Document:

EX-10.2

 Exhibit 10.2 

LYONDELLBASELL INDUSTRIES 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT 

This Nonqualified Stock Option Award Agreement (“Award Agreement”) is entered into effective as of
            , 2015 (the “Grant Date”), by and between LyondellBasell Industries N.V., a public limited liability company incorporated under the laws of The Netherlands (together
with its subsidiaries and affiliates, the “Company”) and you (the “Participant”), pursuant to the LyondellBasell Industries 2010 Long-Term Incentive Plan, as amended (the “Plan”). Participant agrees that the terms and
conditions of this Award Agreement will govern Participant’s rights with respect to the Option (defined below) exclusively, notwithstanding any contrary provision in any employment agreement or prior award. Participant and Company agree to
execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Award Agreement. Except as defined in this Award Agreement, capitalized terms have the same meanings ascribed to them in
the Plan. 
 The Participant and the Company have entered into this Award Agreement and have agreed to the terms and conditions included in
Exhibit A as an express incentive for the Participant and the Company to enter into the Award Agreement and in consideration for the Company or any of its Subsidiaries providing (i) the consideration set forth in the Award Agreement and
(ii) Confidential Information to the Participant, to further protect the trade secrets and Confidential Information disclosed or entrusted to the Participant, to protect the business goodwill of the Company and its Subsidiaries, to protect the
business opportunities disclosed or entrusted to the Participant, and to protect the other legitimate business interests of the Company and its Subsidiaries. In executing this Award Agreement, the Participant expressly acknowledges and agrees that
the Award Agreement aligns the Participant’s interests with the Company’s long-term business interests, creates a further incentive for the Participant to build the Company’s goodwill and the provisions contained in Exhibit A are
reasonably related to the Company’s legitimate interest in protecting its goodwill. 
 The terms and conditions of this Award
Agreement as offered herein must be accepted by the Participant prior to             , 2015. Failure to timely accept the terms by such time will result in immediate and irrevocable
cancellation of the award offered. 
 1. Grant. 

In accordance with, and subject to, the terms and conditions of the Plan, the Company hereby grants to Participant a stock option that is
intended to be a nonqualified stock option within the meaning of Section 83 of the Code (the “Option”). The Option grants Participant the right to purchase from the Company up to but not exceeding in the aggregate
                 shares of Common Stock (as defined in the Plan) (the “Option Shares”) at a Grant Price per Option Share of
$        , which Grant Price is the Fair Market Value of a share of Common Stock on the Grant Date. 

  
 1 

 2. Exercise Schedule. 

This Option shall become exercisable in five cumulative installments, with 10% of the Option Shares becoming exercisable on the first
anniversary of the Grant Date; an additional 15% of the Option Shares becoming exercisable on the second anniversary of the Grant Date; an additional 25% of the Option Shares becoming exercisable on the third anniversary of the Grant Date; an
additional 25% of the Option Shares becoming exercisable on the fourth anniversary of the Grant Date; and an additional 25% of the Option Shares becoming exercisable on the fifth anniversary of the Grant Date. The Participant must be in continuous
Employment from the Grant Date through the date of exercisability of each installment in order for the Option to become exercisable with respect to additional shares of Common Stock on such date. 

This Option shall become fully exercisable, irrespective of the limitations set forth in subparagraph (a) above, provided that the
Participant has been in continuous Employment since the Grant Date, upon (1) an involuntary termination of Employment by the Company without Cause or a constructive termination of Employment by the Participant with good reason as defined in
Section 10 of the Plan (a “Constructive Termination”), either of which occurs within one year after the occurrence of a Change of Control or (2) any termination of Employment due to death or Disability. 

Irrespective of the limitations set forth in subparagraph (a) above, provided that the Participant has been in continuous Employment
since the Grant Date, upon termination of Employment due to Retirement or involuntary termination not for Cause, to the extent not previously vested pursuant to subparagraph (a) above, each percentage of the Option Shares described in
subparagraph (a) above that are unvested as of the date of termination of Employment shall become exercisable in a pro rata amount determined by a fraction with respect to each such unvested percentage of the Option Shares, the numerator of
which shall be the number of months (with any partial months being considered a full month) of the Participant’s Employment from the Grant Date through the date of the Participant’s termination of Employment, and the denominator of which
shall be the number of months for the period beginning on the Grant Date and ending on the corresponding anniversary date on which each such unvested percentage of the Option Shares would have vested pursuant to subparagraph (a) above. 

For purposes of this Award Agreement, the following definitions apply: 

“Disability” means a permanent and total disability as defined in the Company’s long-term disability plan in which the
Participant is eligible to participate. 
 “Employment” means employment as an Employee with the Company or any Participating
Employer. Neither the Participant’s transfer from Company employment to employment by any Participating Employer, the Participant’s transfer from employment by any Participating Employer to Company employment, nor the Participant’s
transfer between Participating Employers shall be deemed to be a termination of the Participant’s employment. Moreover, a Participant’s employment shall not be deemed to terminate because the Participant

  
 2 

 
is absent from active employment due to temporary illness, during authorized vacation, during temporary leaves of absence granted by the Company or a Participating Employer for professional
advancement, education, health or government services, during military leave for any period if the Participant returns to active employment within 90 days after military leave terminates, or during any period required to be treated as a leave of
absence by any valid law or agreement. 
 “Misconduct” means any act or failure to act that (i) caused or was intended to
cause a violation of the policies of the Company or a Subsidiary or Affiliate, generally accepted accounting principles or any applicable laws in effect at the time of the acts or failures and (ii) materially increased the value of the
compensation received by the Participant. 
 “Retirement” means a Participant’s voluntarily initiated termination of service
on or after the earliest of (i) age 65, (ii) age 55 with 10 years of participation service credited under the qualified defined benefit pension plan maintained by the Company or a Subsidiary or an Affiliate in which the Participant is
eligible to participate, (iii) the time of retirement as defined in a written agreement between a Participant and a Participating Employer, or (iv) outside the U.S., the time when retirement is permitted and the Participant is eligible to
receive a company retirement benefit under applicable law with respect to the Participant’s primary place of employment (as determined by the Committee in its sole judgment). 

3. Termination of Option. The Option hereby granted shall terminate and be of no force and effect with respect to any shares of
Common Stock not previously purchased by the Participant upon the first to occur of: 
 (a) the close of business on the date
that is ten years from the Grant Date; 
 (b) with respect to 

(i) the portion of the Option exercisable upon termination of Employment (or which becomes exercisable upon termination due to
death, Disability, Retirement, involuntary termination not for Cause or Constructive Termination), the expiration of (A) 90 days following the Participant’s voluntary termination of Employment, involuntary termination of Employment not for
Cause or Constructive Termination, and not due to death, Disability or Retirement, (B) one year following the Participant’s termination of Employment by reason of death or Disability; and (C) five years following the
Participant’s termination of Employment by reason of Retirement. 
 (ii) the portion of the Option not exercisable upon
termination of Employment, the date of the Participant’s termination of Employment; or 
 (c) the date of the
Participant’s termination of Employment for any reason other than those described in (b) above. 
 4. Exercise of
Option. Subject to the limitations set forth herein and in the Plan, this Option may be exercised by written notice provided to the Company as set forth in Section 5. 

  
 3 

 
Such written notice shall (a) state the number of shares of Common Stock with respect to which the Option is being exercised and (b) be accompanied by a check, cash or money order
payable to the Company in the full amount of the purchase price for any shares of Common Stock being acquired or, at the option of the Committee or its delegate, accompanied by Common Stock theretofore owned by such Participant that is equal in
value to the full amount of the purchase price (or any combination of cash, check or such Common Stock) or in any other manner approved by the Committee or its delegate. For purposes of determining the amount, if any, of the purchase price satisfied
by payment in Common Stock, such Common Stock shall be valued at its Fair Market Value on the date of exercise. Any Common Stock delivered in satisfaction of all or a portion of the purchase price shall be appropriately endorsed for transfer and
assignment to the Company. 
 The Participant will not be entitled to exercise the Option granted pursuant hereto, and the Company will not
be obligated to issue any Option Shares pursuant to this Award Agreement, if the exercise of the Option or the issuance of such shares would constitute a violation by the Participant or by the Company of any provision of any law or regulation of any
governmental authority or any stock exchange or transaction quotation system. 
 If any law or regulation requires the Company to take any
action with respect to the shares specified in such notice, the time for delivery thereof, which would otherwise be as promptly as possible, shall be postponed for the period of time necessary to take such action. 

5. Notices. Notice of exercise of the Option must be made in the following manner, using such forms as the Company may from time
to time provide: 
 (a) by mail or overnight delivery service, postage prepaid, to LyondellBasell Industries N.V., Attn:
Manager of Executive Services, 1221 McKinney Street, Suite 700, Houston, Texas 77010, in which case the date of exercise shall be the date of mailing; or 

(b) by hand delivery or otherwise to LyondellBasell Industries N.V., Attn: Manager of Executive Services, 1221 McKinney Street,
Suite 700, Houston, Texas 77010, in which case the date of exercise shall be the date when receipt is acknowledged by the Company. 

(c) by electronic delivery to Manager of Executive Services via e-mail to execserv@lyondellbasell.com or fax to +1 713 309
3028, in which case the date of exercise shall be the date of the e-mail or fax. 
 Notwithstanding the foregoing, (i) if the
Company’s address is changed before the exercise date of this Option, notice of exercise shall be made instead under the previous provisions at the Company’s current address, or (ii) if the Committee delegates the administration of
option exercises to a third party administrator, notice of exercise shall be made instead according to the written instructions that the third party administrator gives to the Participant for the option exercise. 

  
 4 

 Any other notices provided for in this Award Agreement or in the Plan shall be given in writing
and shall be deemed effectively delivered or given upon receipt or, in the case of notices delivered by the Company to the Participant, five days after deposit in the mail or delivery to an overnight delivery service, postage prepaid, addressed to
the Participant at the address specified at the end of this Award Agreement or at such other address as the Participant hereafter designates by written notice to the Company. 

6. Assignment of Option. The Participant’s rights under the Plan and this Award Agreement are personal. No assignment or transfer
of the Participant’s rights under and interest in this Option may be made by the Participant otherwise than by will or by the laws of descent and distribution. This Option is exercisable during his lifetime only by the Participant, or, in the
case of a Participant who is mentally incapacitated, this Option shall be exercisable by his guardian or legal representative. After the death of the Participant, exercise of the Option shall be permitted only by the Participant’s executor or
the personal representative of the Participant’s estate (or by his assignee, in the event of a permitted assignment) and only to the extent that the Option was exercisable on the date of the Participant’s death. 

7. Stock Certificates. Any certificates representing the Common Stock issued pursuant to the exercise of the Option will bear all
legends required by law and necessary or advisable to effectuate the provisions of the Plan and this Option. 
 8.
Withholding. No shares of Common Stock shall be delivered to or in respect of a Participant unless the amount of all federal, state and other governmental withholding tax requirements imposed upon the Company for those shares of Common
Stock has been remitted to the Company or unless provisions to pay such withholding requirements have been made to the Committee’s satisfaction. The Committee may make any provision it deems appropriate to withhold any taxes it determines are
required in connection with this Option. Unless the Participant pays all taxes required to be withheld by the Company or paid in connection with the exercise of all or any portion of this Option by delivering cash to the Company, the Company shall
withhold shares of Common Stock having a Fair Market Value equal to all taxes required to be withheld with respect to the exercise of the Option. 

9. Expatriate Participants. Exercises by expatriate Participants will be, pursuant to the applicable expatriate assignment policy
of the Participating Employer, tax normalized based on typical income taxes and social security taxes in the expatriate Participant’s home country relevant to the expatriate Participant’s domestic circumstances. 

10. Currency Exchange Rates. For Participants who are not paid on a U.S. Dollar payroll, the currency exchange rate used to
calculate the number of Option Shares was determined by the published intercompany exchange rate in effect for the month in which the Grant Date occurred; provided if such rate had not been determined at the Grant Date, the currency exchange rate
was determined by using the published intercompany exchange rate for the month prior to the month in which the Grant Date occurred. 
 11.
No Fractional Shares. No fractional shares of Common Stock are permitted in connection with this Award Agreement. For purposes of vesting in Section 2(a), Option Shares 

  
 5 

 
vesting on the second anniversary of the Grant Date shall be increased by any fractional shares resulting from the vesting schedule with respect to subsequent vesting dates and Option Shares
vesting thereafter shall be rounded down to the nearest whole share. For purposes of pro-ration in Section 2(c), Option Shares shall be rounded up to the nearest whole share of Common Stock. Only whole Option Shares are exercisable pursuant to
Section 4, and only whole shares of Common Stock may be delivered in satisfaction of the Grant Price. Any shares of Common Stock withheld pursuant to Section 8 shall be rounded to whole shares in the manner determined by the Committee to
be appropriate to satisfy the minimum statutory withholding requirements. 
 12. Shareholder Rights. The Participant shall have
no rights of a shareholder with respect to shares of Common Stock subject to the Option unless and until such time as the Option has been exercised and ownership of such shares of Common Stock has been transferred to the Participant. 

13. Successors and Assigns. This Award Agreement shall bind and inure to the benefit of and be enforceable by the Participant, the
Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees), but the Participant may not assign any rights or obligations under this Award Agreement except to the extent and in the manner
expressly permitted. 
 14. No Guaranteed Employment. No provision of this Award Agreement shall confer any right upon the
Participant to continued Employment. 
 15. Company Clawback. If the Committee determines that the Participant has (engaged in, or
benefitted from, Misconduct, upon notice from the Company, the Participant shall reimburse to the Company all or a portion of the payments, benefits, or rights received under this Award Agreement as the Committee deems appropriate under the
circumstances. The amount of such reimbursement shall be determined in good faith by the Committee. In the event of a determination that the Participant has engaged in, or benefitted from, Misconduct, the Committee may also cause this Option to
immediately terminate and/or cancel any and all rights of the Participant under this Award Agreement. 
 Any notice provided by the Company
pursuant to this Section 15 shall be provided within the earlier to occur of (i) one year after discovery of the alleged Misconduct or (ii) the second anniversary of the Participant’s date of termination. 

[Signature Page Follows] 

  
 6 

 
	
	LYONDELLBASELL INDUSTRIES N.V.
	
	  

	
	PARTICIPANT
	
	  

	Bhavesh V. Patel

  
 7 

 EXHIBIT A 

TO NONQUALIFIED STOCK OPTION AGREEMENT 

1. As used in this Exhibit A, the following terms have the meanings set out below: 

“Business” means the business in which the Company or any of its Subsidiaries are engaged and for which the Participant
has direct or indirect responsibilities during the term of his employment with the Company or any Subsidiary. 

“Competitor” means any business or enterprise engaged in the Business. 

“Confidential Information” means any trade secret, proprietary or confidential information of the
Company or its Subsidiaries. 
 2. Subject to the exceptions set forth in Exhibit A, the Participant agrees and expressly promises that the
Participant shall not, during the Participant’s employment with the Company or its Subsidiaries and for a period of one (1) year after the Participant’s termination of employment with the Company and all Subsidiaries (the
“Prohibited Period”), regardless of the reason for such termination, directly or indirectly: 
 (a)
carry on or engage in the Business in competition with the Company, or 
 (b) render services to, or be affiliated with, a
Competitor. 
 3. Nothing herein shall prevent the Participant during the Prohibited Period from rendering professional services to a
Competitor (but not as an employee of a Competitor) or being affiliated with a diversified entity, so long as the Participant’s affiliation with that Competitor or entity, as applicable, does not: 

(a) cause him to use or disclose any Confidential Information, and 

(b) involve him having direct or indirect responsibilities with respect to any aspect of the entity’s business that
engages in the Business. 
 4. The Participant agrees and expressly promises that, during the Prohibited Period, the Participant shall not
directly or indirectly: 
 (a) recruit, solicit or induce any employee, consultant, or independent contractor of the Company
or any of its Subsidiaries to terminate or lessen such person’s employment or other relationship with the Company or any Subsidiary, or 

(b) directly or indirectly solicit any then-current customer or business partner of the Company or any Subsidiary to terminate,
alter, or modify its relationship with the Company or any Subsidiary. 

  
 8 

 5. Notwithstanding the restrictions in this Exhibit A, nothing herein prohibits: 

(a) the Participant from making general advertisements for employment or engagement, so long as such advertisements are not
specifically targeted at any employees, consultants, or independent contractors of the Company or any Subsidiary, or 
 (b)
any other person or entity from hiring, inducing, or attempting to induce, solicit, or encourage any employee or other service provider of the Company or any of its Affiliates to leave their employ or service, provided that Participant does not
directly or indirectly participate in or direct the prohibited activity and provided further that this clause (b) of paragraph 5 shall not apply with respect to the solicitation of any employee of the Company who is at that time an executive
officer of the Company or an employee of the Company directly reporting to any such executive officer. 
 6. Notwithstanding the
restrictions contained in this Exhibit A, the Participant or any of the Participant’s affiliates may own an aggregate of not more than 5% of the outstanding stock of any class of any corporation, if such stock is listed on a national
securities exchange or regularly traded in the over-the-counter market by a member of a national securities exchange, without violating the provisions of this Exhibit A, provided that neither the Participant nor any of the Participant’s
affiliates has the power, directly or indirectly, to control or direct the management or affairs of any such corporation and is not involved in the management of such corporation. 

7. Participant acknowledges and agrees that: (i) the purpose of the covenants set forth in this Exhibit A (the “Restrictive
Covenants”) is to protect the goodwill, trade secrets and other Confidential Information of the Company and its Subsidiaries; (ii) because of the nature of the business in which the Company and its Subsidiaries is engaged and
because of the nature of the Confidential Information to which Participant has or will have access, it would be impractical and excessively difficult to determine the actual damages of the Company and its Subsidiaries in the event Participant
breached any such covenants; and (iii) remedies at law (such as monetary damages) for any breach of Participant’s obligations under the Restrictive Covenants would be inadequate. Participant therefore agrees and consents that if
Participant commits any breach of a Restrictive Covenant, the Company shall have the right (in addition to, and not in lieu of, any other right or remedy that may be available to it) to temporary and permanent injunctive relief from a court of
competent jurisdiction, without posting any bond or other security and without the necessity of proof of actual damage. 
 The parties
expressly represent that the Restrictive Covenants are reasonable in all respects and are necessary to protect the legitimate business interests of the Company and its Subsidiaries. The parties further acknowledge and agree that the Company and its
Subsidiaries conduct the Business on a worldwide basis and Participant will have Confidential Information regarding the business conducted by the Company and its Subsidiaries in each location where it is conducted and Participant will be materially
associated with the Company’s and its Subsidiaries’ goodwill. Participant expressly acknowledges and agrees that any violation of the Restrictive Covenants would inevitably cause Participant to disclose Confidential Information of the
Company and its Subsidiaries. 
 If any portion of the Restrictive Covenants is hereafter determined to be invalid or unenforceable in any
respect, such determination shall not affect the remainder thereof, which shall be given the maximum effect possible and shall be fully enforced, without regard to the 

  
 9 

 
invalid portions. In particular, without limiting the generality of the foregoing, if the covenants set forth in this Exhibit A are found by a court or an arbitrator to be unreasonable,
Participant and the Company agree that the maximum period, scope or geographical area that is found to be reasonable shall be substituted for the stated period, scope or area, and that the court or arbitrator shall revise the restrictions contained
herein to cover the maximum period, scope and area permitted by law. If any of the Restrictive Covenants are determined to be wholly or partially unenforceable in any jurisdiction, such determination shall not be a bar to or in any way diminish the
Company’s right to enforce any such covenant in any other jurisdiction. 

  
 10MNP Petroleum Corporation - Exhibit 10.1 - Filed by newsfilecorp.com

 

 

DATED 31 December, 2012 

 

 

KAVSAR GENERAL TRADING FZE 

 

and 

DWM PETROLEUM AG

 

 

Relating to the sale and purchase of
80% of the
issued share capital
of TF Petroleum AG 

 

1 

Table of Contents 

	     ARTICLE 1 	INTERPRETATION 	4
	     ARTICLE 2 	SALE AND PURCHASE OF THE
      SHARES 	4 
	     ARTICLE 3 	CONDITIONS
      FOR COMPLETION AND EARLIER STEPS 	5 
	     ARTICLE 4 	INTERIM PERIOD 	7 
	     ARTICLE 5 	COMPLETION
      	9 
	     ARTICLE 6 	INDEPENDENT ACCOUNTANTS
    	9 
	     ARTICLE 7 	LOANS AND
      GUARANTEES 	10

	     ARTICLE 8 	THE SELLER'S WARRANTIES
    	10 
	     ARTICLE 9 	PURCHASER'S
      WARRANTIES 	11

	     ARTICLE 10 	PROTECTIVE COVENANTS 	11 
	     ARTICLE 11 	TAX 	11

	     ARTICLE 12 	CONFIDENTIALITY 	11 
	     ARTICLE 13 	NOTICES
    	13

	     ARTICLE 14 	FURTHER ASSURANCES 	14 
	     ARTICLE 15 	ASSIGNMENTS
      	14

	     ARTICLE 16 	GENERAL 	14 
	     ARTICLE 17 	WHOLE
      AGREEMENT 	15

	     ARTICLE 18 	GOVERNING LAW 	15 
	     ARTICLE 19 	ARBITRATION
      	16

	SIGNATORIES 	 	18

	SCHEDULE 1 CORPORATE DETAILS AND INTERESTS
    
	SCHEDULE 2 MAP OF AREAS FOR WHICH SELLER WILL OBTAIN NEW
      PETROLEUM EXPLORATION RIGHT 
	SCHEDULE 3 SELLER'S WARRANTIES 
	SCHEDULE 4 LIMITS ON WARRANTY CLAIMS 
	SCHEDULE 5 SELLER’S OBLIGATIONS AND
      PURCHASER’S OBLIGATIONS AT COMPLETION 
	SCHEDULE 6 INSURANCE POLICIES 
	SCHEDULE 7 DEAL STRUCTURE 
	SCHEDULE 8 INTERPRETATION 
	 
	ANNEXURE 1 OPTION AGREEMENT 
	ANNEXURE 2 AUDIT REPORT 
	ANNEXURE 3 PURCHASER’S NOTICE FOR EXERCISE OF OPTION
  

2 

THIS AGREEMENT is made on 31 December, 2012 

BY AND BETWEEN: 

KAVSAR GENERAL TRADING FZE a company organised under the
laws of The UAE whose registered office is at Hamriyah Free Zone, P.O. Box No
51393, Sharjah, UAE (hereinafter “Seller”); and 

DWM PETROLEUM AG, a company registered in Switzerland,
having its registered office at Bahnhofstrasse 9, Baar, Switzerland (hereinafter
“Purchaser”). 

RECITALS: 

	 	A. 	
      That Energy Partners Austria GmbH, a company registered
      in Austria, which is wholly-owned subsidiary of the Seller (hereinafter
      “EPA”) is the legal and beneficial owner of 57.42% shares in
      Petroleum Sugd, a joint venture with limited liability incorporated under
      the laws of Tajikistan (hereinafter “PS”), and the remaining 42.58%
      shares in PS are held by Sugdneftugas, state oil company of Tajikistan
      (hereinafter “SNG”).

	 	 	 
	 	B. 	
      That PS is the 100% owner of rights in petroleum licences
      for the fields in Tajikistan identified in the Schedule 1 (hereinafter
      “LICENSING AGREEMENTS”). LICENSING AGREEMENTS are new licences
      covering areas of certain old licences pursuant to which PS has had been
      operating since 2006, as successor in interest of another Tajik joint
      venture with limited liability also known as Petroleum Sugd, which was
      liquidated in 2006 (hereinafter “Liquidated PS”), and which was
      also partly owned by Petroleum & Gas Vivalo International Company
      Limited (hereinafter “Vivalo”) in addition to EPA and
SNG.

	 	 	 
	 	C. 	
      That the Seller and the Purchaser are party to an Option
      Agreement effective 5 May 2012 (hereinafter “Option Agreement”),
      which is attached hereto as Annexure 1 of this Agreement. Under the
      Article 1(b) of the Option Agreement, Seller gave an option (hereinafter
      “Option”) to the Purchaser to purchase 80% shares in a new company
      incorporated in Switzerland which would own 100% shares of PS (hereinafter
      “Shares”) upon payment of a security deposit of USD 10 million
      (“Security Deposit”).

	 	 	 
	 	D. 	
      That pursuant to the Option Agreement, Seller has already
      incorporated TF Petroleum AG (hereinafter “TF”) in Switzerland as
      per details in Schedule 1 hereof. On request of Purchaser, Seller has
      appointed a nominee of Purchaser, as a director of TF at the time of
      incorporation. Further, Purchaser has spent approx. USD 100,000 to assist
      Seller in incorporation of TF by paying CHF 100,000 share capital on
      behalf of Seller. Such costs shall hereinafter be referred to as
      “Purchaser’s Advance in respect of TF”.

	 	 	 
	 	E. 	
      That pursuant to Article 1(d) of the Option Agreement,
      Purchaser has conducted legal due diligence (hereinafter “Due
      Diligence”) regarding EPA, PS and Liquidated PS, and thereafter also
      completed an independent audit (hereinafter “Audit”) of all books
      and accounts of EPA, PS and Liquidated PS to follow-up on the concerns
      raised in the Due Diligence. Audit report is attached hereto as Annexure 2
      of this Agreement.

3 

	 	F. 	
      That On October 23, 2012, pursuant to Article 1(e) of the
      Option Agreement, Purchaser has exercised the Option, subject to Seller
      taking certain actions (hereinafter “Actions”) as described in
      Schedule A of its notice to exercise Option, attached hereto as Annexure 3
      of this Agreement, to bring LICENSING AGREEMENTS and related agreements in
      order.

	 	 	 
	 	G. 	
      That pursuant to Article 1(f) of the Option Agreement,
      Seller and Purchaser have agreed on a purchase price based on the findings
      of the Audit (hereinafter “Consideration”), and pursuant to the
      Option Agreement, the Security Deposit shall be construed as part payment
      towards the Consideration. Further, Purchaser’s Advance in respect of TF
      shall also be construed as part payment towards the
  Consideration.

NOW THEREFORE, IT IS AGREED as
follows: 

ARTICLE 1     Interpretation 

	1.1 	
      In addition to terms defined elsewhere in this Agreement,
      the definitions and other provisions in the Schedule 8 apply throughout
      this Agreement, unless the contrary intention appears.

	 	 
	1.2 	
      In this Agreement, unless the contrary intention appears,
      a reference to a clause, Article or Schedule is a reference to a clause,
      Article or Schedule to this Agreement. The Schedules, Annexures and the
      Disclosure Letter accompanying this Agreement shall form integral part of
      this Agreement.

	 	 
	1.3 	
      The headings in this Agreement do not affect its
      interpretation.

ARTICLE 2     Sale and Purchase of the
Shares 

	2.1 	
      Subject to the terms and conditions of this Agreement,
      Seller shall sell and procure the sale of and the Purchaser shall purchase
      and procure the purchase of the Shares at the Completion Date, but with
      effect from the Economic Date.

	 	 
	2.2 	
      The consideration for the sale of the Shares shall be USD
      21 million (the “Consideration”).

	 	 
	2.3 	
      As recited in Recital G above, it is acknowledged that
      USD 10,100,000 of the Consideration is already paid.

	 	 
	2.4 	
      Purchaser shall advance to Seller, USD 7 million
      (hereinafter “Next Advance”) within thirty (30) days of the date
      conditions mentioned in Article 3.1 below are satisfied.

	 	 
	2.5 	
      Purchaser shall make remaining payment of USD 3,900,000
      subject to any necessary downward adjustment in accordance with this
      Agreement, to Seller on the Completion Date once conditions mentioned in
      Article 3.2 are satisfied.

	 	 
	2.6 	
      All payments hereunder shall be paid by the Purchaser via
      wire transfer to the Seller’s bank account with following details under
      the name of Kavsar General Trading FZE:

4 

IBAN: AE580260001022581327701

Bank: EMIRATES NBD PJSC 
Swift: EBILAEAD 

ARTICLE 3     Conditions for Completion
and Earlier Steps 

	3.1 	
      Conditions for the Next Advance

	 	 
	3.1.1 	
      Purchaser has obtained the requisite approval of TSX-V
      (TSX Venture Exchange) for the transaction envisaged by this
    Agreement.

	 	 
	3.1.2 	
      PS has completed Actions other than Actions related to
      re-issuance of Certificate of land usage under the name of PS. i.e.
      following documents are re-issued under the name of PS:

	 	 
		
      Allotments (mining lease); Ecological expertise;
    and

	 	 
		
      Contract (for subsoil use) with the Government setting
      bonuses rates.

	 	 
	3.1.3 	
      Seller has provided to Purchaser, a list of all lands
      owned or leased by PS (hereinafter “Real Estate
  Properties”).

	 	 
	3.1.4 	
      Seller has provided to Purchaser, Accounts as of the
      Accounts Date.

	 	 
	3.1.5 	
      Seller has provided to Purchaser, tax book value of
      assets and liabilities of TF and PS as of the Economic Date.

	 	 
	3.1.6 	
      Seller shall place its 65% shares of EPA in an escrow
      acceptable to Purchaser (hereinafter “Escrow”), for the benefit of
      the Purchaser.

	 	 
	3.1.7 	
      Seller has entered into a share purchase arrangement with
      the Government to purchase remaining shares in PS of SNG from the
      Government. In this regard, Seller shall provide to the Purchaser an
      official letter issued by responsible Government authority confirming that
      remaining shares in PS of SNG are subject to sale.

	 	 
	3.2 	
      Conditions Precedent for Completion - Completion
      is conditional upon, and subject to, the fulfilment or waiver pursuant to
      Clause 3.3 of the following conditions (hereinafter “Conditions
      Precedent”):

	 	 
	3.2.1 	
      Seller has purchased remaining shares in PS of SNG from
      the Government, and subsequently transferred 100% interests in PS to TF,
      in the manner described as Step 2 and 3 in the contemplated deal structure
      described in Schedule 7 of this Agreement.

	 	 
	3.2.2 	
      Transfer of 100% shares in PS to TF has been registered
      in all official registers in Tajikistan.

	 	 
	3.2.3 	
      Seller has provided an affidavit certifying that Vivalo
      has no claim against Seller, in respect of section 4.1.2 of the Audit
      Report, and if in future a claim arises from Vivalo in respect of
      Liquidated PS or PS, Seller shall settle it at its own cost and
      expense.

	 	 
	3.2.4 	
      Purchaser’s accountants BDO Tajikistan, at PS’s expense,
      have audited all books and accounts of PS in line with international
      standards and issued an unqualified opinion.

5 

	3.2.5 	
      PS has downsized its employee force and Seller has
      provided to Purchaser, a list of employees of PS that it expects as of
      Completion Date.

	 	 
	3.2.6 	
      the receipt of the requisite Government Approval to the
      sale and purchase of the Shares in so far as required; and

	 	 
	3.2.7 	
      the receipt of the Economic Date Accounts by the
      Purchaser.

	 	 
	3.2.8 	
      Seller has obtained a letter from the Government which
      states that the Government recognizes the rights of investors and
      guarantees stability of terms of concluded agreements concerning
      investment activity of investors in Tajikistan as stipulated in Chapter 2
      “Guarantee for Protection of Investment and Investors rights” of the Law
      of Republic of Tajikistan “on investment” - to allow TF to obtain
      financing from international sources. In this regard, Purchaser shall
      provide to TF, a draft letter addressed to the Government, which it will
      prepare in consultation with ABG.LA, its local counsel in Republic of
      Tajikistan.

	 	 
	3.2.9 	
      Scope of the LICENSING AGREEMENTS has been extended to
      cover exploration in open areas around the areas covered by the LICENSING
      AGREEMENTS, which is more fully described in the map attached hereto as
      Schedule 2 of this Agreement.

	 	 
	3.2.10 	
      PS has completed Actions related to re-issuance of
      Certificate of land usage under the name of PS.

	 	 
	3.2.11 	
      Seller and Purchaser have agreed on the Environmental
      Baseline pursuant to Schedule 3, clause 1.12(b).

	 	 
	3.3 	
      The Seller and the Purchaser shall use all reasonable
      endeavours to procure or seek waiver regarding the fulfilment of the
      Conditions for the Next Advance and the Conditions Precedent as soon as
      reasonably practicable after the signing of this Agreement. Purchaser
      shall also notify Seller regarding the process and current status of
      obtaining the requisite approval of TSX-V (TSX Venture
Exchange).

	 	 
	3.4 	
      Refund

	 	 
	3.4.1 	
      If the Conditions Precedent are not fulfilled or, to the
      extent applicable, waived on or before the date falling 120 days after the
      date of this Agreement, this Agreement shall cease to have effect, except
      for the obligations in Articles 12, 18 and 19 and neither of the Parties
      (provided it shall have used reasonable endeavours as aforesaid) will,
      save in relation to any accrued rights or obligations as at such date,
      have any rights or liabilities under this Agreement. In such case, Seller
      shall refund to Purchaser, USD 17,100,000 (being Security Deposit,
      Purchaser’s Advance in respect of TF and Next Advance, all of which is
      already paid by such time) less a penalty of USD2 million as a
      compensation of the Seller’s expenses within 365 days of the date of
      signing of this Agreement.

	 	 
	3.4.2 	
      If Purchaser fails to advance Next Advance to Seller,
      within the time period stipulated in Article 2.4 above, where Seller duly
      performed all actions stipulated in the Articles 3.1.2-3.1.7 of this
      Agreement, the Seller must refund to Purchaser, USD10,100,000 (being
      Security Deposit and Purchaser’s Advance in respect of TF, (all of which
      is already paid by such time) by delivering within reasonable period to
      Purchaser, 65% shares of EPA (which is owner of 57.42% shares of PS, which
      are placed in Escrow for the benefit of Purchaser, as specified in clause
      3.1.6 of this Agreement. In the above case, on account of transfer of
      65% shares of EPA (which is owner of 57.42% shares of PS at that time)
      Purchaser shall also pay to Seller, additional amount of USD2 million (as
      a compensation of the Seller’s expenses) within 365 days from the date of
      signing of this Agreement. If at the time of the aforementioned delivery
      of 65% shares of EPA to Purchaser, EPA owns more than 57.42% shares of PS,
      then Purchaser shall pay to Seller, additional amount corresponding to
      shares more than 57.42% shares of PS (calculated on the assumption that
      80% shares of EPA, if EPA owns 100% shares of PS, are worth USD 21
      million), within 365 days from the date of signing of this Agreement or
      accept pro-rata reduction in the number of deliverable shares of EPA in
order to re-establish status quo.

6 

	3.4.3 	
      If Conditions for Next Advance are not satisfied to the
      satisfaction of Purchaser, within 90 days of the signing of this
      Agreement, and consequently transaction envisaged by this Agreement is not
      Completed, then Seller shall refund to Purchaser, USD10,100,000 (being
      Security Deposit and Purchaser’s Advance in respect of TF, all of which is
      already paid by such time) less a penalty of USD2 million as a
      compensation of Seller’s expenses, within 365 days of the date of signing
      of this Agreement.

	 	 
	3.5 	
      Seller shall send a copy of the Government Approvals to
      the Purchaser promptly following receipt thereof and notify the Purchaser
      of the Completion Date once the Conditions Precedent have been fulfilled
      or waived.

ARTICLE 4     Interim Period 

	4.1 	
      The Seller shall procure that, between the date of this
      Agreement and Completion, the Companies shall:

	 	 
	4.1.1 	
      carry on business in the ordinary course and meet their
      obligations under the LICENSING AGREEMENTs;

	 	 
	4.1.2 	
      conduct their affairs in relation to the Interest in
      accordance with applicable laws, the LICENSING AGREEMENTs and good
      industry practice;

	 	 
	4.1.3 	
      continue to meet all expenditures and receive all income
      relating to the Interest;

	 	 
	4.1.4 	
      maintain or cause to be maintained in force any insurance
      which the Companies hold or which is held on their behalf as at the date
      of this Agreement as described in Schedule 6 of this Agreement and make
      and diligently pursue claims which can be made under such
  policies;

	 	 
	4.1.5 	
      keep proper accounting records and in them make true and
      complete entries of all dealings and transactions in relation to their
      business and afford to the Purchaser full access thereto;

	 	 
	4.1.6 	
      engage an independent accounting firm to audit annual
      financial statements or review interim period financial statements, given
      year end or period end fall into the Interim Period;

	 	 
	4.1.7 	
      promptly notify the Purchaser of any law suits, claims,
      legal proceedings or governmental investigations which may occur, be
      threatened, brought, asserted or commenced against the Companies or the
      Operator involving or affecting the Interest.

7 

	4.1.8 	
      keep the Purchaser informed and consult with the
      Purchaser in respect of all material facts, matters and things relating to
      the Companies and the Interest and all material operations carried out
      there under;

	 	 
	4.1.9 	
      not exercise any rights in respect of material matters
      under the relevant LICENSING AGREEMENTs or relating to the Interest,
      except in a case of emergency, without first obtaining the Purchaser’s
      consent,

	 	 
	4.1.10 	
      as soon as possible following any material decision made
      under the LICENSING AGREEMENTs, or relating to any of the Interest ,
      notify the Purchaser of that decision; and

	 	 
	4.1.11 	
      not without the Purchaser’s prior written approval amend
      or terminate any of the LICENSING AGREEMENTs.

	 	 
		
      Without prejudice to the generality of the foregoing
      provisions of this Clause 4, the Seller shall, between the date of this
      Agreement and Completion, procure that the Companies shall keep the
      Purchaser informed of the making of any payments for amounts greater than
      the equivalent of USD10,000 (or its equivalent in foreign
  currency).

	 	 
	4.2 	
      Between the date of this Agreement and Completion the
      Seller shall procure that, unless consented to by the Purchaser, the
      Companies shall not nor shall they agree to:

	 	 
	4.2.1 	
      allot or issue (whether by way of option over shares or
      the issue of any rights convertible into shares or otherwise) any shares
      in their capital;

	 	 
	4.2.2 	
      create, or agree to create, any Encumbrance over any
      shares,

	 	 
	4.2.3 	
      make any alteration to their deed of incorporation
      including the articles of association;

	 	 
	4.2.4 	
      dispose, or agree to dispose or grant any option or right
      in respect of the Interest;

	 	 
	4.2.5 	
      discontinue or cease to operate all or a material part of
      their business;

	 	 
	4.2.6 	
      make any change in the nature of their
business;

	 	 
	4.2.7 	
      enter into, amend or terminate any Major
  Contract;

	 	 
	4.2.8 	
      approve any work programs or budgets; or

	 	 
	4.2.9 	
      sell or transfer any assets of the Companies other than
      those which would normally be made in the usual conduct of its
      business;

	 	 
	4.2.10 	
      give notice of or otherwise institute any sole risk
      operations or agree to surrender any area covered by the LICENSING
      AGREEMENTs;

	 	 
	4.2.11 	
      declare or pay any dividend or other distribution or
      repay any share premiums. These provisions do not include restriction on
      distribution of retained profit of PS for paying dividends which were
      accumulated before Economic Date;

	 	 
	4.2.12 	
      perform or omit any act which would cause a breach of any
      Major Contract of the Companies;

8 

	4.2.13 	
      make any capital commitment, borrowing or expenditure
      other than those which would normally be made in the usual conduct of its
      business;

	 	 
	4.2.14 	
      execute any document amending, waiving or cancelling any
      provision of the LICENSING AGREEMENTs.

	 	 
		
      For purposes of this Clause 4, a matter is “material” if
      it is entailing financial impacts exceeding USD 10,000 (or its equivalent
      in foreign currency).

ARTICLE 5     Completion 

Completion shall occur at the office of Seller, not later than
the seventh Business Day after the notification by the Seller pursuant to
Article 3.5 above that the Conditions Precedent have been fulfilled. 

	5.1 	
      At Completion:

	 	 
	5.1.1 	
      the Seller shall do or procure to be done those things
      set out in Part 1of the Schedule 5, provided that the Seller shall be the
      custodian of all closing documentation;

	 	 
	5.1.2 	
      the Purchaser shall do or procure to be done those things
      set out in Part 2 of Schedule 5; and

	 	 
	5.2 	
      As soon as reasonably practicable, but in any case within
      twenty (20) Business Days after Completion, the Purchaser undertakes to
      the Seller that it shall (a) record the transfer of the Shares in the
      share register book of TF, (b) register or file all matters in connection
      with Completion which are required or necessary to register or to file
      with the Ministry of Energy and Industry, Republic of Tajikistan,
      including but not limited to the change of directors of the Companies, and
      the filing of the new shareholders list of the Companies, and (c) notify
      the relevant banks and effect the change of authorised signatories in
      connection with the banking facilities of the Companies. Upon completion
      of all the registrations and notifications described above, the Purchaser
      shall as soon as reasonably practicable notify the Seller, and provide the
      Seller with reasonably satisfactory evidence of such registration, filing,
      and notification, as the case may.

	 	 
	5.3 	
      Within twenty (20) Business Days of the Completion Date,
      Parties shall with mutual agreement, make following appointments in
      respect of TF:

	 	• 	Management team. 
	 	• 	Legal advisors. 
	 	• 	Auditor. 

	5.4 	
      Within twenty (20) days of the Completion Date, Parties
      shall enter into a fully-termed Shareholders Agreement (“SHA”),
      containing inter alia following provisions:

	 	• 	Number of Directors: 4 Purchaser,
      1 Seller. 
	 	• 	Chairperson shall be nominee of
      Purchaser. 
	 	• 	Governing law shall be laws of
      England, UK. 

9 

ARTICLE 6     Independent Accountants

	6.1 	
      If any matters are reserved for determination by
      Independent Accountants:

	6.1.1 	
      the Independent Accountants shall be instructed
  to:

	 	(a) 	
      make its determination within the shortest practicable
      time following referral of the matter to the Independent
  Accountant;

	 	 	 
	 	(b) 	
      prescribe the procedure to be followed by the parties in
      order to facilitate determination; and

	 	 	 
	 	(c) 	
      submit the determination in writing to the Seller and the
      Purchaser.

	6.1.2 	
      the Seller and the Purchaser shall:

	 	 	 
		(a) 	
      notify the Independent Accountants in writing of the
      matters reserved for determination and each provide (and to the extent
      they are reasonably able procure that their respective accountants, and
      the Purchaser shall procure that TF, provide) the Independent Accountants
      promptly, and in any event within ten (10) Business Days of the
      Appointment Day, with all information which they may reasonably require
      and the Independent Accountants shall be entitled (to the extent they
      consider it appropriate) to base their opinion on such information and on
      the accounting and other records of TF; and

	 	 	 
		(b) 	
      accept the determination of the Independent Accountants
      (in the absence of manifest error) as final and binding;

	 	 	 
		(c) 	
      the Independent Accountants shall act as experts and not
      as arbitrators; and

	 	 	 
		(d) 	
      the costs of the determination, including fees and
      expenses of the Independent Accountants, shall be borne equally by the
      Seller and the Purchaser.

ARTICLE 7     Loans and Guarantees

	7.1 	
      The parties acknowledge that the Consideration has been
      agreed on the basis that no indebtedness of any kind (regardless of
      whether presently payable) is owed by any member of the Seller’s Group to
      the Companies or from the Companies to the Seller’s Group, other
    than:

	 	 	 
		(a) 	
      any amounts which may be due or become due by way of
      trade credit in the ordinary course of trading as a result of goods or
      services supplied on normal arm's length terms;

	 	 	 
		(b) 	
      any amounts which may fall to be paid pursuant to any
      express provision of this Agreement or any of the documents required to be
      executed or delivered pursuant to the provisions of this
  Agreement;

	 	 	 
		(d) 	
      any amounts provided for in connection with service
      agreements with Affiliates of the Seller during the Interim Period;
    and

	 	 	 
		(e) 	
      any amounts provided for in the Economic Date
      Accounts.

10 

	7.2 	
      The Seller shall procure that on Completion, Companies
      are released from all guarantees and indemnities given by it in respect of
      any liability or obligation of any member of the Seller’s Group, or
      alternatively if such releases are not granted, Seller shall defend,
      indemnify and hold harmless Purchaser’s Group against any and all claims
      arising out of such guarantees and indemnities. Purchaser shall ensure
      after the Completion Date that Seller’s Group is released from all
      guarantees and indemnities given by it in respect of any liability or
      obligation of the Companies; or, alternatively, if such releases are not
      granted, Purchaser shall defend, indemnify, and hold harmless Seller’s
      Group against any and all claims arising out of such guarantees and
      indemnities.

ARTICLE 8     the Seller's Warranties

	8.1 	
      The Seller represents and warrants to the Purchaser that,
      except as disclosed to the Purchaser in the Disclosure Letter, as of the
      date of this Agreement and such representations shall be deemed to be
      repeated immediately prior to Completion, each of the statements set out
      in the Schedule 3 is true and accurate.

	 	 
	8.2 	
      The liability of the Seller in connection either with the
      Warranties, and any Warranty Claim, shall be subject to the limitations
      contained in, and to the other provisions ofSchedule4 of this
      Agreement.

	 	 
	8.3 	
      Any payment made by the Seller in respect of a Warranty
      Claim brought by the Purchaser shall: be reduced by the amount of any
      savings in Taxation enjoyed by the Purchaser, and/or its Affiliates, or TF
      in connection with the circumstances which gave rise to the
  claim.

	 	 
	8.4 	
      If the Purchaser becomes aware of a matter which is
      likely to give rise to a Warranty Claim, the Purchaser shall give notice
      of the relevant facts to the Seller as soon as reasonably practicable
      after becoming aware of those facts and in any event within thirty (30)
      days of becoming aware of those facts.

ARTICLE 9     Purchaser's Warranties

The Purchaser warrants to the Seller that each of the
statements set out below is true and accurate in all material respects: 

	9.1 	
      Purchaser is a corporation validly existing under the
      laws of Switzerland, with the requisite power and authority to enter into
      and perform, and has taken all necessary corporate action to authorise the
      execution and performance of, its obligations under this
  Agreement;

	 	 
	9.2 	
      this Agreement constitutes valid and binding obligations
      of the Purchaser;

	 	 
	9.3 	
      other than as contemplated by this Agreement, no notices,
      reports or filings are required to be made by the Purchaser in connection
      with the transactions contemplated by this Agreement, nor are any
      consents, approvals, registrations, authorisations or permits required to
      be obtained by the Purchaser in connection with the execution and
      performance of this Agreement; and

ARTICLE 10   Protective Covenants 

	10.1 	
      The Seller covenants with the Purchaser that it shall not
      and shall procure that no member of the Seller’s Group shall without the
      Purchaser’s consent (except as required by law or any
  competent regulatory body, including the applicable rules of any
      stock exchange) disclose or divulge to any third party any material
      information of a secret or confidential nature relating exclusively to the
      business or affairs of Companies, except to the extent the information has
      entered the public domain other than by reason of an unauthorised act or
  default of the Seller.

11 

	10.2 	
      The Purchaser covenants with the Seller that it shall not
      and shall procure that no member of the Purchaser’s Group shall without
      the Seller’s consent (except as required by law or any competent
      regulatory body, including the applicable rules of any stock exchange)
      disclose or divulge to any third party any material information of a
      secret or confidential nature relating exclusively to the business or
      affairs of the Companies that has been disclosed to it pursuant to this
      Agreement, except to the extent the information has entered the public
      domain other than by reason of an unauthorised act or default of the
      Purchaser.

ARTICLE 11   Tax 

	11.1 	
      The Seller shall be liable for any Taxation liabilities
      of the Companies and/ or the Interest for periods up to the Economic Date
      and shall indemnify and hold harmless the entity of the Purchaser’s Group
      against which any such Taxation liability is levied.

	 	 
	11.2 	
      It is agreed that the Seller and the Purchaser shall each
      be responsible for the payment of its own taxes, duties or other charges
      deriving from the transfer under this Agreement in accordance with the
      laws, rules and regulations of Tajikistan or other applicable laws,
      provided that any stamp duty related to the registration process of the
      transaction or transfer of shares envisaged by this Agreement owing under
      the laws, rules and regulations of Tajikistan shall be the responsibility
      of and paid by the Purchaser.

ARTICLE 12   Confidentiality 

	12.1 	
      Subject to Article 12.4, neither the Seller nor the
      Purchaser shall make (or permit any other member of the Seller’s Group or
      the Purchaser's Group to make) any announcement concerning this sale and
      purchase or any ancillary matter before Completion, and on and thereafter
      without the prior written consent of the other parties, the same not to be
      unreasonably withheld.

	 	 
	12.2 	
      The Purchaser, each member of the Purchaser’s Group, its
      lawyers and other professional consultants
shall:

	 	(a) 	
      keep confidential all information provided to it by or on
      behalf of the Seller or otherwise obtained by or in connection with this
      Agreement which relates to any member of the Seller’s Group;

	 	 	 
	 	(b) 	
      if after Completion, Purchaser holds confidential
      information relating to the Seller’s Group, it shall keep that information
      confidential and, to the extent reasonably practicable, other than
      information as may be reasonably required by the Purchaser to retain for
      legal, tax or financial/accounting purposes, shall return that information
      to the Seller or destroy it, in each case without retaining copies;
    and

	 	 	 
	 	(c) 	
      in respect of any Excluded Records which the Purchaser
      may receive or be in possession of, the Purchaser agrees to hold the same
      in strict confidence, not to disclose them to any third party and not to
      use them for any purpose whatsoever. To the extent that the Purchaser
      becomes aware that it is possession of Excluded Records in written or
      other tangible form (including information
stored electronically), the Purchaser agrees as soon as reasonably practicable
to return to the Seller or destroy such information, or cause such information
to be returned to the Seller, in each case at the Seller's sole discretion. 

12 

	12.3 	
      The Seller, each member of the Seller Group, its lawyers
      and other professional consultant shall:

	 	 	 
		(a) 	
      keep confidential all information provided to it by or on
      behalf of the Purchaser or otherwise obtained by or in connection with
      this Agreement which relates to any member of the Purchaser's Group;
      and

	 	 	 
		(b) 	
      if after Completion, the Seller, each member of the
      Seller Group, its lawyers and other professional consultants hold
      confidential information relating to the Companies, they shall keep that
      information confidential and, other than the Excluded Records or as may be
      required by Seller to retain for legal, tax, or financial/accounting
      purposes, shall return that information to the Purchaser or destroy it, in
      each case without retaining copies.

	12.4 	
      Nothing in this clause prevents any announcement being
      made or any confidential information being disclosed:

	 	 	 
		(a) 	
      with the written approval of the other parties, which in
      the case of any announcement shall not be unreasonably withheld or
      delayed; or

	 	 	 
		(b) 	
      to the extent required by law, stock exchange regulations
      or any competent regulatory body, but a party required to disclose any
      confidential information shall promptly notify the other party, so far as
      practicable and lawful with regard to timing, content and other
      requirements of such law, stock exchange regulations or regulatory body,
      before disclosure occurs and co-operate with the other party regarding the
      timing and content of such disclosure.

	12.5 	
      Nothing in this clause prevents disclosure of
      confidential information by any party:

	 	 	 
		(a) 	
      to the extent that the information is in or comes into
      the public domain other than as a result of a breach of any undertaking or
      duty of confidentiality by that party; or

	 	 	 
		(b) 	
      to that party's professional advisers, lawyers, auditors
      or bankers, but before any disclosure to any such person the relevant
      party shall procure that he is made aware of the terms of this clause and
      shall use its best endeavours to procure that such person adheres to those
      terms as if he were bound by the provisions of this
  clause.

ARTICLE 13   Notices 

	13.1 	
      Any notice given in connection with this Agreement must
      be in English. Any other document provided in connection with this
      Agreement must be in English or accompanied by a certified English
      translation; in this case, the English translation prevails unless the
      document is a statutory or other official document.

	 	 
	13.2 	
      Any notice or other formal communication given under this
      Agreement must be in writing (which includes fax, but not email) and may
      be delivered or sent by courier or fax to the party to be served as
      follows:

13 

	 	(a) 	to the Seller at: 	 	(b) 	to the Purchaser at: 
	 	  	  	 	  	  
	 	  	Building 3, Apartment 5 	 	  	Bahnhofstr. 9 
	 	  	Street Academic Rajabovs, 1 lane 	 	  	6341 Baar, Switzerland 
	 	  	Dushanbe Zip Code 734025 	 	  	  
	 	  	  	 	  	E-Mail: 
	 	  	TajikistanE-Mail: 	 	  	Wladwein@Manaspetroleum.Com 
	 	  	Khurshed.Nozimov@mail.ru 	 	  	  
	 	  	  	 	  	Attention: Dr. Werner Ladwein 
	 	  	Attention: Mr. Khurshed Nozimov 	 	  	  

or at such other address or fax number
as it may have notified to the other party in accordance with this clause. 

	13.3 	
      Any notice or other formal communication shall be deemed
      to have been given:

	 	 	 
		(a) 	
      if delivered personally, at the time of delivery;
    or

	 	 	 
		(b) 	
      if sent via courier, at 10.00 a.m. on the fourth Business
      Day after it was accepted by the courier company for delivery;
or

	 	 	 
		(c) 	
      if sent by fax, provided the fax is in readable form, on
      the date of transmission, if transmitted before 3.00 p.m. on any Business
      Day, and in any other case on the Business Day following the date of
      transmission, with a copy of the notice or other communication also sent
      by post.

	13.4 	
      In proving service of a notice or other formal
      communication, it shall be sufficient to prove that delivery was made or
      that the envelope containing the communication was properly addressed and
      despatched via courier, as the case may be or that the fax was properly
      addressed and successful transmission electronically confirmed, as the
      case may be.

ARTICLE 14   Further Assurances 

	14.1 	
      In relation to TF, the Seller shall procure the convening
      of all meetings, the giving of all waivers and consents and the passing of
      all resolutions as are necessary under the applicable laws dealing with
      private limited companies, its articles of association, or any agreement
      or obligation affecting it to give effect to this Agreement.

	 	 
	14.2 	
      On or after Completion, the parties shall, at their own
      cost and expense, execute and do (or procure to be executed and done by
      any other necessary party) all such deeds, documents, acts and items as
      may from time to time be reasonably required in order to give full effect
      to all the transactions or activities contemplated under this
      Agreement.

ARTICLE 15   Assignments 

	15.1 	
      Each Party may assign the benefit of this Agreement to
      any member of its Group and if it does so:

	 	 	 
		(a) 	
      the assignee may enforce the obligations of the other
      Party (including the Warranties given by the Seller) under this Agreement
      as if it had been named in this Agreement as a Party
;

14 

	 	(b) 	
      each Party may nevertheless enforce this Agreement
      against the other Party, as if that assignment had not occurred;

	 	 	 
	 	(c) 	
      the assignment shall not in any way operate so as to
      increase or reduce the respective rights and obligations on the part of
      the assigning Party or its assignee on the one hand and the other Party on
      the other hand; and

	 	 	 
	 	(d) 	
      where applicable, if the assignee ceases to be a member
      of the Seller’s Group or the Purchaser's Group, the Seller or the
      Purchaser as the case may be shall procure that the benefit of this
      Agreement is re-assigned to the Seller or the Purchaser as the case may be
      or another member of the Seller’s Group or the Purchaser's
  Group.

	15.2 	
      Except as permitted by this clause, none of the rights or
      obligations under this Agreement may be assigned or transferred by a Party
      without prior approval of the other Party.

ARTICLE 16   General 

	16.1 	
      Each of the obligations, warranties and undertakings set
      out in this Agreement (excluding any obligation which is fully performed
      at Completion) shall continue in force after Completion.

	 	 
	16.2 	
      Unless otherwise agreed between Purchaser and Seller, if
      the Purchaser or Seller defaults in the payment when due of any sum
      payable under this Agreement, (howsoever determined) its liability shall
      be increased to include interest on such sum from the date when such
      payment is due until the date of actual payment (as well as before
      judgment) at a rate per annum of LIBOR plus one percent. Such interest
      shall accrue from day to day.

	 	 
	16.3 	
      Each party shall pay the costs and expenses incurred by
      it in connection with the entering into and completion of this
      Agreement.

	 	 
	16.4 	
      In addition to the provisions of Schedule 4, the
      Purchaser shall make available to the Seller any books or records of
      Companies (or, if practicable, the relevant parts of those books or
      records) which are required by the Seller for the purpose of dealing with
      its corporate, tax, or reporting obligations or affairs and, accordingly,
      the Purchaser shall, upon being given reasonable notice by the Seller and
      subject to the Seller giving such undertaking as to confidentiality as the
      Purchaser shall reasonably require, procure that such books and records
      are made available to the Seller for inspection during working hours and
      copying at the Seller’s expense for and only to the extent necessary for
      such purpose and for a period of six years from Completion.

	 	 
	16.5 	
      This Agreement may be executed in any number of
      counterparts. This has the same effect as if the signatures on the
      counterparts were on a single copy of this Agreement.

	 	 
	16.6 	
      The rights of each party under this
  Agreement:

	 	(a) 	
      may be exercised as often as necessary;

	 	 	 
	 	(b) 	
      are cumulative and not exclusive of rights and remedies
      provided by law; and

	 	 	 
	 	(c) 	
      may be waived only in writing and
  specifically.

15 

		
      Delay in exercising or non-exercise of any such right is
      not a waiver of that right.

	 	 
	16.7 	
      Except as expressly stated in this Agreement, a person
      who is not a party to this agreement may not enforce any of its terms
      under the Contracts (Rights of Third Parties) Act 1999.

	 	 
	16.8 	
      This Agreement will only be signed in English. However,
      an unofficial translation of this Agreement in Russian shall be initialled
      by the Seller. In case of any conflict, this official English version of
      the Agreement shall prevail.

ARTICLE 17   Whole Agreement 

	17.1 	
      This Agreement and the documents referred to in it
      contain the whole agreement between the parties relating to the
      transactions contemplated by this Agreement and supersede all previous
      agreements between the parties relating to these transactions.

	 	 
	17.2 	
      Each party acknowledges that in agreeing to enter into
      this Agreement it has not relied on any representation, warranty,
      collateral contract or other assurance (except those set out in this
      agreement) made by or on behalf of any other party before the signature of
      this Agreement. Each party waives all rights and remedies which, but for
      this Article, might otherwise be available to it in respect of any such
      representation, warranty, collateral contract or other
  assurance.

ARTICLE 18   Governing Law 

This Agreement is governed by and shall be construed in
accordance with laws of England and Wales without giving effect to any choice of
law principles thereof which would result in the application of the laws of
another jurisdiction. 

ARTICLE 19   Arbitration 

All disputes arising out of or in connection with this
Agreement shall be finally settled under the UNCITRAL arbitration rules by three
(3) arbitrators appointed in accordance with the said rules. The place of
arbitration shall be London, UK. The language of the arbitration shall be
English. 

THIS AGREEMENT HAS BEEN SIGNED BY THE PARTIES (OR THEIR DULY
AUTHORISED REPRESENTATIVES) ON THE DATE STATED AT THE BEGINNING OF THIS
AGREEMENT. 

16 

SCHEDULE 1 

PART 1 – TF Corporate Details 

Registered number: CH-170.3.037.214 -4 

 

Registered office: TF Petroleum AG, Bahnhofstrasse 

    9, 6341 Baar, ZG, Switzerland 

 

Date and place of incorporation: September 24,
  2012, 

  6341 Baar, ZG, Switzerland 

 

Directors: 

Khurshed Nozimov 

    Werner
      Ladwein 

 

Shareholders: Kavsar General Trading
  FZE 

 

Paid-in capital stock: CHF 100,000 (i.e. 100%) 

1 

SCHEDULE 1 

PART 2 – TF’s Interests 

	A. 	TF holds 100% interests in Petroleum Sugd, a joint
      venture company incorporated under the laws of Tajikistan PS.

	B. 	PS owns 100% interests in several producing oilfields and
      acreage under application onshore Tajikistan and related assets, including
      following existing oil fields:

	 	- 	Airitan Field 
	 	- 	Kanibadam and North Kanibadam
      Fields 
	 	- 	Niazbek and North Karachicum
      Field 
	 	- 	Obi Shifo and North Karatau
      Fields 
	 	- 	Ravat Field 
	 	- 	SelRoho Field 
	 	- 	Mahram Field 
	 	- 	Madaniyat Field 

	C. 	On 17 July 2012, Ministry of Energy and Industry has
      issued following new licences in respect of above listed oil and gas
      fields, essentially re-issuing Licences (i.e. LICENSING AGREEMENTS) and
      also valid until 20 December 2022:

Licence No 0003804 for Prospection and Exploration of oil and
  gas. 

  Licence No 0003805 for Operation of oil and gas fields. 

  Licence No
  0003807 for Production (extraction) of oil and gas. 

2 

SCHEDULE 2 

Map of Areas for which Seller will obtain New Petroleum
  Exploration Rights 

3 

SCHEDULE 3 

Seller’s Warranties 

	1. 	GENERAL

	1.1 	Due Incorporation and Capacity

	 	 
		The Seller is a corporation validly existing under the
      laws of the UAE with the requisite power and authority to enter into and
      perform, and has taken all necessary corporate action to authorise the
      execution and performance of, its obligations under this
      agreement.

	 	 
	1.2 	Valid Obligations

	 	 
		This Agreement constitutes valid and binding obligations
      of the Seller.

	 	 
	1.3 	Filings and Consents

	 	 
		Other than as contemplated by this Agreement, no material
      notices, reports or filings are required to be made by the seller in
      connection with the transactions contemplated by this Agreement, nor are
      any consents, approvals, registrations, authorisations or permits required
      to be obtained by the seller in connection with the execution and
      performance of this Agreement.

	 	 
	1.4 	Recitals

	 	 
		The particulars relating to TF set out in the recitals
      and the Schedules to this Agreement are true and accurate.

	 	 
	1.5 	Incorporation

	 	a) 	TF is a corporation validly existing under the laws of
      Switzerland with full power and authority to conduct its business as
      presently conducted.

	 	b) 	PS is a corporation validly existing under the laws of
      Tajikistan with full power and authority to conduct its business as
      presently conducted.

	 	c) 	The books (including all registers and minute books) of
      TF and PS are up to date and have been properly kept and no notice or
      allegation that any of them is incorrect or should be rectified has been
      received.

	1.6 	Ownership of Shares

	 	a) 	The shares described in the Schedule 1 constitute 100% of
      the issued and allotted share capital of TF and are fully paid up and TF
      has not exercised or purported to exercise or claimed any lien over
      them.

	 	d) 	There is no option, right to acquire, conversion right,
      mortgage, charge, pledge, lien or other form of security or encumbrance
      on, over or affecting any of the Shares and there is no agreement or
      commitment to give or create any of the foregoing.

	 	e) 	The Seller is entitled to transfer or procure the
      transfer of the full legal and beneficial ownership in the Shares to the
      Purchaser on the terms set out in this Agreement.

	 	f) 	TF has not issued or agreed to issue any loan
      capital.

4 

	1.7 	Subsidiaries and associates

	 	 
		As of the Completion Date: TF will be the beneficial
      owner of 100% of the issued share capital of PS; Other than PS, TF will
      not have any interests and will not hold or beneficially own, control, nor
      agree to acquire, any shares of any other corporation.

	 	 
		PS will not have any subsidiary and will not hold or
      beneficially own, control, nor agree to acquire, any shares of any other
      corporation.

	 	 
	1.8 	Assets

	 	a) 	Particulars of each fixed asset with a value in excess of
      USD 10,000.00 acquired or agreed to be acquired by TF or PS since the
      Accounts Date are set out in the Disclosure Letter.

	 	b) 	Except for assets offered for sale or sold in the
      ordinary course of business, neither EPA, PS nor TF has since the Accounts
      Date disposed or agreed to dispose of any of the assets included in the
      Accounts or any asset acquired or agreed to be acquired since the Accounts
      Date, in each case with a book value in excess of USD 10,000.00.

	 	c) 	All material records and information belonging to TF,
      EPA, Liquidated PS and PS (whether or not held in written form) are in its
      exclusive possession and/or under its control, and all such records and
      information are subject to access by it; provided, however, that all
      Excluded Records shall become the property, and be in the sole possession,
      of the Seller.

	 	d) 	The assets included in the Accounts or acquired by TF or
      PS since the Accounts Date (other than trading stock disposed of since
      that date in the ordinary course of business) are the property of TF or,
      as the case may be, PS, free from any Encumbrance and are not the subject
      of any leasing, hiring or hire-purchase agreement, and all such assets are
      in the possession or under the control of TF or, as the case may be,
      PS.

	 	e) 	Seller warrant validity of LICENSING AGREEMENTS, land
      entitlements, royalty agreements, tax rates, etc as of the date of signing
      this Agreement as well as the Completion Date.

	 	f) 	Seller warrants to be responsible for any claim arising
      from its past relationship with Vivalo in the Liquidated PS.

	 	g) 	Seller warrants that it does not have knowledge of any
      liabilities and contingent liabilities other than those identified during
      Audit and Due Diligence and disclosed in the Disclosure Letter and
      Annexure 2. Seller further warrants that any liability not disclosed in
      the aforementioned Annexure, including environment and tax liabilities
      will be handled by Seller at Seller’s expense (via downward adjustment of
      Seller`s shareholding in TF.

	1.9 	Economic Date Accounts

	 	a) 	The Economic Date Accounts will be prepared in accordance
      with applicable laws and GAAP.

	 	b) 	fairly present the state of affairs, the assets and the
      liabilities of TF and PS as at the Economic Date and of the profit or loss
      of TF and PS for the period ended on said date;

	 	c) 	will be prepared on a proper and consistent basis in
      accordance with the basis employed in TF's and PS’ audited accounts for
      each of the three preceding financial periods and all accounts required by
      law to be delivered or made to any authority have been duly and correctly
      delivered or made;

	 	d) 	will be audited or reviewed as outlined in Article 4.1.6
      of this Agreement.

	 	e) 	contain such provisions and deferred tax assets as are
      required by GAAP to cover all taxation and other liabilities of TF and PS
      as at the Economics Date;

5 

	 	f) 	The tax book value of the assets and liabilities of TF
      under Swiss law and the tax book value of the assets and liabilities of PS
      under Tajikistani law provided by Seller pursuant to Article 3.1.5 of this
      Agreement is accurate.

	1.10 	Position since Accounts
      Date

	 	a) 	TF, EPA and PS have carried on their business in the
      normal course and there has been no material and adverse change in the
      financial position of TF, EPA or PS;

	 	b) 	except for any dividends provided for in the Accounts and
      Article 4.2.11 of this Agreement, no dividend, repayment of share premium,
      or other distribution or repayment has been declared, paid or made by TF,
      EPA or PS;

	 	c) 	no share or loan capital has been issued or agreed to be
      issued by TF, EPA or PS;

	 	d) 	no capital commitment has been entered into by TF, EPA or
      PS to spend monies other than in accordance with the capital expenditure
      budget set out in the Disclosure Letter; and

	 	e) 	TF, EPA or PS have not entered into any Major
      Contract.

	1.11 	Licences and
      Compliance

	 	a) 	TF, EPA and PS have conducted their businesses in
      accordance with all applicable laws, regulations and other requirements of
      authorities having jurisdiction over the Companies or the Interest and TF,
      EPA, and PS directly or through the Operator have obtained all material
      licences, permissions, authorisations and consents required for the
      carrying on of the business now carried on by them in the places and in
      the manner in which that business is now carried on and such licences,
      permissions, authorisations and consents are in full force and
      effect.

	 	b) 	Neither PS or Liquidated PS nor to the knowledge of the
      Seller, the Operator has received notice that it is in default under any
      material licence, permission, authorisation or consent.

	 	c) 	Neither PS nor Liquidated PS has received notice that it
      is in violation of, or in default with respect to, any statute,
      regulation, order, decree or judgment of any court or any governmental
      agency of the jurisdiction in which it is
      incorporated.

	1.12 	Environment

	 	a) 	Notwithstanding any other term of this Agreement, the
      only Warranties that are given in relation to the environment are those
      contained in this paragraph.

	 	b) 	In view of section 4.1.4 of the Audit Report, Seller and
      Purchaser shall agree on an Environment baseline in respect of all PS
      sites and wells– and Seller shall take responsibility for status of sites
      and wells as of the Completion Date. In this Environment baseline, all
      abandoned wells are to be identified.

	 	c) 	Liquidated PS and PS, to the Seller’s knowledge, have
      complied with all Environmental Law or Environmental Licence and neither
      PS nor Liquidated PS has received any written notice or communication from
      which it appears that it is or may be in violation of any Environmental
      Law or Environmental Licence.

	 	d) 	Neither EPA, PS, Liquidated PS nor TF, to the Seller’s
      knowledge, is engaged in any disputes, proceedings, litigation or
      arbitration proceedings concerning Environmental Laws or Dangerous
      Substances nor have the Companies nor to the Seller’s knowledge the
      Operator received any communication that there has been a material
      incident of pollution in relation to the Interest.

	 	e) 	No payments have been made, are currently to be made, by
      PS or Liquidated PS in respect of the Interest for any future abandonment
      or decommissioning obligations.

6 

	1.13 	Intellectual Property
      Rights

	 	a) 	No notice has been received by EPA, PS, Liquidated PS or
      TF claiming that it infringes any right in confidential information or
      other intellectual property right of any third party.

	 	b) 	So far as the Seller is aware, there is no outstanding
      infringement of any intellectual property rights referred to in sub-para
      (a) above by EPA, PS, Liquidated PS or TF.

	1.14 	Contracts

	 	a) 	Neither EPA, PS, Liquidated PS nor TF has received notice
      that it is in default under any agreement, mortgage, charge, lien or
      pledge, nor has it received notice that it is in breach or default of the
      LICENSING AGREEMENTs.

	 	b) 	PS is the legal and beneficial owner of the Interest,
      free from Encumbrances. The LICENSING AGREEMENTs are in full force and
      effect, and no act or omission of EPA, PS, Liquidated PS or TF has
      occurred which would or might reasonably entitle any competent authority
      to revoke, vary or terminate the LICENSING AGREEMENTs. The LICENSING
      AGREEMENTs are not in the course of being surrendered. No sole risk or
      non-consent proposals are proposed or existent under the LICENSING
      AGREEMENTs. All compulsory work obligations have been fulfilled and no
      notice have been given by the Government of any intention to require any
      further work of a material nature to be performed under the LICENSING
      AGREEMENTs.

	 	c) 	There are no subsisting contracts to which PS or TF is a
      party and in which any member of the Seller’s Group has an interest (other
      than, in the case of the Seller, its interest in the Shares).

	 	d) 	Other than in relation to the LICENSING AGREEMENTs,
      neither PS nor TF are a party to any other Major Contract, nor have they
      agreed to become, a member of any partnership or other unincorporated
      association, joint venture or consortium (other than recognised trade
      associations).

	1.15 	Indebtedness

	 	a) 	Neither EPA, PS, Liquidated PS nor TF has received any
      notice to repay any borrowings or indebtedness under any agreements
      relating to any borrowing (or indebtedness in the nature of borrowing)
      which are repayable on demand; and no event of default has occurred and is
      outstanding under any agreement relating to any other borrowing or
      indebtedness in the nature of borrowing or other credit facility of EPA,
      PS, Liquidated PS or TF.

	 	b) 	Neither EPA, PS, Liquidated PS nor TF has any outstanding
      Group Loans, borrowings, debts loan capital or any money borrowed or
      raised (other than under its bank facilities or normal trade
      credits).

	 	c) 	Neither EPA, PS, Liquidated PS nor TF has lent any money
      which is due to be repaid and, as at the date of this Agreement, has not
      been repaid or owns the benefit of any debt other than debts accrued in
      the ordinary course of its business.

7 

1.16      Litigation 

Except as set out in the disclosure letter, neither EPA, PS,
  Liquidated PS nor TF is a party to any litigation, arbitration or administrative
  proceedings. Disclosure letter includes mention of an arbitration proceeding by
  owner of Vivalo against government of Tajikistan concerning liquidated PS which
  appears to be closed matter. 

1.17      Insurances 

PS has taken out insurances on the basis and in respect of the
  risks referred to in the list of insurance cover contained in Schedule 6 hereto
  and: 

	 	(a) 	no policies shall be in force and effect at and after
      Completion;

	 	(b) 	such policies will be in full force and effect up to (but
      not including) Completion in accordance with their respective
      terms.

	 	(c) 	All the assets and undertakings of TF and PS of an
      insurable nature are and have at all times been insured in amounts
      representing their full replacement or reinstatement value against all
      risks normally insured by companies on the same classes of businesses as
      TF’s or PS’s business.

1.18      Employees 

List of employees of PS and TF provided pursuant to Article
  3.2.5 of this Agreement shall be accurate as of the Completion Date. 

1.19      Liquidation 

	 	a) 	No administrator, receiver or administrative receiver or
      local equivalent has been appointed in respect of the whole or any part of
      the assets of PS or TF.

	 	b) 	No petition has been presented, no order has been made
      and no resolution has been passed for the winding-up of TF or
      PS.

	 	c) 	Neither PS nor TF is insolvent or unable to pay its debts
      and neither PS nor TF has stopped paying its debts as they fall
      due.

	 	d) 	No voluntary arrangement or compromise or other
      arrangement with creditors has been proposed, agreed or sanctioned under
      any applicable law in respect of TF or PS.

	2. 	Tax Warranties

	 	 
	2.1 	General

	 	a) 	All Taxation of any nature whatsoever for which TF, EPA
      and PS is liable until the Completion Date has within the time limits
      prescribed by the relevant legislation been or will be duly and correctly
      paid or provided for.

	 	b) 	To Seller’s knowledge, all notices, computations and
      returns which ought to have been given or made, have been properly and
      duly submitted by TF, EPA and/or PS to the relevant Taxation authorities
      and all information, notices, computations and returns submitted to such
      authorities are true, accurate and complete and are not the subject of any
      dispute nor, to the knowledge of EPA, PS or TF, are they likely to become
      the subject of any dispute with such authorities. All records which EPA,
      TF and/or PS are required to keep for Taxation purposes or which would be
      needed to substantiate any claim made or position taken in relation to
      Taxation by EPA, TF and/or PS, have been properly and duly kept and are
      available for inspection at the premises of TF and/or PS
      respectively.

8 

	 	c) 	All claims or other requests for any particular treatment
      relating to Taxation that have been taken into account in computing any
      amount in the Economic Date Accounts have been duly made. All tax
      liabilities which are not already paid are duly provided for.

	 	d) 	The amount of Taxation chargeable on EPA, TF or PS during
      any accounting period ending on or within ten years before the Economic
      Date has not been affected to any material extent by any concession,
      arrangements, agreement or other formal or informal arrangement with any
      Taxation authority (other than such LICENSING AGREEMENTs, agreements or
      arrangements available to companies generally).

	 	e) 	Neither EPA, Liquidated PS, PS nor TF are liable to pay,
      nor to their knowledge are there any circumstances by reason of which
      either is likely to become liable to pay any interest, penalty, surcharge
      or fine relating to Taxation.

	 	f) 	Neither EPA, Liquidated PS, PS nor TF have been subject
      to or is currently subject to any investigation, audit or visit by any
      Taxation or excise authority, and neither the Seller, TF nor PS are aware
      of any such investigation, audit or visit planned for the next twelve
      months.

	 	g) 	Neither EPA, Liquidated PS, PS nor TF have any liability
      in respect of Taxation arising in any part of the world in respect of
      income, profits or gains arising or deemed to arise before the Economic
      Accounts Date or in respect of any event occurring or deemed to occur
      before the Economic Accounts Date that is not provided for in full in the
      Accounts.

	 	h) 	EPA, Liquidated PS, PS and TF have not been involved in
      any transaction outside the ordinary course of business which has given or
      may give rise to a liability to Taxation on TF or PS.

	 	i) 	It has complied with Tajik tax requirements with respect
      to the contemplated transaction, and that any taxes imposed on PS as a
      result of EPA transferring shares of PS into Seller, and Seller
      transferring shares of PS into TF, are to be paid by
      Seller.

	2.2 	Deductions and Withholdings

	 	 	 
		a) 	EPA, Liquidated PS, PS and TF have made all deductions in
      respect, or in account, of any Taxation from any payments made by it which
      it is obliged or entitled to make and has accounted in full to the
      appropriate authority for all amounts so deducted.

		b) 	Neither EPA, Liquidated PS, PS nor TF have received any
      notice from any Taxation authority which required or will require any of
      them to withhold Taxation from any payment made since the Economic Date
      (in respect of which such withheld Taxation has not been accounted for in
      full to the appropriate authority).

	2.3 	Tax Residence

	 	A) 	TF is not treated for any taxation purpose as resident in
      a country other than the country of its incorporation and TF does not
      have, nor has had a branch, agency or permanent establishment in a country
      other than the country of its incorporation. 

	 	b) 	PS is resident in Tajikista.n, the country of its
      incorporation and does not have, nor has had a branch, agency or permanent
      establishment in a country other than Tajikistan. 

9 

2.4      Transfer Pricing 

No transactions or arrangements involving EPA, PS nor TF have
  taken place within the past two years or are in existence which are such that
  any provision relating to transfer pricing might be invoked by a taxation or
  excise authority. 

2.5      Deemed Income and Profits 

Except as provided in the accounts, TF and PS do not have a
  liability to taxation on income or profits except in respect of and to the
  extent of income and profits actually received, nor do any arrangements exist
  which might give rise to such a liability. 

2.6      Value Added Tax

	 	a) 	For the purposes of this paragraph, VAT means
      value added tax.

	 	b) 	TF is duly registered for the purposes of VAT in its
      country of incorporation.

	 	c) 	TF has complied with all statutory provisions, rules,
      regulations, orders and directions concerning VAT, including the making on
      time of accurate returns and payments and the maintenance of
      records.

2.1      Stamp Duty 

All stamp duty and similar taxes or duties have been correctly
  and duly paid in respect of all transactions executed prior to the date of
  completion. 

3          ACCURACY AND COMPELETENESS OF INFORMATION 

All facts material to the condition of the Interest, the
  business, TF and PS have been disclosed to the Purchaser in writing and the
  information contained in this Agreement or made available to the purchaser is
  true, correct and complete in all material aspects. The Seller is not aware of
  any fact or matter, including any omission, which would render any such
  information incorrect or misleading in any material aspect.

10 

SCHEDULE 4 

Limits on Warranty Claims 

	1. 	Acknowledgement

	 	 	 
		The Purchaser acknowledges and agrees that:

	 	 	 
		(a) 	the Warranties are the only representations, warranties
      or other assurances of any kind given by or on behalf of the Seller or any
      member of the Seller’s Group and on which the Purchaser may rely in
      entering into this Agreement;

	 	 	 
		(b) 	no other statement, promise or forecast made by or on
      behalf of the Seller or any member of the Seller’s Group may form the
      basis of, or be pleaded in connection with, any claim by the Purchaser
      under or in connection with this Agreement; and

	 	 	 
		(c) 	at the time of entering into this Agreement the Purchaser
      is not aware of a breach of the Warranties.

	2. 	Conduct of third party claims

	 	 
	2.1 	Subject to paragraph 2.2 below, if a Warranty Claim
      arises as a result of, or in connection with, a liability or alleged
      liability to a third party (a Third Party Claim), then the Seller
      may elect to assume the conduct of any appeal, dispute, compromise or
      defence of the Third Party Claim and of any incidental negotiations using
      legal counsel of the Seller’s choice and on the following
      terms:

	 	(a) 	the Seller shall first agree to indemnify the Purchaser,
      TF and PS against all liabilities, charges, costs and expenses which they
      may incur in taking any such action as the Seller may reasonably
      require;

	 	 	 
	 	(b) 	the Purchaser shall procure TF and PS to make available
      to the Seller such persons and all such information as the Seller may
      reasonably require for assessing, contesting, appealing or compromising
      the Third Party Claim;

	 	 	 
	 	(c) 	the Purchaser shall procure that TF and PS take such
      action to contest, appeal or compromise the Third Party Claim as may
      reasonably be requested by the Seller and does not make any admission of
      liability, agreement, settlement or compromise in relation to the Third
      Party Claim without the approval of the Seller; and

	 	 	 
	 	(d) 	the Seller shall on an ongoing basis consult with and
      keep the Purchaser fully and promptly informed of the progress of the
      Third Party Claim and promptly provide the Purchaser with copies of all
      relevant documents and such other information in its possession as may be
      requested by the Purchaser.

	2.2 	If a Warranty Claim arises as a result of, or in
      connection with a Third Party Claim in respect of which the Purchaser
      wishes to retain conduct of any appeal, dispute, compromise or defence and
      of any incidental negotiations, then the Purchaser shall notify the Seller
      of its intention to do so and paragraph 2.1 above shall not apply,
      provided in all such cases that the Seller shall not be liable to
      Purchaser or the third party under any circumstances whatsoever in respect
      of such Warranty Claim.

11 

3.        Mitigation 

Nothing in this Agreement shall be deemed to relieve the
  Purchaser from any duty to mitigate any loss or damage incurred by it as a
  result of any breach of the Warranties.

4.        Recovery from third parties 

This paragraph applies if: 

	 	(a) 	the Seller makes a payment (excluding any interest on a
      late payment) in respect of a Warranty Claim (the Damages Payment);
      and

	 	 	 
	 	(b) 	TF, PS or the Purchaser receives any sum which would not
      have been received but for the circumstance which gave rise to that
      Warranty Claim (the Third Party Sum); and

	 	 	 
	 	(c) 	the receipt of the Third Party Sum was not taken into
      account in calculating the Damages Payment; and

	 	 	 
	 	(d) 	the aggregate of the Third Party Sum and the Damages
      Payment exceeds the amount required to compensate the Purchaser in full
      for the loss or liability which gave rise to the Warranty Claim in
      question, such excess being the Excess Recovery.

	 	 	 
	 	(e) 	If this paragraph applies, the Purchaser shall, promptly
      on receipt of the Third Party Sum by it, PS, or TF, repay to the Seller an
      amount equal to the lower of (i) the Excess Recovery and (ii) the Damages
      Payment, after deducting (in either case) all costs incurred by the
      Purchaser, PS, or TF in recovering the Third Party Sum and any taxation
      payable by the Purchaser, PS, or TF by virtue of its
      receipt.

5         Insurance 

Without prejudice to the Purchaser's duty to mitigate any loss
  in respect of any breach of the Warranties, if in respect of any matter which
  would otherwise give rise to a breach of the Warranties TF or PS are entitled to
  claim under any policy of insurance, the amount of insurance monies to which TF
  or PS are entitled (after deduction of any costs) shall reduce pro tanto or extinguish the claim for breach of the Warranties. 

6         Basis of
  damages 

No party hereunder shall be liable to another under any
  circumstances for punitive, indirect, or consequential damages, or for loss of
  profit or opportunity. 

12 

SCHEDULE 5 

Completion 

 

PART 1 - SELLER'S OBLIGATIONS 

At Completion the Seller shall procure, with regard to TF, the
  delivery to the Purchaser of: 

	(a) 	Notarized English translation of an official document
      showing that 100% of shares in PS is owned by TF.

	 	 
	(b) 	a duly executed deed of transfer in favour of the
      Purchaser or its nominee(s) of all the Shares;

	 	 
	(c) 	the articles of association, certificate confirming the
      tax registration, the board minutes and the shareholders’ register
      relating to the Shares;

	 	 
	(d) 	a board resolution of TF and Seller in which (i) the
      transfer referred to in paragraph (a) above is approved, and (ii) the
      amendment of all mandates to bankers terminating the authority of current
      TF/PS authorised persons and giving authority to operate the bank accounts
      of TF/PS to persons nominated by the Purchaser.

PART 2 - PURCHASER'S OBLIGATIONS 

		AT COMPLETION THE PURCHASER SHALL:

	 	 
	(a) 	pay USD 3,900,000, subject to any necessary downward
      adjustment in accordance with this Agreement, being remaining part of
      Consideration together with interest on such amount pursuant to the
      Agreement to the Seller; and

	 	 
	(b) 	deliver to the Seller a certified copy of an extract of
      the resolutions of the board of directors (or a duly constituted committee
      of the board) of the Purchaser authorising the execution of this Agreement
      and any other agreements to be executed by the Purchaser at
      Completion.

13 

SCHEDULE 6 

Insurance Policies 

Insurance policies are attached: 

14 

SCHEDULE 7 

DEAL STRUCTURE 

15 

16 

SCHEDULE 8 

Interpretation 

	1. 	In this Agreement:

	 	 
		Accounts means the audited financial statements
      for the period ending 30.09.2012;

	 	 
		Accounts Date means 30.09.2012;

	 	 
		Actions shall have meaning ascribed thereto in
      Recital F of this Agreement.

	 	 
		Affiliate means any company(ies) or legal
      entity(ies) that (i) controls either directly or indirectly a party; or
      (ii) is controlled directly or indirectly by a party; or (iii) is directly
      or indirectly controlled by a company or entity that directly or
      indirectly control a party. ‘Control’ means the ownership directly or
      indirectly of more than fifty percent (50%) of the voting rights in a
      company or legal entity;

	 	 
		Appointment Day means the date on which the
      Independent Accountants confirms in writing to the Purchaser and the
      Seller that it has accepted the instructions to act pursuant to clause 6
      of this Agreement;

	 	 
		Audit shall have meaning ascribed thereto in
      Recital C of this Agreement.

	 	 
		Business Day means a day (other than a Saturday or
      Sunday) on which banks are generally open in Dushanbe for normal
      business;

	 	 
		Companies means TF and PS;

	 	 
		Completion means completion of the sale and
      purchase of the Shares in accordance with this Agreement;

	 	 
		Completion Date means the date set forth in
      Article 3.2 of the Agreement;

	 	 
		Conditions Precedent means the conditions
      precedent to Completion set out in Article 3.2;

	 	 
		Dangerous Substance means any natural or
      artificial substance likely to cause harm to persons or any other living
      organism, or likely to cause damage to the environment or public health or
      welfare.

	 	 
		Disclosure Letter means the letter of the same
      date as this Agreement from the Seller to the Purchaser essentially
      confirming results of legal due diligence and Audit arranged by the
      Purchaser;

	 	 
		Due Diligence shall have meaning ascribed thereto
      in Recital E of this Agreement.

	 	 
		Economic Date means 31.12.2012;

	 	 
		Economic Date Accounts means the audited balance
      sheets as at the Economic Date and audited profit and loss accounts of
      both TF and PS for the year ended on that date;

17 

Encumbrance means any mortgage,
  charge (fixed or floating), pledge, lien, option, right to acquire, assignment
  by way of security, trust arrangement for the purpose of providing security or
  any other security interest of any kind, including retention arrangements and
  any agreement to create any of the foregoing; 

Environmental Laws means all
  statutes, notifications, regulations, Guidelines and binding court decisions
  applicable in Tajikistan concerning the protection of human health or the
  environment or the generation, transportation, storage, control of Waste and
  Pollutants, treatment or disposal of a Hazardous Waste, Dangerous Substance and
  capable of enforcement by legal process in the jurisdiction of operation of TF
  or PS; 

Environmental Licence means any
  permit, licence, authorisation, consent or other approval required under or in
  relation to any Environmental Law; 

EPA shall have the meaning
  ascribed thereto in Recital A of this Agreement. 

ESCROW shall have the meaning
  ascribed thereto in Article 3.1.6 of this Agreement. 

Excluded Records means all
  originals and copies of agreements, documents, books, records, files, computer
  software and data reasonably considered by the Seller to be proprietary to the
  Seller or a member of the Seller’s Group (other than EPA-AT and TF) and accepted
  as such by the Purchaser.

GAAP means generally accepted
  accounting principles and practices of each respective country; 

Government means the Government
  of Tajikistan; 

Group Loans means the
  outstanding loan capital or monies borrowed by TF or PS from the Seller or a
  member of the Seller’s Group, by way of unsecured loans, repayable on demand
  including, without limitation, any advances described in Article 7.1(b); 

Independent Accountants means
  such firm of chartered accountants as may be appointed under the clause headed
  "Independent Accountants"; 

Interest means the working
  interest of PS in and under the LICENSING AGREEMENTs; 

Interim Period means the period
  of time from the Economic Date to but excluding Completion; 

LIBOR means in relation to the
  amount and the currency of the sum in question, the rate per annum at which a
  deposit for one month would have been offered by the National Westminster Bank
  plc to prime banks in the London Interbank Market at such bank’s request at or
  about 11.00 am (London time) on the first Business Day of the period specified
  hereunder in respect of which interest is to be calculated. 

LICENSING AGREEMENTs shall have
  the meaning ascribed thereto in Recital B of this Agreement.

Liquidated PS shall have the
  meaning ascribed thereto in Recital B of this Agreement. 

18 

Major Contract means a written
  contract to which TF, EPA, Liquidated PS or PS is or was a party, including
  without limitation, service agreements with a member of the Seller’s Group, in
  each case with a value in excess of USD 10,000 (or its equivalent in foreign
  currency);

NEXT ADVANCE shall have the
  meaning ascribed thereto in Article 2.4 of this Agreement. 

Operator means the party
  designated as the Operator under the Licensing Agreements;

OPTION shall have the meaning
  ascribed thereto in Recital C of this Agreement.

OPTION AGREEMENT shall have the
  meaning ascribed thereto in Recital C of this Agreement. 

Parties means the Seller or the
  Purchaser. 

Purchaser’s Advance in respect of TF shall have the meaning ascribed thereto in Recital D of this
  Agreement.

Purchaser's Group means the
  Purchaser and its Affiliates (other than TF or PS) from time to time; 

PS shall have the meaning
  ascribed thereto in Recital A of this Agreement. 

Real Estate Properties shall
  have the meaning ascribed thereto in Article 3.1.3 of this Agreement.
  "Properties" and Property means any of them and includes every part of each of
  them; 

Seller’s Group means Seller, or
  EPA and any undertaking or company other than the Companies that is, at the
  relevant time, directly or indirectly affiliated with the two first mentioned
  companies or either of them;

For the purpose of this definition a
  particular company or undertaking is: 

	 	(i) 	directly affiliated with another company or companies if
      the latter beneficially hold/holds shares carrying 50% (fifty percent) or
      more of the votes exercisable at a general meeting of shareholders (or its
      equivalent) of the particular company; and

	 	 	 
	 	(ii) 	indirectly affiliated with a company or companies (in
      this definition referred to as "the parent company or companies") if a
      series of companies can be specified, beginning with the parent company or
      companies and ending with the particular company, so related that each
      company of the series, except the parent company or companies, is directly
      affiliated with one or more companies earlier in the
      series.

Security Deposit shall have the
  meaning ascribed thereto in Recital C of this Agreement.

Shares shall have the meaning
  ascribed thereto in Recital C of this Agreement; 

SHA shall have the meaning
  ascribed thereto in clause 5.4 of this Agreement; 

SNG shall have the meaning
  ascribed thereto in Recital A of this Agreement;

19 

Taxation means all forms of
  taxes, duties, imposts, octrois and levies, whether of Tajikistan, the UAE,
  Switzerland or elsewhere, including income tax (including income tax or amounts
  equivalent to or in respect of income tax required to be deducted or withheld
  from or accounted for in respect of any payment), corporation tax, advance
  corporation tax, sales tax, petroleum income tax, value added tax, specific
  business tax, royalties, house and land tax, local development tax, customs and
  other import or export duties, excise duties, stamp duty, social security or
  other similar contributions, and any interest, penalty, surcharge or fine
  relating thereto, including a payment which TF or PS is liable to make as a
  result of having claimed a credit in relation to any Taxation in excess of the
  amount properly claimable, and, in a case where Taxation for which TF or PS is
  liable is discharged by another person, the amount corresponding to that
  Taxation for which TF or PS is, after that discharge, liable; 

TF shall have the meaning
  ascribed thereto in Recital D of this Agreement;

Third Party Claim shall have the
  meaning ascribed thereto in Schedule 4, clause 2.1 of this Agreement;

USD or $ means United
  States Dollars; 

Vivalo shall have the meaning
  ascribed thereto in Recital B of this Agreement;

Warranties means the warranties
  on the part of the Seller contained in the clause headed "The Seller's
  Warranties"; 

Warranty Claim means any claim
  by the Purchaser arising out of or in connection with this Agreement, including
  for any breach or alleged breach of any of the Warranties; and 

Where any statement in the Schedule 3
  or in the Disclosure Letter is qualified by the expression "so far as the Seller
  is aware" or "to the best of the Seller's knowledge, information and belief" or
  any similar expression, that statement shall be deemed to be made only on the
  actual knowledge of the Seller after due diligent and careful enquiry of the
  following individuals: Khurshed Nozimov 

In this Agreement any reference,
  express or implied, to an enactment (which includes any legislation in any
  jurisdiction) includes references to: 

that enactment as amended, extended or
  applied by or under any other enactment (before or after signature of this
  agreement); 

In this Agreement: 

	 	(a) 	words denoting persons shall include bodies corporate and
      unincorporated associations of persons;

	 	 	 
	 	(b) 	references to an individual/a natural person include his
      estate and personal representatives;

	 	 	 
	 	(c) 	subject to the Article headed "Assignments", references
      to a party are to a party to this Agreement and include references to the
      successors or assigns (immediate or otherwise) of that party;
      and

	 	 	 
	 	(d) 	references to time are to London
      time.

20 

SIGNATORIES 

	Seller 	  	  
	 	 	 
	 	 	 
	Signed by 	) 	  
	KAVSAR GENERAL TRADING FZE 	) 	/s/
      Nozimov K.H. 
	  	  	  
	 	 	 
	 	 	 
	DWM PETROLEUM AG 	  	  
	 	 	 
	Signed by 	) 	  
	for 	) 	/s/
      Dr. Werner Ladwein 

18

ANNEXURE 1 – OPTION AGREEMENT 

1 

 

 

Effective May 5, 2012 

 

 

OPTION AGREEMENT 

BETWEEN 

KAVSAR GENERAL TRADING FZE 

and 

DWM PETROLEUM AG

 

 

 

Relating to the Option for the sale and purchase
  of

  80% of the issued share capital

  of a Company that would
    hold 100% shares in Petroleum Sugd 

2 

THIS OPTION AGREEMENT(“Option
  Agreement”) is made effective as of May 5, 2012 

BETWEEN: 

	(1) 	KAVSAR GENERAL TRADING FZE a company organised
      under the laws of The UAE whose registered office is at Hamriyah Free
      Zone, P.O. Box No 51393, Sharjah, UAE (the “Kavsar”);
      and

	 	 
	(2) 	DWM PETROLEUM AG, a company registered in
      Switzerland, having its registered office at Bahnofstrasse 9, Baar,
      Switzerland (referred to herein as the “DWM”).

	 	 
		BACKGROUND:

	 	A. 	Kavsar owns 100% of the issued share capital of Energy
      Partners Austria GmbH, a company registered in Austria (hereinafter
      “EPA-AT”).

	 	 	 
	 	B. 	EPA-AT is the legal and beneficial owner of 57.42% shares
      in Petroleum Sugd, a joint venture with limited liability incorporated
      under the laws of Tajikistan (hereinafter “PS-2”), and the
      remaining 42.58% shares in PS-2 are held by Sugdneftugas, state oil
      company of Tajikistan (hereinafter “SNG”).

	 	 	 
	 	C. 	A Tajik joint venture with limited liability also known
      as Petroleum Sugd which is already liquidated (hereinafter “PS-1”),
      is legal owner of rights in production licences for the fields identified
      in the Schedule A hereof (hereinafter “Licenses”), and, Seller,
      EP-AT and PS-2 are taking necessary steps to ensure that Licences are
      formally registered under the name of PS-2.

	 	 	 
	 	D. 	DWM desires to purchase 80% shares in a Swiss company
      that owns 100% shares in PS-2, and has therefore requested Kavsar to
      purchase remaining shares of SNG in such a manner that PS-2 is owned 100%
      by a new company.

	 	 	 
	 	E. 	Kavsar is willing to incorporate a new company in
      Switzerland (hereinafter “Newco”) and take actions necessary for
      transferring 100% shares of PS-2 in NewCo.

	 	 	 
	 	F. 	Kavsar is also willing to give DWM an option to purchase
      80% shares in NewCo which would own 100% shares in PS-2.

	 	 	 
	 	G. 	Kavsar is also willing to allow DWM to conduct legal due
      diligence and audit of EPA-AT, PS-1 and PS-2, respectively, to facilitate
      DWM’s decision regarding exercise of such option.

	 	 	 
	 		NOW THEREFORE, KAVSAR AND DWM AGREE as
      follows:

	 	1. 	Kavsar and DWM shall take following actions:

	 	 	 	 
	 		a. 	Kavsar shall incorporate NewCo in Switzerland.

	 	 	 	 
	 		b. 	DWM shall pay to Kavsar, a refundable security deposit of
      USD 10 million (“Security Deposit”), via wire transfer in Kavsar’s
      bank account, in three (3) instalments on or before following dates, for
      an option to purchase 80% shares in Newco
      (“Option”):

	 	i. 	US$ 5 million on or before May 31, 2012

	 	 	 
	 	ii. 	US$ 2 million on or before July 15,
      2012.

3 

	 	iii. 	US$ 3 million on or before August 24,
      2012

	 	c. 	DWM shall engage a reputable local law firm to conduct
      legal due diligence (hereinafter “Due Diligence”) regarding EPA-AT,
      PS-1 and PS-2.

	 	 	 
	 	d. 	Once Due Diligence is completed, DWM shall engage
      reputable international accounting firm to conduct an independent audit
      (hereinafter “Audit”) of all books and accounts of EPA-AT, PS-1 and
      PS-2 to follow-up on the concerns raised in the Due Diligence.

	 	 	 
	 	e. 	DWM may exercise the Option, within one (1) month of the
      completion of Audit.

	 	 	 
	 	f. 	If DWM exercises the Option, Kavsar and DWM shall
      negotiate a Share Purchase Agreement (hereinafter “SPA”) pursuant
      to which Kavsar shall sell and DWM shall purchase 80% shares in NewCo, for
      a purchase price to be agreed between Kavsar and DWM based on the findings
      of the Audit (hereinafter “Purchase Price”). Once the SPA is signed,
      Security Deposit shall be construed as the first payment made under the
      SPA, and the remaining payment shall be due within thirty (30) days
      thereafter.

	 	 	 
	 	g. 	In case, DWM does not exercise the Option following
      completion of the Audit, DWM shall request Kavsar in writing within one
      (1) month of the completion of the Audit, to return Security Deposit to
      DWM, and Kavsar shall refund Security Deposit via wire transfer in DWM’s
      bank account on or before December 31, 2012.

	 	2. 	Once SPA is signed, in accordance with the SPA, Kavsar
      and DWM shall take following actions:

	 	a. 	Kavsar shall seek requisite approvals of the Government
      for following actions:

	 	i. 	To transfer EPA’s entire shares in PS-2 (i.e. 57.42%), to
      NewCo.

	 	 	 
	 	ii. 	To purchase remaining 42.58% shares in PS-2 from SNG and
      thereafter transfer such shares to NewCo.

	 	b. 	Kavsar shall notify DWM as soon as the requisite
      approvals of the Government stipulated in para 2 a i are
      obtained.

	 	 	 
	 	c. 	Kavsar shall transfer EPA’s entire shares in PS-2
      (i.e.57.42%), to NewCo.

	 	 	 
	 	d. 	Within ten (10) days of Kavsar’s transfer of EPA’s entire
      shares in PS-2 (i.e. 57.42%), to NewCo, Kavsar and DWM shall take
      following simultaneous actions:

	 	i. 	DWM shall make a payment of Purchase Price minus Security
      Deposit minus US$ 1 million

	 	 	 
	 	ii. 	Kavsar shall place 80% shares of NewCo in escrow with an
      escrow agent to be mutually agreed.

	 	e. 	Kavsar shall purchase remaining 42.58% shares in PS-2
      from SNG and thereafter transfer such shares to
      NewCo.

4 

	 	f. 	Kavsar and DWM shall close the transaction envisaged
      under the SPA, which shall inter alia include following simultaneous
      actions:

	 	i. 	payment by DWM to Kavsar of Purchase Price minus payments
      already made i.e. US$ 1 million, and

	 	 	 
	 	ii. 	transfer by the escrow agent to DWM of 80% of shares in
      NewCo.

	 	3. 	Unless required by applicable laws or securities
      regulations, neither Kavsar nor DWM shall make the existence or contents
      of this Option Agreement public.

	 	 	 
	 	4. 	This Option Agreement shall be governed by the laws of
      England & Wales, and any dispute if not resolved amicably shall be
      resolved via international arbitration under the arbitration rules of the
      International Chamber of Commerce. Venue of arbitration shall be Vienna,
      Austria.

IN WITNESS WHEREOF this Option Agreement has been signed by the
  parties (or their duly authorised representatives) effective as of May 5, 2012 

	KAVSAR GENERAL TRADING FZE 	DWM PETROLEUM AG 
	 	 
	/s/ K.h. Nozimov 	/s/ Dr. Werner Ladwein 
	Name: K.h. Nozimov 	Name: Dr Werner Ladwein 
	Title: 	Title: President 

5 

SCHEDULE A 

PS-2 owns 100% interests in several producing oilfields and
  acreage under application onshore Tajikistan and related assets, including
  following existing oil fields: 

	 	1. 	“Ayritan”;

	 	2. 	“Kanibadam”and“NorthernKanibadam”;

	 	3. 	“Makhram”;

	 	4. 	“Ravat”;

	 	5. 	“Madaniyat”

	 	6. 	“Niyazbek”;

	 	7. 	“Sel-rokhi”;

	 	8. 	“Obi-Shifo”.

6

ANNEXURE 3 – PURCHASER’S NOTICE FOR EXERCISE OF OPTION 

1

(printed on DWM letterhead) 

	Kavsar General Trading FZE 	 
	Hamriyah Free Trade Zone 	 
	P.O. Box No 51393 	Baar, October 23, 2012 
	Sharjah, UAE 	 

	Attention: 	Mr. Khurshed Nozimov, General
      Manager 
	 	 
	Subject: 
	Notice for exercise of Option under the Option
      Agreement effective May 5, 2012 relating to the option for the sale
        and purchase of 80% of the issued share capital of a Swiss company
          that would hold 100% shares in Petroleum Sugd, a Tajik company (hereinafter “Option Agreement”). 

Dear Mr. Kh.Nozimov, 

Pursuant to Article 1 e of the Option Agreement, DWM Petroleum
  AG (“DWM”) is pleased to exercise the Option (as defined in the Option
  Agreement), subject to Kavsar taking certain actions as described in detail in
  Schedule A hereof (hereinafter “Actions”), to bring Licences (as defined in the
  Option Agreement) and related agreements in order. 

Kindly let us know if you have any questions regarding the
  above notice. 

Sincerely yours, 

Dr. Werner Ladwein 

  President 

2

SCHEDULE A 

Actions to be taken by Kavsar to re-issue all documents related
  to Licences under the name of existing Petroleum Sugd (PS) from the name of the
  liquidated company with the same name) 

Now that all Licences have been re-issued under the name
  of Petroleum Sugd (“PS”), Kavsar must also ensure that all
  documents related to the Licences are re-issued under the name of PS.
    In particular following documents have to be re-issued under the name of PS: 

	1) 	Allotments (mining lease);

	2) 	Certificate of land usage;

	3) 	Ecological expertise; and

	4) 	Contract (for subsoil use) with the Government setting
      royalty and bonuses rates.

These requirements are also stipulated in Appendix to the
  new Licenses (Section “Content of Licenses”).

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]