory Deductions”). Noonan acknowledges that he is at all times
personally responsible to pay amounts due in respect of Statutory Deductions, and that
such amounts are subject to the indemnity provided in Section 1.03 herein. 

	1.05 	  	
Contractor agrees to procure and cause Noonan to dedicate his time, attention and best
efforts to further the business and interests of the Corporation during the period of this
Agreement. 

	1.06 	  	
The parties agree that no oral agreement or provision of this Agreement shall be construed
so as to make the Contractor an agent, partner, or servant of the Corporation and the
Contractor has no authority to make any commitments or to take any action which may be
binding upon the Corporation, except for matters 

-3- 

	  	
within
the scope of duties set out in Schedule “B” hereto, or as may be expressly
authorized in writing by the Corporation. 

	2.0  	   	Compensation
Arrangements  

	2.01 	  	
The compensation (the “Compensation”) provided to the Contractor by the
Corporation is as has been set forth in Appendix “A” attached hereto. The
parties hereby agree that the compensation arrangements will be the subject of review by
the Corporation eight months after the effective date of this agreement. 

	3.0  	   	Confidential
Information and Conflict of Interest  

	3.01 	  	
Contractor hereby agrees and acknowledges that it and Noonan will have access to and will
be entrusted with confidential information concerning the affairs and business of the
Corporation, and agrees that the disclosure of such confidential information may be
detrimental to the Corporation and the shareholders thereof. Contractor acknowledges and
agrees that the right to maintain and preserve confidentiality constitutes a proprietary
right which the Corporation is entitled to protect. Accordingly the Contractor agrees to
execute a Confidentiality Agreement in the form attached hereto as Schedule “C”
at the time of executing this agreement, and agrees to renew, or revise such agreement
from time to time as required by the Corporation, acting reasonably. 

	3.02 	  	
In the event of termination of this Agreement for any reason whatsoever, nothing in this
Agreement shall preclude Contractor or Noonan from pursuing a livelihood in the same
business or sector as that of the Corporation. 

	4.0  	   	Non-Assignability  

	4.01 	  	
This contract for services and all other rights, benefits, and privileges herein conferred
are personal to the Contractor and accordingly may not be assigned by the Contractor. 

	5.0  	   	Term
and Termination Provisions  

	5.01 	  	
This Agreement shall continue in full force for an initial term (“Initial Term”)
commencing on the Effective Date and ending on July 31, 2006 unless terminated in
accordance with Section 5.02. 

	5.02  	  	This
Agreement shall be terminated upon the occurrence of any one of the following events: 

	  	(a)  	  	the
death or incapacity of Noonan;  

	  	(b)  	  	written
notice by the Corporation to terminate this Agreement without cause,                prior
to the end of the contract period, upon payment by the  

-4- 

	  	
Corporation
of a sum equal to six months total compensation as set forth in Appendix “A”;

	  	(c) 	  	written
notice by the Corporation to terminate this Agreement with cause;  

	  	(d) 	  	ninety
(90) days written notice by the Contractor of its intention to terminate           this
Agreement.  

	5.03 	  	
In the event that the Agreement is terminated pursuant to Clause 5.02 (b), the Corporation
shall immediately pay to Contractor a termination amount equal to the sum of six months
compensation. 

	5.04 	  	
In the event that the Agreement is terminated pursuant to Clause 5.02(d), the Contractor
shall be paid compensation until the last day that services were provided. 

	5.05 	  	
In the event of a Change of Control, the Contractor shall have a period of ninety (90)
days within which to elect to continue to provide services as described herein. In the
event that, within that ninety (90) day period, the Contractor elects not to continue to
provide services to the Corporation, the Contractor shall deliver written notice of such
intention to the Corporation, and shall immediately following delivery of such notice,
receive a lump sum payment as determined in accordance with Article 5.02(b). For the
purposes of this Agreement, the term “Change of Control” means as follows: 

	  	(a)  	  	the
acquisition hereafter, directly or indirectly and by any means whatsoever,
               in one transaction or a series of transactions, by any person or by a
group of                persons acting jointly or in concert, of that number of voting
shares of the                Corporation which is equal to or greater than Fifty Percent
(50%) of the total                issued and outstanding voting shares of the Corporation
immediately after such                acquisition, but excluding any issue or sale of
shares of the Corporation by way                of prospectus or private placement;  

	  	(b)  	  	the
election at a meeting of the Corporation’s shareholders, as Directors
               of the Corporation, of a number of persons, who were not included in the
slate                for election as Directors proposed to the Corporation’s
shareholders by the                Corporation’s prior Board of Directors, and who
would represent a majority                of the Board of Directors, or the appointment
as Directors of the Corporation,                of a number of persons which would
represent a majority of the Board of                Directors, nominated by any holder of
voting shares of the Corporation or by any                group of holders of voting
shares of the Corporation acting jointly or in                concert and not approved by
the Corporation’s prior Board of Directors;  

	  	(c)  	  	the
completion of any transaction (including the sale, lease or other transfer
               of assets of the Corporation) or the first of a series of transactions
which 

-5- 

	  	
would
 have the same or  similar  effect or result as any  transaction  or  series  of
 transactions  referred  to in                   subsection (a) and (b) above; or 

	  	(d)  	  	a
determination by the Board of Directors of the Corporation that there has been
               a change, whether by way of a change in the holding of the voting shares
of the                Corporation, in the ownership of the Corporation’s assets or
by any other                means, as a result of which any person or any group of
persons acting jointly or                in concert is in a position to exercise
effective control of the Corporation. 

	6.0  	   	Release  

	6.01 	  	
In consideration of the payment of termination compensation as provided herein and the
additional provisions of this Agreement, Contractor and the Corporation agree to forever
release and discharge the other from any and all obligations to pay any further amounts or
benefits to the other with respect to the termination thereof, and upon payment agree to
execute such documentation as may be required, acting reasonably. 

	7.0  	   	General  

	7.01 	  	
Upon the expiration of the term set forth herein, this Agreement shall be terminated
unless both the Corporation and Contractor agree to renew this Agreement. Such a renewal
may be verbal but shall be confirmed in writing prior to the end of the then current term.
In the event of termination pursuant to this paragraph the parties shall have no further
obligations to each other except for the obligations set out in Clause 3.01, including
documents executed pursuant thereto which obligations will survive any termination of this
Agreement. 

	7.02 	  	
The parties shall from time to time and at all times do such further acts and execute and
deliver all such further deeds and documents as shall be reasonably required in order to
fully perform the terms of this Agreement. 

	7.03 	  	
The Corporation may elect to offer regular employment to Noonan during the term of this
Agreement or upon the expiration of the term set forth herein. Employment terms would be
negotiated between Noonan and the Corporation at that time. 

	7.04 	  	
This Agreement shall be construed pursuant to the laws in effect in the State of Nevada
and the parties hereto hereby attorn to the Courts of the State of Nevada and if
applicable, the Federal Courts of United States of America. 

-6- 

	8.0  	   	Notices  

	8.01 	  	
All notices required or allowed to be given under this Agreement shall be made either
personally or by mailing same by prepaid registered post, and any notice mailed as
aforesaid shall be deemed to have been received by the addressees thereof on the fifth
business day following the day of mailing: 

	  	
To the Contractor:	
Noonan Advisors

8230 Spicewood Springs Road, Unit 15

Austin TX 78759
 

	  	
To the Corporation:	
Sky Petroleum, Inc.

200, 625-4th Avenue SW

Calgary, AB T2P 0K2
 

	8.02  	  	Any
party may from time to time change its address for service hereunder on written notice to
the other party.  

[The Balance of this Page has Intentionally Been Left Blank]  

-7- 

	9.0  	   	Prior
Agreement  

	9.01 	  	
The parties hereto agree that this Agreement replaces and supersedes any previous
agreements, either verbal or written, and any such previous agreements are hereby
expressly terminated. 

IN WITNESS WHEREOF the parties
hereto have executed this Agreement effective as of the date and year first above written. 

	
SKY PETROLEUM, INC. 	
CONTRACTOR  

	
Per:   ___________________________ 	
___________________________

Michael Noonan

	
 	

Noonan Advisors

Per:  _________________________________  

APPENDIX “A” 

COMPENSATION ARRANGEMENT 

	1.0  	   	Retainer  

	1.01  	  	Contractor
 shall  provide the services and duties and undertake  the  responsibilities  as outlined
in Appendix "B". The fees          will be $10,000 U.S. per month for the term of this
Agreement 

	2.0  	   	Regular
Schedule  

	2.01  	  	Contractor
agrees to provide Noonan on a regular schedule of five days per week for the duration of
this Agreement.  

	3.0  	   	Benefits
and Perquisites  

	3.01  	  	Reasonable
parking expenses near the Corporation's offices. 

	3.02  	  	Reasonable
business expenses, to be approved by the Corporation; 

	3.03  	  	 Vehicle
expenses, when used for the benefit of the Corporation in carrying out Corporation
duties, to be at $0.45/km (IRS equivalent).  

	3.04  	  	 Additional
benefits as adopted by the Company that will be available to full time employees that may
cover such things as health care, insurance, etc.  

	3.05  	  	Business
class travel.  

	4.0  	   	Stock
Options  

	4.01 	  	The
Contractor shall be provided with Stock Options by the Corporation as set forth in the
Corporation’s Stock Option Plan subject to the terms and conditions set forth in
such Plan.  

APPENDIX
“B” 

Position
and Reporting:   Vice President (Corporate Development) reporting to the Chief Executive
Officer.  

Duties and
Responsibilities of the Position: 

Provide services that are generally
associated with the duties of a senior corporate development executive including, without
limitation: 

	(a)  	  	at
all times serving the best interests of the Corporation;  

	(b)  	  	assisting
the Chief Executive Officerin developing appropriate strategies and           business
plans of the Corporation (including principally business development,           growth
and marketing strategies and plans) for consideration and approval of the           Board
of Directors of the Corporation;  

	(d)  	  	representing
the Company to the public and the public markets, for the purposes           of seeking
investor capital and in general and assisting the President to do           likewise;  

	(g)  	  	reporting
to the Chief Executive Officer from time to time regarding corporate
          development and investor relations initiatives.  

APPENDIX “C”  

CONFIDENTIALITY AGREEMENT  

THIS CONFIDENTIALITY AGREEMENT
is entered into and shall be effective as of this 1st day of April, 2005 

BETWEEN: 

	  	
Sky
Petroleum, Inc., a body corporate, duly incorporated pursuant to the laws of the State
of Nevada, one of the United States of America, with an office in the City of Calgary, in
the Province of Alberta, (hereafter the Disclosing Party”) 

— and —

	  	
Michael.
Noonan, on his own
behalf, and on behalf of Noonan Advisors,                     (hereafter
collectively the “Receiving Party”)  

WHEREAS the Disclosing Party
is prepared to disclose certain information to the Receiving Party in order to enable the
Receiving Party in the position of Vice President (Corporate Development and Investor
Relations) of Sky Petroleum, Inc. to faithfully represent the commercial and business
interest of the Disclosing Party (the “Project”); 

AND WHEREAS in the course of
such disclosure confidential, proprietary and commercially sensitive information of the
Disclosing Party will come into the possession of the Receiving Party; 

NOW THEREFORE THIS AGREEMENT
WITNESSES that in consideration of the engagement of the Receiving Party by the
Disclosing Party, the covenants and agreements herein contained and other good and
valuable consideration, the Parties hereby agree as follows: 

	1.  	  	The
Receiving Party hereby acknowledges that all information, contracts and
          contract terms, statistics, plans and prospects, specifications, presentations,
          technical data, geology, geophysics, engineering, financing proposals and
plans,           and any and all other material or information of any kind whatsoever
furnished           to it by or with the concurrence of the Disclosing Party (hereinafter
called the           “Confidential Information”) will be furnished to the
Receiving Party           in strictest confidence, and the Receiving Party hereby
covenants with the           Disclosing Party that:  

-2- 

	  	(a)  	  	it
shall keep the Confidential Information in strictest confidence and will not
               disclose or reveal the same to any other person other than in accordance
with                the provisions of this Agreement;  

	  	(b)  	  	it
shall not make any copies, duplicates, recordings or other reproductions of
               the Confidential Information unless they are reasonably required by the
               Receiving Party in relation to the Project and any such copies,
duplicates,                recordings or reproductions shall be subject to the terms and
conditions of this                Agreement; and  

	  	(c)  	  	it
shall not at any time use the Confidential Information for any purpose not
               related to the Project.  

	2.  	  	The
Receiving Party agrees that the Confidential Information shall be made
               available only to those employees and advisors of the Disclosing Party who
are                involved in the Project and who need access to the Confidential
Information in                performing their responsibilities in respect of the
Project, and the Receiving                Party shall cause such employees and advisors
to agree to observe the                confidentiality obligations of the Receiving Party
as set forth in this                Agreement.  

	3.  	  	The
Receiving Party agrees that it shall take all reasonable steps as may be
               necessary to protect and prevent the disclosure of the Confidential
Information                to any unauthorized person by it or its employees or advisors.  

	4.	(a)	  	Upon the
conclusion or termination of the Receiving Parties’               obligations
in relation to the Project and at the request of the Disclosing                Party, the
Receiving Party shall return to the Disclosing Party all Confidential
               Information provided to it and any and all copies thereof and shall
destroy all                extracts, reports, recordings, reproductions and notes
thereof.  

	  	(b)  	  	All
right, title and interest in and to the Confidential Information shall
               remain the exclusive property of the Disclosing Party and no license for
or                other rights of any kind whatsoever in or to the Confidential
Information or                other type or form of intellectual or industrial property
derived there from is                granted or can be implied to have been granted at
any time by the disclosure of                the Confidential Information by the
Disclosing Party to a Receiving Party.  

	5.  	  	Confidential
Information shall, for the purposes of this Agreement, not include:  

	  	(a)  	  	any
information which was rightfully in the possession of a Receiving Party
               prior to the date of disclosure of such information to the Receiving Party
by                the Disclosing Party;  

-3- 

	  	(b)  	  	any
information which was in the public domain prior to the date of disclosure           of
such information to the Receiving Party by the Disclosing Party;  

	  	(c)  	  	any
information which becomes part of the public domain by publication or           otherwise
except by an unauthorized act or omission on the part of the Receiving           Party;  

	  	(d)  	  	any
information which is supplied to the Receiving Party by a third party who is
          under no obligation to the Disclosing Party to maintain such information in
          confidence; and  

	  	(e)  	  	any
information which is developed by a receiving party independently of the
          disclosures made by the Disclosing Party under this Agreement.  

	6.  	  	In
the event that the Receiving Party or any employees or advisors under the
          Receiving Party’s control are required by a court or other legal tribunal
          to disclose any of the Confidential Information, the Receiving Party shall
          provide the Disclosing Party with prompt written notice of such requirement so
          that the Disclosing Party may seek a protective order or other appropriate
          remedy. In the absence of a protective order or other appropriate remedy being
          sought or obtained by the Disclosing Party, the Receiving Party may disclose
          only that portion of the Confidential Information which their legal counsel
          advises them, in writing, that they are legally required to disclose. Further,
          the Receiving Party shall cooperate with the Disclosing Party in obtaining an
          appropriate protective order or other reliable assurance that confidential
          treatment will be given to the Confidential Information by such court or other
          legal tribunal.  

	7.	(a)  	  	The Receiving Party acknowledges that the provisions contained herein are
          reasonable in the circumstances and necessary for the adequate economic
          protection of the Disclosing Party. The Receiving Party further acknowledges
          that the breach by it of any of the provisions herein contained would cause
          irreparable harm to the Disclosing Party which would not be adequately
          compensated for by damages and, accordingly, in the event of such breach, the
          Receiving Party acknowledges and agrees that the Disclosing Party shall be
          entitled in its discretion to commence proceedings for injunctive relief.  

	  	(b)  	  	The
provisions of this paragraph shall not be construed so as to derogate from           any
other remedy which the Disclosing Party may have in the event of such breach
          whether at law, equity or pursuant to the terms of this Agreement.  

	8.  	  	This
Agreement constitutes the entire agreement between the parties hereto as to           the
subject matter of Confidential Information and merges all prior discussions
          between  

-4- 

	  	
the
parties hereto, and neither of the parties hereto shall be bound by any terms, conditions,
representations or undertakings in relation to Confidential Information other than as
expressly set forth herein. 

	9.  	  	This
Agreement shall enure to the benefit of and be binding upon the parties           hereto
and their respective successors and permitted assigns, provided however           that
the Receiving Party shall not be entitled to assign this Agreement or any           of
its obligations hereunder to any other person(s) without the prior written
          consent of the Disclosing Party. The Disclosing Party shall be entitled to
          assign this Agreement or any of its obligations hereunder to any of its
          subsidiaries or affiliates without the consent of the Receiving Party. Any
other           assignment by the Disclosing Party shall require the prior written
consent of           the Receiving Party.  

	10.  	  	Notwithstanding
anything else in this Agreement, the provisions of this           Agreement shall
continue to apply until the expiry of five (5) years from the           date of the
termination of the Consulting Agreement entered into between the           Parties.  

	11.  	  	This
Agreement shall not be varied, altered or amended except by a document in
          writing signed by all the parties hereto.  

	12.  	  	This
Agreement shall be governed by and construed in accordance with the laws of           the
State of Nevada.  

	13.  	  	If
any provision of this Agreement is determined to be invalid or unenforceable           in
whole or in part, such validity or unenforceability shall attach only to such
          provision and all other provisions hereof shall continue in full force and
          effect.  

	14.  	  	Notwithstanding
anything herein to the contrary, for the purposes of this           Agreement,
Confidential Information shall also be deemed to include the           existence of this
Agreement as well as the fact that the parties hereto have had           or will have any
discussions relating to the Project.  

	15.  	  	The
Receiving Party agrees to indemnify and hold harmless the Disclosing Party           and
its affiliates, subsidiaries, employees, directors and officers from and
          against all claims, demands, damages, losses, costs, expenses, actions or other
          liability of every kind and description whatsoever incurred by the Disclosing
          Party or its affiliates, subsidiaries, employees, directors or officers
          resulting from the disclosure or use of the Confidential Information by the
          Receiving Party or any of its employees or advisors, other than in accordance
          with the terms of this Agreement.  

[The
Balance of this page has intentionally been left blank] 

-5- 

IN WITNESS WHEREOF the parties
hereto have executed this Confidentiality Agreement as of the day and year first above
written. 

	  	
Sky Petroleum, Inc.,

Per:  _____________________________

Noonan Advisors

Per:  _____________________________

Michael Noonan

Per:  _____________________________

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