Document:

eh1200415_ex1023.htm

EXHIBIT 10.23

 

 

 

 

 

 

 

中华人民共和国四川盆地梓潼区块石油合同

补充协议

 

  SUPPLEMENTARY AGREEMENT

FOR

PETROLEUM CONTRACT

    FOR ZITONG BLOCK, SICHUAN OILFIELD OF

THE PEOPLE'S REPUBLIC OF CHINA

 

 

 

 

 

 

 

 

 

 

中国 北京

BEIJING, CHINA

 

 

  

Page 1 of 17

  

 

 

SUPPLEMENTARY AGREEMENT

FOR

PETROLEUM CONTRACT

FOR ZITONG BLOCK, SICHUAN OILFIELD OF

THE PEOPLE'S REPUBLIC OF CHINA

中华人民共和国四川盆地梓潼区块石油合同补充协议

 

 

This Supplementary Agreement is entered into in Beijing on this 30th day of December, 2011 by and among China National Petroleum Corporation (hereinafter referred to as “CNPC”), Sunwing Energy Zitong Ltd. (hereinafter referred to as “Sunwing”) and Mitsubishi Gas Chemical Company, Inc. (hereinafter referred to as “MGC”); Sunwing and MGC are hereinafter referred to collectively as the “Contractor”, CNPC and the Contractor are hereinafter referred to collectively as the “parties” and individually as a “party”

本补充协议由中国石油天然气集团公司(以下简称“集团公司”),皇朝梓潼能源有限公司(以下简称“皇朝公司”)和三菱瓦斯化学株式会社(以下简称“三菱公司”)于 2011 年 12 月 30日在北京签订。皇朝公司和三菱公司合称为“合同者”, 集团公司与合同者称为“双方”,单独称为“一方”。

WHEREAS

鉴于:

WHEREAS, CNPC and Pan-China Resources Ltd. (hereinafter referred to as “Pan-China”) entered into the 《Contract for Exploration, Development and Production in Zitong Block, Sichuan Basin of the People’s Republic of China 》(hereinafter referred to as “ Contract”) in Beijing on 19 September, 2002;

鉴于集团公司和泛华能源有限公司(以下称“泛华公司”)2002年9月19在北京签订了《中华人民共和国四川盆地梓潼区块勘探、开发和生产合同》(以下简称“合同”);

WHEREAS, the Contract was approved by the Ministry of Foreign Trade and Economic Cooperation of the People’s Republic of China in December, 2002;

鉴于合同已于2002年12月获得中华人民共和国对外贸易经济合作部的批准;

WHEREAS, Pan-China has transferred its rights, interests and obligations under the Contract to Sunwing, and such transfer agreement has been approved by Ministry of Commerce of the People’s Republic of China (“MOFCOM”) on March 21, 2005;

鉴于泛华公司已将其在合同项下的权利,利益和义务转让给皇朝梓潼有限公司(以下称“皇朝公司”),且该转让已于2005年3月21日获得中华人民共和国商务部的批准;

 

 

  

Page 2 of 17

  

WHEREAS,Sunwing has assigned ten percent (10%) of its participating interest under the Petroleum Contract to Mitsubishi Gas Chemical Company, Inc. (hereinafter referred to as “MGC”), and such assignment has been approved by Ministry of Commerce of the People’s Republic of China on May 16, 2006;

鉴于皇朝公司已将其在合同项下百分之十(10%)权益转让给三菱瓦斯化学株式会社(以下称“三菱公司”),且该转让已于2006年5月16日获得中华人民共和国商务部的批准;

WHEREAS, PetroChina Company Ltd. (hereinafter referred to as “PetroChina”) has been authorized to implement the Contract by CNPC according to the Article 23 of the Contract;

鉴于,根据合同中的第23条,中国石油天然气股份有限公司(以下简称“中国石油”)已被集团公司授权执行本合同;

WHEREAS, the second phase of Exploration Period has been extended to 30 June, 2011 based on the agreement between Sunwing and CNPC on January 30, 2011, and now the second phase of Exploration Period has expired;

鉴于根据皇朝公司和集团公司于2011年 1月30日达成的一致意见,合同的勘探期第二阶段被延长至2011年6月30日,且目前合同勘探期第二阶段已到期;

WHEREAS, the Contractor has drilled Zitong 1 well and Yixin 2 well in 2010 and there is potential commercial discovery from these two wells;

鉴于合同者已于2010年钻探梓潼1井和义新2井并且已获得潜在工业发现;

WHEREAS, the Contractor has submitted an appraisal program on Zitong block to JMC before the end of the second phase;

鉴于合同者于勘探期第二阶段期满前向联管会提交了梓潼区块评价计划;

WHEREAS, the Contractor has submitted the framework of the Overall Development Programe to JMC before the end of the second phase;

鉴于合同者已于勘探期第二阶段期满前向联管会递交了概念总体开发方案;

WHEREAS, both parties have agreed to conduct further necessary evaluation work to appraise the potential resource and reserve of Zitong block;

鉴于双方同意对梓潼区块进行进一步评价工作以评价区块内潜在的资源储量;

NOW, THEREFORE, CNPC, Sunwing and MGC agree on the modifications to the Petroleum Contract as follows:

为此,双方经协商一致达成如下协议:

 

 

  

Page 3 of 17

  

 

1. The Evaluation Phase评价阶段

 

1.1 The Contractor will be granted an evaluation phase which will last consecutively thirty-six (36) months beginning with 1st July of 2011 for the Contractor to do the evaluation work based on the evaluation program approved by JMC and CNPC. For the purpose of this agreement, such evaluation phase will be only used to conduct the evaluation work based on the approved evaluation/appraisal program by CNPC, including but not limited to drill appraisal wells, prepare the report of oil and/or gas in place of Oil Field and/or Gas Field, prepare ODP and other necessary relevant documents for the approval of Overall Development Program (ODP).

集团公司同意给予合同者自2011年7月1日起连续36个月时间的评价阶段,用于合同者根据联管会通过的和集团公司批准的评价计划,实施评价工作。为本协议之目的,该评价阶段只能用于合同者执行集团公司批准的评价计划,包括但不限于钻评价井、编制油(气)田的油(气)地质储量报告、编制总体开发方案以及与此相关为报批总体开发方案所需的其他工作。

1.2 The evaluation phase mentioned in clause 1.1 shall be deemed as a part of exploration period of the Contract. The Contract term, development period and production period stipulated in the Contract shall not be extended accordingly with such evaluation phase granted by CNPC.

本条第1.1款提及的评价阶段被视为合同勘探期的一部分。合同中的合同期限、开发期或生产期不因此而延长。

1.3        Costs and Expenses费用与支出

All the petroleum operations conducted by the Contractor in evaluation phase in accordance with the Work Program Budget adopted by JMC and approved by CNPC shall be deemed as part of the exploration operation. All the costs and expenses incurred for such exploration operations shall be deemed as exploration costs and recorded into joint account.

合同者在评价阶段根据联管会采纳并且集团公司批准的工作计划和预算所进行的石油作业将被视为勘探作业。为实施该勘探作业所发生的费用和支出被视为勘探费用记入联合账簿。

 

 

2. Relinquishment of the Contract Area合同区面积撤销

 

2.1 The Contractor shall relinquish all the contract area except for those of 1001.45 square kilometers. The areas to be remained continually by the Contractor is marked out by the geographic location and the coordinates of the connecting points of the boundary lines shown on Annex 1 attached hereto.

合同者除保留1001.45平方公里的合同区面积外,向集团公司归还其他剩余合同区面积。合同者继续保留的合同区面积的地理位置和边界线折点坐标见本协议附件一。

 

2.2 After the Department or Unit approves the report of oil and/or gas in place stipulated in clause 3.4 of this agreement, the Contractor shall relinquish all the contract 

 

 

  

Page 4 of 17

  

 

 

area except for those areas in relation to the approved reserve in the said report of oil and/or gas in place.

待国务院授权的部门或者单位批准了本协议第3.4条规定的油气地质储量报告后,除保留该储量报告中所指定的含气面积外,合同者应向集团公司归还其他剩余合同区面积。

3. Evaluation Work and the Schedule评价工作和时间表

 

Both parties agree that the Contractor shall do and complete the following work at least in the evaluation phase:

双方同意合同者在评价阶段至少完成以下工作:

3.1 The Contractor shall acquire and complete 160 square kilometers 3D seismic lines during the evaluation phase; and

合同者在评价阶段应采集和完成160平方公里的三维地震;

3.2 The Contractor shall drill and complete three (3) horizontal wells during the first thirty months of the evaluation period;

合同者将在评价阶段开始的三十(30)个月内完成3口水平井的钻井和完井工作;

3.3 The work described in the above clause 3.1 and clause 3.2 of this agreement shall be the minimum evaluation work commitment of the evaluation phase and it is also deemed as a part of the minimum exploration work commitment.

本协议第3.1款和3.2款所述的工作量为评价阶段最低限度评价义务,也被视为是勘探期最低限度勘探工作义务的一部分。

At the expiration of evaluation phase, if the evaluation work actually fulfilled by the Contractor is less than the minimum evaluation work commitment for evaluation phase or less than the new minimum exploration work commitment based on Article 6.7 of the Contract, the Contractor shall, within thirty(30) days from the date of the expiration of the evaluation phase, pay CNPC only any unfulfilled balance of the minimum exploration work commitment in US dollars after it has been converted into a cash equivalent using the method provided in Annex II of the Contract, or pay CNPC such cash equivalent of the unfulfilled balance in US dollars from the performance bond which should have been provided to CNPC or PetroChina by the Contractor in accordance with the clause 7 under this agreement.

在评价阶段结束时,如果合同者实际完成的评价工作少于评价阶段最低限度评价工作义务或少于根据合同第6.7款所述的新的最低限度勘探工作义务时,合同者应在评价阶段期满之日起三十(30)天内,将仅限于最低限度勘探工作义务未完成部分按照本合同附件二(会计程序)的规定的办法折算成等值的现金,以美元支付给集团公司, 或者从合同者根据本协议第7条向集团公司或中国石油提供的履约保函中向集团公司支付该等值现金;

 

 

  

Page 5 of 17

  

If the total amount in the performance bond provided by the Contractor to CNPC or PetroChina is not enough to pay CNPC the above cash equivalent of unfulfilled balance of minimum exploration work commitment converted using the method provided in Annex II of the Contract, the Contractor should make up the gap and pay CNPC within thirties (30) days the balance in US dollars between the performance bond and the total cash equivalent of unfulfilled balance of the minimum exploration work commitment using the method provided in Annex II of the Contract. But if the amount under the performance bond has exceeded the above cash equivalent of unfulfilled balance of the minimum exploration work commitment, CNPC has no obligation to return any remained amount of the performance bond to the Contractor.

如果合同者提供给集团公司或中国石油的履约保函的金额不足以向集团公司支付最低勘探工作义务未完成部分按照本合同附件二(会计程序)的规定的办法折算成的等值现金,合同者应弥补履约保函和该等值现金之间的差额并在三十(30)天内将该不足部分以美元支付给集团公司。但是,如果履约保函中的金额已超出合同者应向集团公司赔付的未完成部分的金额,集团公司则无义务将履约保函中的剩余金额归还合同者。

For the convenience of calculation, both parties agree the unfulfilled footage of a unfulfilled evaluation well is the average depth of the previous evaluation wells drilled by the Contractor in the evaluation phase.

为了计算方便,双方同意未完成的评价井的未完成进尺是合同者在评价阶段所钻的井的平均深度。

 

 

3.4 The Contractor shall:

合同者应:

(1) complete and submit to CNPC the report of oil and/or gas in place no later than six(6)months prior to the expiration of the evaluation phase, which should be qualified to the standards, rules and criteria made by the Department or Unit for preparing the report of oil and/or gas in place of Oil Field and/or Gas Field;, and

不迟于评价阶段结束前的六(6)个月,完成并向集团公司提交符合国务院授权的部门或者单位关于油(气)田的油(气)地质储量报告编制规定标准的油(气)田的油(气)地质储量报告;

(2) complete and submit to CNPC the Overall Development Program(ODP) no later than three (3) months prior to the expiration of evaluation phase, which should be qualified to the national oil and gas industry standards, rules and criteria of China for preparing the ODP, as well as the requirements of the Contract on ODP.

不迟于评价阶段结束前的三(3)个月,完成并向集团公司提交符合中国国家油气行业标准及合同关于总体开发方案规范要求的总体开发方案。

 

 

  

Page 6 of 17

  

 

3.5 The detail evaluation work and the schedule have been attached to this agreement as the Annex 2.

详细的评价计划和时间表列明在本协议的附件2中;

4、Determination of Commerciality and Non-associated Natural Gas

油田商业价值的确定和非伴生天然气

4.1 Modifying the Article 11.3 of the Contract as the following:

将合同11.3款修改为:

“11.3 No later than three (3) months prior to the expiration of evaluation phase, the Operator shall submit to JMC a detailed report on the appraisal of the commerciality of the discovered Petroleum-bearing trap.

11.3不迟于评价阶段期满前的三(3)个月,作业者应向联合管理委员会提交一份关于该发现的含石油圈闭有无商业价值的详细评价报告。

The appraisal report shall include the evaluation on geology, development, engineering and economics and the Overall Development Program to be approved, and the Overall Development Program shall include, but not be limited to, the Maximum Efficient Rate (MER) and the estimated duration of the production period determined in accordance with the international Petroleum industry practice, as well as the Delivery Point, a plan for utilization of Associated Natural Gas, and the basket of internationally traded Crude Oils referred to in Article 14.4.4.5 hereof.

评价报告应包括地质、开发、工程和经济评价以及待批准的总体开发方案。在该总体开发方案中应包括,但不限于,按照国际石油工业惯例确定的最大有效采油速度和估计的生产期年限,以及交货点、伴生天然气的利用方案以及本合同第14.4.4.5款所述的进行国际交易的“一篮子”原油。

No later than three (3) months prior to the submission of the Overall Development Program, the Operator shall:

(a) submit to CNPC the report of oil and/or gas in place of Oil Field and/or Gas Field; and

(b) entrust a qualified organization to prepare the Environmental Impact Statements.

不迟于总体开发方案提交前的三(3)个月,作业者应向集团公司提交:(1)油(气)田的油(气)地质储量报告;(2) 委托有资格的单位编写的《环境影响报告书》。

The reports and statements mentioned in (a) and (b) above shall be submitted to the competent authorities of the Chinese Government through CNPC for review and approval.

上述地质储量报告和《环境影响报告书》均由集团公司报送中国政府主管部门审查批准。

 

 

  

Page 7 of 17

  

If the Contractor doesn’t submit the Overall Development Program within three (3) months after the end of the evaluation phase, the Contractor shall be deemed to have abandoned the right of the said Petroleum discovery. The area in relation with the said Petroleum discovery shall be relinquished by the Contract from the Contract Area.

在评价阶段结束后三(3)个月内,如果合同者未就梓潼区块的石油或天然气发现提交符合合同规定的总体开发方案,合同者将被视为已经放弃了对该石油发现的权利。该石油发现的面积应从合同区中撤除。

If the parties can not reach agreement on the Overall Development Program within three (3) months after the submission of such Overall Development Program by the Contractor, the said Overall Development Program shall be submitted to an expert for review, who will be appointed according to the provisions of the Article 27 hereof.

如果合同者递交了总体开发方案后三(3)个月内,双方不能就合同者提交的总体开发方案达成一致,则该总体开发方案应被提交给一个根据本合同第二十七条的规定指定的专家进行审查。

4.2 Modified the Article 18.2.1.4 of the Contract as the following:

将合同第18.2.1.4款修改为:

“18.2.1.4  No later than six (6) months prior to the expiration of evaluation phase, the Operator shall submit to JMC a detailed appraisal report on the oil and/or gas in place of the Gas Reservoir. The appraisal report shall include, but not be limited to, the Gas Reservoir properties, the depth of the gas-bearing reservoir, the reserves in place, the recoverable reserves, the recovery factor, the estimated production periods, the estimated production profile and the constituent analysis of the Natural Gas.

不迟于评价阶段结束前的六(6)个月,作业者应提交一份详细的关于该气藏地质储量的评价报告,报联合管理委员会。该评价报告应包括但不限于,气藏性质、储气层深度、地质储量、可采储量、采收率、预计的生产期、预计的生产曲线和天然气组分分析。”

4.3 In spite of content in Article 18 of the Contract, regarding the report of gas in place and the Overall Development Program in relation with the Non-associated Natural Gas field, both parties agree hereby that the Contractor shall:

尽管有合同中第十八条之规定,关于非伴生气气田的天然气地质储量报告和总体开发方案,双方在此同意,合同者应:

(1) complete and submit to CNPC the report of oil and/or gas in place of Oil Field and/or Gas Field which should be qualified to the standards, rules and criteria made by

 

 

  

Page 8 of 17

  

 

the Department or Unit for preparing such report early than six(6)months prior to the expiration of the evaluation phase; and

在评价阶段结束的六(6)个月前,向集团公司提交符合国家关于油(气)田的油(气)地质储量报告编制规定的非伴生气田的石油/天然气地质储量报告;

(2) complete and submit to CNPC the ODP which should be qualified to the national oil and gas industry standards, rules and criteria of China for preparing the ODP, as well as the requirements of the Contract on ODP early than three (3) months prior to the expiration of evaluation phase.

在评价阶段结束的三(3)个月前,完成并向集团公司提交符合国家油气行业标准及合同规定的总体开发方案要求的非伴生气田总体开发方案。

4.4 In spite of the Article 18.2.1.8, both parties agree hereby that there will be no “Market Development Period” due to the lack of the market or the consuming facilities after the expiration of evaluation phase.

尽管有合同中之第18.2.1.8款之规定,双方在此同意,在评价阶段结束之后不再有因“缺乏市场或消费设施”而导致的“市场开发期”。

5. Costs成本与费用

All the costs and expenses incurred by the Contractor depends on the Work Program and Budget adopted by JMC and approved by the CNPC in evaluation phase shall be deemed as the Exploration Cost, and shall be born and recovered by the Contractor and recorded in exploration cost account base on the Annex II of the Contract, subject to Article 19 of the Contract.

评价阶段依据联管会通过和集团公司批准的工作计划和预算发生的费用视为勘探费用;受限于合同第十九条之规定,该费用与支出由合同者承担和回收,并按照合同附件二的规定记入联合帐簿。

6.Confidentiality保密

Modified the Article 22.2(b)of the Contract as the following:

将合同第22.2(2)款修改为:

(b)  original data and information and their interpretations covered by any discovery at the end of the second exploration phase if the Contractor has an option under Article 6.4 (a) hereof, or at the end of the appraisal work or evaluation phase if the Contractor has an option under Article 6.4 (b) hereof.

(2)  如果合同者做出本合同第6.4款第(1)项的选择,则在勘探期第二阶段结束时;或如果合同者做出本合同第6.4款第(2)项的选择,则在评价工作结束时或评价阶段结束时,任一发现上的原始数据、资料和其解释。

7. Performance Bond履约保函

The Contractor shall provide a performance bond to CNPC phase by phase based on 

 

 

  

Page 9 of 17

  

 

 

the evaluation program for the evaluation phase adopted by JMC and approved by CNPC, and the requirement on issue time and amount for the performance bond provided by the  Contractor has been described in the annex 3 attached to this agreement.

基于联管会通过并且经集团公司批准的评价阶段的评价计划,合同者应分阶段向集团公司提供履约保函。关于提供履约保函的时间要求和金额列在本协议附件三中。

8. Termination of the Contract

合同的终止

8.1 In spite of the Article 11 and Article 18 under the Contract, both parties agree hereby that in order to complete the ODP and get the approval from the Department or Unit on ODP, the Contractor shall submit to CNPC the report of oil and/or gas in place qualified to the standards, rules and criteria made by the Department or Unit for preparing the report of oil and/or gas in place no later than six (6) months prior to the end of the evaluation phase. If the Contractor fails to submit the above report to CNPC on time as the requirement of this agreement, or the said report does not get the approval from the Department or Unit or its authorized reviewing organization after CNPC submitting the above report to the Department or Unit, the Contract shall be terminated automatically at any time without the consent of the any Party.

尽管合同第十一条、第十八条之规定以及本协议第4条之规定,双方在此确认,为完成总体开发方案并获得国务院授权的部门或单位对其的批准,合同者应该不迟于评价阶段期满前的六(6)个月,向集团公司提交符合国家关于油气地质储量报告编制规定的油气地质储量报告。如果合同者没有按时向集团公司提交该储量报告,或者集团公司将合同者提交该储量报告上交该国务院授权的部门或单位后,国务院授权的部门或单位或者其授权的评审机构没有通过该储量报告,则无需任何一方的同意,合同将自动终止。

8.2 In spite of the Article 11,Article 18 and Article 28.7(3) under the Contract and the clause 4 of this agreement, both parties agree hereby that the Contract shall be terminated automatically at any time without the consent of any Party as any of the following conditions incurred:

尽管有合同第十一条、第十八条以及第28.7(3)款之规定以及本协议第4条之规定,双方在此同意,在下列任何一种情况发生时,无需任何一方的同意,合同将自动终止:

(1) the Contractor fails to submit to CNPC the ODP qualified to the National oil and gas industry standards, rules and criteria for preparing ODP, as well as the requirements of the Contract on ODP within three (3) months after the expiration of evaluation phase; or

评价阶段期满后三(3)个月内,如果合同者没有向集团公司提交符合国家关于油气行业标准及合同规定的总体开发方案规范要求的总体开发方案;或者

 

 

  

Page 10 of 17

  

(2) both parties can not reach agreement on the ODP submitted by the Contractor within six (6) months after the end of evaluation phase; or

在评价阶段期满后的六(6)个月内,如果双方不能就合同者提交的总体开发方案达成一致意见;或

(3) the Contractor fails to provide the performance bond to CNPC on time as the requirement of this agreement.

如果合同者不能按时按照本协议提供履约保函。

9. Liability 责任

By the termination of the Contract, any party should not leave any responsibility or liability born by such party according to the Contract to the other party, including but not limited to any liability of paying abandonment costs as well as environment recover responsibilities.

合同终止时任何一方不应将其在合同项下的责任与义务转移给另一方,包括但不限于支付放弃费和环境恢复的责任。

10. Others 其他

Except any expression and description in this agreement, any rights and obligations of the Contractor under the Contract shall be applied to evaluation phase, including but not limited to the training fee and assistant fee to CNPC.

除本协议明文规定外,合同者根据合同在勘探期内应享受的权利和应承担的义务应继续适用于评价阶段,包括但不限于向集团公司支付培训费、协助费等义务。

11. All definitions and the provisions under the Contract shall be applied to this agreement except of any expression and description in this agreement.

除本协议有明文规定,否则合同中的定义和规定仍然适用于本协议。

12. This Supplementary Agreement shall be written in both Chinese and English, and both versions shall have equal force and effect.

本协议以中英文写就,具有同等效力。

13. This Supplementary Agreement, as a supplementary document to the Contract, shall be an integral part of the Contract.

本修改协议作为合同的补充文件,构成合同不可分割的组成部分。

14. This Supplementary Agreement is executed in seven originals and CNPC will hold three originals and Sunwing and MGC will retain two originals respectively.

   本补充协议一式七份,集团公司执三份,皇朝公司和三菱公司各执二份。

15. The Supplementary Agreement shall be effective upon the approval of the Ministry of Commerce of the People’s Republic of China (MOFCOM) to this agreement.

 

  

Page 11 of 17

  

 

 

本修改协议从中华人民共和国商务部批准之日起生效。

IN WITNESS WHEREOF, this Agreement is signed on 30th December, 2011 by the authorized representatives of each Party hereto.

双方委派各方下述代表于2011年12月30日签署本协议。

By: /s/ Mr. Yan Cunzhang _______

Mr. Yan Cunzhang/ 阎存章先生

For and on Behalf of

China National Petroleum Corporation/ 代表中国石油天然气集团公司

By: /s/ Mr. Patrick Chua ________

Mr. Patrick Chua/蔡金锵先生

For and on Behalf of

Sunwing Energy Zitong Ltd. / 代表皇朝梓潼能源有限公司

By: /s/ Mr. Shinichi Mitsuda _____

Mr. Shinichi Mitsuda / 满田 信一

For and on Behalf of

Mitsubishi Gas Chemical Company, Inc. / 代表三菱瓦斯化学株式会社

  

Page 12 of 17

  

Annex 1: The geographic location and the coordinates of the connecting points of the boundary lines of the remained contract area

附件一:保留的合同区面积的地理位置和边界线折点坐标

Annex 2: The detail evaluation work and the schedule

附件二:评价工作计划包括预计的工作时间表

Annex 3: The schedule and requirements for the Contractor providing performance bond to CNPC

附件三:合同者向集团公司提供履约保函的时间表及要求

 

 

  

Page 13 of 17

  

 

 

Annex 1: The geographic location and the coordinates of the connecting points of the boundary lines of the remained contract area

附件一:保留的合同区面积的地理位置和边界线折点坐标

保留的合同区面积为:1001.45平方千米,地理位置和边界线折点坐标如下:

	
拐点

	
北纬

	
东经

	
度

	
分

	
秒

	
度

	
分

	
秒

	
A

	
31

	
45

	
0

	
104

	
54

	
45

	
B

	
31

	
45

	
0

	
105

	
4

	
50

	
C

	
31

	
36

	
15

	
105

	
4

	
50

	
D

	
31

	
36

	
15

	
105

	
7

	
50

	
E

	
31

	
34

	
50

	
105

	
7

	
50

	
F

	
31

	
34

	
50

	
105

	
13

	
35

	
G

	
31

	
37

	
45

	
105

	
13

	
35

	
H

	
31

	
37

	
45

	
105

	
21

	
40

	
I

	
31

	
34

	
50

	
105

	
21

	
40

	
J

	
31

	
34

	
50

	
105

	
28

	
20

	
K

	
31

	
31

	
10

	
105

	
28

	
20

	
L

	
31

	
31

	
10

	
105

	
21

	
55

	
M

	
31

	
27

	
35

	
105

	
21

	
55

	
N

	
31

	
27

	
35

	
105

	
13

	
30

	
O

	
31

	
26

	
5

	
105

	
13

	
30

	
P

	
31

	
26

	
5

	
105

	
3

	
50

	
Q

	
31

	
29

	
25

	
105

	
3

	
50

	
R

	
31

	
29

	
25

	
104

	
59

	
45

	
S

	
31

	
32

	
15

	
104

	
59

	
45

	
T

	
31

	
32

	
15

	
104

	
52

	
5

	
U

	
31

	
35

	
15

	
104

	
52

	
5

	
V

	
31

	
35

	
15

	
104

	
54

	
45

 

 

  

Page 14 of 17

  

 

 

 

  

Page 15 of 17

  

 

 

Annex 2: The detail evaluation work and the schedule

附件二:评价工作计划包括预计的工作时间表

	
ZITONG BLOCK - PROPOSED PROGRAM

	  	  	  	 	  	  	 	  	  	  	  	  	  
	  	  	  	
3D Seismic

	  	  	  	  	 	
 Drilling & Completion

	 	  	  	  	  	  	  
	
Year

	
Month

	  	
Acquisition

	
Size, Sq KM

	
Processing

	
Interpre

tation

	
Cost

 MM$

	 	
Drilling Rig # 1

	
Cost, 

MM$

	 	
Drilling 

Rig # 2

	
Cost, MM$

	
Completion

	
 Cost, 

MM$

	 	
Cost, MM$

	
2011

	
July. 1

	  	
Start of Appraisal Period

	  	  	  	 	  	  	 	  	  	  	  	  	  
	
2011

	
August

	  	
JMC

	  	  	  	  	 	  	  	 	  	  	  	  	  	  
	  	
September

	  	  	  	  	  	  	 	  	  	 	  	  	  	  	  	  
	  	
October

	  	
Supplemental Agreement

	  	  	  	 	  	  	 	  	  	  	  	  	  
	  	
November

	  	
Wen

	
60

	  	  	
1.5

	 	
Pre Drill

	  	 	
Pre Drill

	  	  	  	  	  
	  	
December

	  	
Wen

	  	
Wen

	  	
1.0

	 	
Pre Drill

	
0.6

	 	
Pre Drill

	
0.6

	  	  	  	  
	
2012

	
January

	  	
Guan

	  	
Wen

	
Wen

	
1.0

	 	
Rig Tender

	  	 	
Rig Tender

	  	  	  	  	  
	  	
February

	  	
Guan

	
100

	
Guan

	
Wen

	
1.0

	 	
Rig Tender

	  	 	
Rig Tender

	  	  	  	  	  
	  	
March

	  	
Guan

	  	
Guan

	
Wen/Guan

	
1.0

	 	
Lease #1 Select

	
0.6

	 	  	  	  	  	  	  
	  	
April

	  	  	  	
Guan

	
Guan

	
1.5

	 	
Land Acq.

	  	 	
Lease #2 Select

	
0.6

	  	  	  	  
	  	
May

	  	  	  	  	
Guan

	
2.0

	 	
Land Acq.

	  	 	
Land Acq.

	  	  	  	  	  
	  	
June

	  	  	  	  	
Guan

	
2.0

	 	
Lease Constr.

	  	 	
Land Acq.

	  	  	  	  	  
	  	
July

	  	  	  	  	  	  	 	
Lease Constr.

	  	 	
Lease Constr.

	  	  	  	  	  
	  	
August

	  	  	  	  	  	  	 	
Move in/Rig up

	  	 	
Lease Constr.

	  	  	  	  	  
	  	
September

	  	  	  	  	  	  	 	
Wen #1 Horiz

	  	 	
Move in/Rig up

	  	  	  	  	  
	  	
October

	  	  	  	  	  	  	 	
Wen #1 Horiz

	  	 	
Guan #1 Horiz

	  	  	  	  	  
	  	
November

	  	  	  	  	  	  	 	
Wen #1 Horiz

	  	 	
Guan #1 Horiz

	  	  	  	  	  
	  	
December

	  	  	  	  	  	  	 	
Wen #1 Horiz

	  	 	
Guan #1 Horiz

	  	  	  	  	  
	
2013

	
January

	  	  	  	  	  	  	 	
Wen #1 Horiz

	
11.0

	 	
Guan #1 Horiz

	  	  	  	  	  
	  	
February

	  	  	  	  	  	  	 	
Move out rig

	  	 	
Guan #1 Horiz

	
11.0

	  	  	  	  
	  	
March

	  	  	  	  	  	  	 	
Rig up Well #3

	  	 	  	  	
Move/out- in

	  	  	  
	  	
April

	  	  	  	  	  	  	 	
Well #3 horiz

	  	 	  	  	
Wen #1 Compl.

	  	  	  
	  	
May

	  	  	  	  	  	  	 	
Well #3 horiz

	  	 	  	  	
Wen #1 Compl.

	  	  	  
	  	
June

	  	  	  	  	  	  	 	
Well #3 horiz

	  	 	  	  	
Wen #1 Compl.

	
11.0

	  	  
	  	
July

	  	  	  	  	  	  	 	
Well #3 horiz

	  	 	  	  	
Guan #1 compl.

	  	
Test

	  
	  	
August

	  	  	  	  	  	  	 	
Well #3 horiz

	
11.0

	 	  	  	
Guan #1 compl.

	  	
Test

	  
	  	
September

	  	  	  	  	  	  	 	
Well #3 Compl

	  	 	  	  	
Guan #1 compl.

	  	
Test

	  
	  	
October

	  	  	  	  	  	  	 	
Well #3 Compl

	  	 	  	  	
Guan #1 compl.

	
11.0

	
Test

	  
	  	
November

	  	  	  	  	  	  	 	
Well #3 Compl

	  	 	  	  	  	
11.0

	
Test

	  
	  	
December

	  	
Submit OOGIP Report

	
& Environmental Report

	 	  	  	 	  	  	  	  	
Test

	  
	
2014

	
January

	  	  	  	  	  	  	 	  	  	 	  	  	  	  	
Test

	  
	  	
February

	  	  	  	  	  	  	 	  	  	 	  	  	  	  	
Test

	  
	  	
March

	  	
Submit ODP

	  	  	  	
2.5

	 	  	  	 	  	  	  	  	
Test

	  
	  	
April

	  	  	  	  	  	  	 	  	  	 	  	  	  	  	
Test

	  
	  	
May

	  	  	  	  	  	  	 	  	  	 	  	  	  	  	
Test

	  
	  	
June

	  	  	  	  	  	  	 	  	  	 	  	  	  	  	
Test

	  
	  	
June . 30

	  	
End of 36 month Appraisal

	  	  	 	  	  	 	  	  	  	  	
Test

	  
	  	  	  	  	
32160

	  	  	  	 	  	  	 	  	  	  	  	  	  
	
Total Cost to 2013

	  	  	  	  	  	
$14

	 	  	
$23

	 	  	
$12

	  	
$33

	  	
$16,462

  

Page 16 of 17

  

 

Annex 3: The schedule and requirements for the Contractor providing performance bond to CNPC

附件三:合同者向集团公司提供履约保函的时间表及要求

 

	
CNPC and Sunwing agree that the Contractor shall provide performance bond to CNPC, and/or PetroChina in accordance with the following table in order to implement the evaluation work described in main body of this Supplementary Agreement and other exploration work stipulated in the Contract:

集团公司和皇朝公司同意,为履行本协议规定的评价工作以及合同中规定的其他勘探工作,合同者将按照下表的要求向集团公司和/或中国石油提供履约保函:

 

	
The Requirement on Time and Amount for the Contractor

to Provide Performance Bond to CNPC

 

	
关于合同者提供履约保函的时间和金额要求

 

	
issue time

	
amount

	
valid period

	
Prior to December 31, 2011

2011年12月31日之前

	
20 million USD

两千万美元

	
December 31, 2011 to June 30, 2012

2011年12月31日至2012年6月30日

	
Prior to July 1, 2012

2012年7月1日之前

	
20 million USD

两千万美元

	
July 1, 2012 to June 30, 2013

2012年7月1日至2013年6月30日

	
Prior to July 1, 2013

2013年7月1日之前

	
20 million USD

两千万美元

	
July 1, 2013 to June 30, 2014

2013年7月1日至2014年6月30日

 

 Page 17 of 17eh1200415_ex1024.htm

EXHIBIT 10.24

 

Memorandum of Understanding

 

This Memorandum of Understanding (“MOU”) is made on January 11, 2012 by and between:

Sunwing Zitong Energy Ltd., a company incorporated and existing under the laws of the British Virgin Islands and having its registered office at MidOcean Management and Trust Services (BVI) Limited, 9 Columbia Centre, Road Town, Tortola, British Virgin Islands (hereinafter “SZE”); and

Shell China Exploration and Production Company Limited, a company organised and existing under the laws of England, and having a registered office in 3rd Floor, East Wing, China World Trade Center, No. 1 Jian Guo Men Wai Dajie, Beijing, China (hereinafter “Shell”).

(SZE and Shell are hereinafter also referred to individually as a “Party” and collectively as the “Parties”).

Whereas

 

	
A)  

	
China National Petroleum Corporation (“CNPC”), SZE and Mitsubishi Gas Chemical Company Inc. (“MGC”) are parties to the Contract for Exploration, Development and Production in Zitong Block, Sichuan Basin of the People’s Republic of China dated September 19, 2002 (as amended and supplemented from time to time in accordance with its terms) (the “Petroleum Contract”);

 

	
B)  

	
SZE and MGC comprise the Contractor under the Petroleum Contract and hold 90% and 10% respectively of the participating interests of the Contractor in and under the Petroleum Contract and of the participating interests in the Joint Operating Agreement dated November 25, 2005 entered into between SZE and MGC (the “JOA”);

 

	
C)  

	
On December 30, 2011 SZE, MGC and CNPC executed a supplementary agreement to the Petroleum Contract setting forth the terms and conditions upon which SZE and MGC shall undertake an evaluation phase on the Zitong Block (the “Supplementary Agreement”);

 

	
D)  

	
SZE wishes to sell and assign and Shell wishes to purchase and take assignment of all of the participating interests of SZE (including as Operator) in and under the Petroleum Contract and JOA together with SZE’s interest in all assets, data, reports, contracts and all other interests relating to such participating interests (collectively, the “Transferred Interests”); and

 

	
E)  

	
The Parties wish to record their understanding with regard to the discussions and negotiations in respect of the potential sale and purchase of the Transferred Interests (the “Transaction”).

 

 

  

Page 1 of 6

  

 

Therefore it is hereby agreed as follows:

	
1.  

	
Sale and Purchase of Transferred Interest

 

Subject to each of the Conditions being satisfied (or if capable of waiver, waived by the Party in whose favour they have been written) in accordance with the definitive and binding Purchase and Sale Agreement to be agreed and entered into by the Parties (the “PSA”), together with deeds for the assignment of the participating interests of SZE in and under the Petroleum Contract and the JOA (the “Assignment Deeds”), SZE shall sell and assign to Shell, and Shell shall purchase and take assignment from SZE, with effect on the Completion Date, the Transferred Interests, free from any and all charges, liens, pledges and other encumbrances, subject to the terms of the Petroleum Contract, the JOA and any applicable laws of China.

 

The date on which the Conditions are satisfied or waived in accordance with the PSA shall be the “Condition Date”. “Completion” will take place within ten (10) business days following the Condition Date and the date on which Completion takes place shall be the “Completion Date”.

 

The Parties shall use all reasonable efforts to complete the PSA as expeditiously as possible following execution of this MOU and no later than the commencement of Chinese New Year in January 2012 (or such later date as the Parties may agree).

	
2.  

	
Consideration

 

In consideration for the sale and assignment of the Transferred Interest by SZE to Shell, Shell shall make the following cash payments to SZE:

 

	
(a)  

	
Past Costs Amount - reimbursement to SZE of SZE’s share of the costs and expenses incurred by the Contractor under the Petroleum Contract (“Past Costs”) from the Date of Commencement of the Implementation of the Contract (as defined in the Petroleum Contract) up to the Completion Date) that have been audited and allowed for cost recovery under the Petroleum Contract by CNPC/PetroChina (the “Past Costs Amount”), which shall be determined in accordance with Clause 3, up to a maximum amount of US$85,000,000 (the “Past Costs Cap”); plus

 

	
(b)  

	
Bonus Payment - an additional bonus amount based on the timing of receipt of all required approvals and the Condition Date (the “Bonus Payment”), which shall be determined in accordance with Clause 4 and paid on the Completion Date.

 

In addition, as of Completion Date, Shell will assume the performance bond obligations in accordance with the provisions of the Supplementary Agreement and will use all reasonable endeavours to procure that CNPC shall release the performance bond provided pursuant to and in accordance with the Supplementary Agreement by SZE, Ivanhoe Energy Inc. (“Ivanhoe”) or any entity on their behalf.

 

 

 

  

Page 2 of 6

  

	
3.  

	
Determination of Past Costs Amount

 

On Completion Date, and subject to the Past Costs Cap, Shell shall pay to SZE the portion of the Past Costs Amount that relates to Past Costs incurred in: (i) the period from the Date of Commencement of the Implementation of the Contract (as defined in the Petroleum Contract) through 2010; and (ii) any period after 2010 but prior to the Completion Date for which CNPC/PetroChina has completed its audit and allowed for cost recovery under the Petroleum Contract.

 

If by the Completion Date CNPC/PetroChina has not audited and allowed for cost recovery any of the Past Costs incurred in 2011 and/or 2012 under the Joint Account (as defined in the Petroleum Contract) or has audited and allowed for cost recovery any such Past Costs but the result of such audit or CNPC/PetroChina’s approval has not been made available to Shell at least 10 business days prior to the Completion Date, then the Past Cost Amount reimbursement on the Completion Date will not comprise such portion of the Past Costs (but rather such portion will be paid within 10 business days from the date on which the result of such audit or CNPC/PetroChina’s approval is provided to Shell). The Parties will use reasonable efforts to have any outstanding CNPC/PetroChina audits of Past Costs incurred up to the Completion Date completed as quickly as possible. Upon completion of each relevant audit and allowance of such Past Cost for cost recovery by CNPC/PetroChina, Shell shall make an additional Past Cost Amount payment (as required) to SZE to reflect the audited amount allowed for cost recovery by CNPC/PetroChina, subject always to the Past Costs Cap, and such payment shall be made within 10 business days.

 

In any event, and in accordance with the provisions of Clause 19.2.1 of the Petroleum Contract, if any of the Joint Account is not finally audited within a 24-month period from the Completion Date or no written notice of any exception to the final auditing results is given by CNPC/PetroChina within such 24-month period, the relevant Past Costs under the Joint Account shall be deemed correct and Shell shall pay the corresponding portion of the Past Costs Amount to SZE, and such payment shall be made within 10 business days.

 

	
4.  

	
Determination of Bonus Payment

 

The amount of the Bonus Payment payable under Clause 2(b) shall depend on the timing of receipt of all required approvals and the Condition Date, as follows:

 

	
(a)  

	
If the Condition Date is on or before April 14, 2012, the Bonus Payment will be US$75 million;

 

	
(b)  

	
If the Condition Date is after April 14, 2012 but on or before June 30, 2012, the Bonus Payment will be US$65 million;

 

	
(c) 

	
If the Condition Date is after June 30, 2012 but on or before September 30, 2012, the Bonus Payment will be US$50 million; and

 

	
(d)  

	
If the Condition Date is after September 30, 2012 but on or before December 31, 2012, the Bonus Payment will be US$20 million.

 

 

  

Page 3 of 6

  

	
5.  

	
Conditions

 

The Completion of the Transaction is subject to the satisfaction of the following conditions (the “Conditions”):

 

	
(a)  

	
the approval by Ministry of Commerce of the Supplementary Agreement, and the performance bond required under the Supplementary Agreement having been posted in accordance therewith;

 

	
(b)  

	
negotiation and execution of the PSA (including the Assignment Deeds);

 

	
(c)  

	
execution of a legally binding Amendment Agreement to the Petroleum Contract between Shell, CNPC and MGC and a legally binding JOA Amendment Agreement between Shell and MGC, provided that the amendments will be only those required to effect the assignments to Shell, and Shell will not propose other substantive changes to those contracts for the purpose of Completion of the Transaction;

 

	
(d)  

	
Shell completing its due diligence (which shall be completed prior to the PSA being executed) on the Transferred Interests including without limitation, a review of contractual, financial, commercial, technical, legal and taxation aspects of the Transaction to the reasonable satisfaction of Shell;

 

	
(e)  

	
the board of directors of Ivanhoe, SZE and Shell approving the Transaction, which approvals shall be obtained prior to execution of the PSA;

 

	
(f)  

	
receipt by each relevant Party of all government and other approvals or consents required for entering into the PSA (including the Assignment Deeds), the Amendment to the Petroleum Contract and the JOA Amendment Agreement, and the Completion of the Transaction; and

 

	
(g)  

	
receipt of waivers in writing of all rights of first refusal, priority rights or other pre-emption rights that exist under the Petroleum Contract, the JOA or otherwise and are triggered by the Transaction.

 

Given the Parties’ desire to complete the Transaction as expeditiously as possible, the Parties shall cooperate and shall use all reasonable endeavours to satisfy the Conditions as soon as reasonably possible after execution of this MOU. The parties agree that the PSA will provide that Completion must occur on or before December 31, 2012 (the “Longstop Date”) and that failure to achieve Completion by the Longstop Date will give rise to the right of termination by either Party.

 

 

  

Page 4 of 6

  

	
6.  

	
Exclusivity

 

The Parties hereby agree to an exclusive dealing period (the “Exclusivity Period”) commencing on the date of signing of this MOU and ending at 5:00 p.m. (Calgary, Alberta time) on March 1, 2012.

 

During the Exclusivity Period, SZE shall not, and procure that Ivanhoe does not, directly or indirectly (through any officer, trustee, director, agent, affiliate or otherwise) solicit, initiate, encourage or entertain any inquiries, proposals or offers from any person (other than Shell or any affiliate of Shell) relating to any sale, farm-out, assignment, joint venture or exchange of or involving any interest in SZE or the Transferred Interests and shall not provide any documents or data, or access to the electronic data room, in respect of SZE or the Transferred Interests to any third party, except as required to satisfy the Conditions.

 

	
7.  

	
Confidentiality

 

Neither Party, nor any representative of either Party, shall disclose any information relating to this MOU or the terms herein (including the fact that this MOU has been entered into) to any third party (other than: (i) any of its affiliates on a reasonable need to know-basis; (ii) its advisors who have a need to know for the purposes of evaluating a possible Transaction; and (iii) as required to satisfy the Conditions provided that Shell may contact CNPC/PetroChina and/or MGC for such purposes only with the consent of SZE which shall not be unreasonably withheld), and subject to any requirement of either Party to make such disclosure as may be required by applicable law or the rules of any applicable stock exchange. For greater certainty, any information relating to this MOU or the terms hereof (including the fact that this MOU has been entered into) shall be considered "Confidential Information" for the purposes of the Confidentiality Agreement recently entered into by the Parties.

 

	
8.  

	
Press Release

 

No public announcement or statement may be made or press release issued by a Party regarding this MOU or matters arising in relation to this MOU without prior written approval of the other Party, except as may be necessary, in the opinion of its legal counsel, to comply with the requirements of any stock exchange on which the shares of such Party or its affiliate are listed or with any law, governmental regulation or order with which that Party is bound to comply.

 

	
9.  

	
Assignment

 

Neither Party shall be permitted to assign any of its interests hereunder without the prior written consent of the other Party.

 

  

Page 5 of 6

  

 

	
10.  

	
Governing Law And Arbitration

 

This MOU shall be governed by and construed in accordance with the laws of England without giving effect to the principles of conflicts of law.

 

Any dispute arising out of or in connection with this MOU including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the LCIA Rules which Rules are deemed to be incorporated by reference into this Clause 10. The number of arbitrators shall be three. The seat, or legal place, of arbitration shall be London, England, and the language to be used in the arbitration shall be English.

 

	
11.  

	
Effect of MOU

 

Except as otherwise stated herein, (i) references in this MOU to a ‘Clause’ shall be to a clause of this MOU, and (ii) each Party shall bear its own expenses in connection with the Transaction.

 

This MOU shall constitute binding and legally enforceable terms between SZE and Shell, subject to the conditions stated herein.

 

SIGNED

 

 

	

For Sunwing Zitong Energy Ltd.

	

For Shell China Exploration and Production Company Limited

	 	 	 	 
	 	 	 	 
	

/s/ Patrick Chua

	 	

/s/ HK Lim

	 
	 	 	 	 
	 	 	 	 
	

Name: Patrick Chua

	 	

Name: HK Lim

	 
	 	 	 	 
	

Title: Director

	 	

Title: Shell China Executive Country Chair

	 
	 	 	 	 
	

Date: January 11, 2012

	 	

Date: January 11, 2012

	 

 

 

 

 

 

Page 6 of 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]