Document:

EXECUTIVE
      EMPLOYMENT AGREEMENT

     

    THIS
      EXECUTIVE EMPLOYMENT AGREEMENT
      (this
“Agreement”)
      is
      dated as of July 17, 2008 (the “Effective
      Date”),
      by
      and between PowerRaise Inc. (the “Company”),
      and
      Asher Zwebner (the “Executive”).

     

    WHEREAS,
      the
      Executive has been appointed by the Company as Chief Financial Officer as of
      the
      Effective Date; and

    

    WHEREAS,
      in
      recognition of the Executive’s performance and abilities, the Company desires to
      assure itself of, and to provide for the employment of Executive on the terms
      and conditions set forth herein; and

    

    WHEREAS,
      the
      Executive agrees to be employed by the Company and to perform services for
      the
      Company in accordance with the terms and conditions provided
      herein.

    

    NOW
      THEREFORE,
      in
      consideration of the promises and the respective covenants and agreements of
      the
      parties herein contained, and intending to be legally bound hereby, the parties
      hereto agree as follows:

    

    1.    Employment.
      The
      Company hereby employs Executive, and Executive hereby accepts such employment,
      according to the terms and conditions set forth in this Agreement.

    

    2.    Position
      and Duties.
      During
      the Term (as defined in Section 3 herein), the Executive agrees to serve as
      Chief Financial Officer of the Company and to perform operational and financial
      management of the Company and such other reasonable duties, consistent with
      his
      position, as may be assigned to him from time to time by the Board of Directors
      (the “Board”)
      or the
      Chief Executive Officer (the “CEO”)
      of the
      Company. The Executive shall report to the Board or the CEO, and shall be given
      such authority as is appropriate to carry out the duties described herein.
      The
      Executive shall devote as much time as necessary to the performance of his
      duties hereunder. 

    

    3.    Term
      of Agreement.
      Subject
      to the provisions of Section 6 of this Agreement, Executive shall be employed
      by
      the Company for a period commencing on the Effective Date and ending on the
      termination hereof (the “Term”) on the terms and subject to the conditions set
      forth in this Agreement.

    

    4.    Compensation.
      Executive shall be entitled to compensation pursuant to this Agreement which
      shall include (i) $3,000 for each quarterly report filing of the Company with
      the Securities and Exchange Commission (the “SEC”)
      plus
      $5,000 for the each annual report filing with the SEC (collectively, the
“Base
      Salary”),
      and
      (ii) 100,000 restricted, fully paid and non-assessable shares of the Company’s
      common stock (the “Stock
      Compensation”).
      Each
      payment of the Base Salary shall be made to the Executive promptly upon receipt
      of an invoice. In addition to the Base Salary, the Company shall pay the
      Executive for any additional work to be performed by the Executive on behalf
      of
      the Company, including, without limitation, any services provided by the
      Executive in connection with special accounting or regulatory requirements
      of
      the Company or other financial reporting obligations and current reports to
      the
      SEC on Form 8-K.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    5.    Expenses.
      The
      Executive is entitled to receive prompt reimbursement for all normal and
      reasonable expenses incurred while performing services under this Agreement,
      including all reasonable travel expenses. Reimbursement for these expenses
      will
      be made as soon as administratively feasible after the date the Executive
      submits appropriate evidence of expenditures.

    

    6.    Termination
      of Employment.
      The
      Executive’s employment hereunder may be terminated without breach of this
      Agreement as follows:

    

    a.    Termination
      for Cause; Resignation without Good Reason.
      At any
      time, the Company may terminate the Executive’s employment hereunder for Cause
      (as defined in this Section 6) or the Executive may voluntarily terminate his
      employment hereunder without Good Reason (as defined in this Section 6). In
      such
      event, the Term will end on the date of any such termination. 

    

    For
      purposes of this Agreement, “Cause”
      shall be
      defined as any of the following actions by the Executive: (i) a material breach
      by the Executive of his obligations under this Agreement, (ii) the continuing
      and willful refusal or failure (other than during reasonable periods of illness,
      disability or vacation) by Executive to perform his duties or take any action
      hereunder or under any lawful and reasonable direction of the Board, a duly
      constituted committee of the Board, or the CEO of the Company, (iii) Executive’s
      habitual drunkenness or any substance abuse which, in either case, adversely
      affects the Executive’s performance of his job responsibilities, provided such
      actions (if capable of being remedied) are not remedied within thirty (30)
      days
      after receipt by the Executive of written notice from the Company specifying
      the
      nature of such actions, (iv) charging of Executive of a felony by means of
      indictment or similar action, including, without limitation, filing of a
      criminal information, commencing a criminal felony proceeding against Executive
      if, in the judgment of the Board, such charging of the Executive would
      substantially interfere with the effectiveness of the Executive as Chief
      Financial Officer of the Company, or conviction of Executive of a felony or
      plea
      by the Executive of guilty or nolo contendere
      with
      respect to a felony charge, (v) Executive’s commission of a fraud, theft against
      or embezzlement from the Company, (vi) any intentional misconduct by the
      Executive (other than misconduct undertaken at the express direction of the
      Board) which would in the good faith opinion of the Board or the Company’s
      counsel tend to make the Company liable to any person under any state or federal
      law relating to sexual harassment or age, sex or other prohibited
      discrimination, provided that such actions (if capable of being remedied) are
      not remedied, within thirty (30) days after receipt by the Executive of written
      notice from the Company specifying the nature of such actions, (vii) any
      intentional and continuous violation in any material respect of any written
      policy of the Company or any successor entity adopted in respect to any law
      referred to in clause (vi) above, (viii) any conduct which, in the good faith
      opinion of the Board or the Company’s counsel, the Executive knows or should
      know (either as a result of a prior warning by the Company or the flagrant
      nature of the conduct) violates applicable law or causes the Company to violate
      applicable law, or (ix) any intentional violation of Section 7 or 8 hereof
      by
      Executive. The Company’s continued employment of Executive shall not constitute
      consent to, or a waiver of rights with respect to, any circumstance constituting
      Cause hereunder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    For
      purposes of this Agreement, “Good
      Reason”
      shall
      mean any one or more of the following: (a) a material reduction in the
      Executive’s position, duties or responsibilities; (b) a reduction in the
      Executive’s Base Salary as in effect immediately prior to such reduction or
      other compensation or benefits pursuant to this Agreement; (c) the failure
      of
      any successor to the Company to expressly assume and honor this Agreement in
      full; (d) a material breach by the Company of its obligations under this
      Agreement; or (e) the termination, dissolution, complete or substantial
      liquidation of the Company. Notwithstanding any provision to the contrary,
      in
      order for any event(s) in subparagraphs (a) through (e) above to constitute
      “Good Reason” for purposes of this Agreement, (i) the Executive must notify the
      Company in writing within thirty (30) days following the occurrence of the
      event(s) giving rise to Good Reason (which event(s) must be described by the
      Executive in reasonable detail in such notice) and (ii) within thirty (30)
      days
      after receiving notice from the Executive, the Company must fail to cure the
      circumstances giving rise to Good Reason.

    

    In
      the
      event that the Executive’s employment is terminated by the Company for Cause, or
      the Executive resigns from his employment without Good Reason, the Executive
      shall receive severance compensation amounting to any Base Salary accrued but
      unpaid as of the effective date of termination (the “Accrued
      Amounts”).

    

    b.    Termination
      Without Cause; Resignation for Good Reason.
      The
      Company may terminate the Executive’s employment hereunder Without Cause, and
      the Executive may terminate his employment hereunder for Good Reason, upon
      thirty (30) days prior written Notice of Termination as defined herein Section
      6.d., in each case the Term ending on the Date of Termination as defined herein
      in Section 6.e.  

    

    c.    Termination
      Upon Death or Disability.
      The
      Executive’s employment hereunder shall terminate upon his death or may be
      terminated at the Board’s sole discretion upon Executive’s failure to perform
      his responsibilities to the Company on a full-time basis for forty-five (45)
      calendar days in any consecutive twelve (12) months period as a result of
      Executive's mental or physical illness or injury (hereinafter a “Disability”).
      If
      the Executive’s employment is terminated due to his death or Disability, the
      Company shall provide the Executive or his legal representative, as the case
      may
      be, any accrued or vested compensation, including accrued amounts through the
      “Date of Termination” (as hereafter defined) and reimbursement for unpaid
      business expenses through such date. 

    

    d.    Notice
      of Termination.
      Any
      termination of the Executive’s employment by the Company (other than termination
      upon death of the Executive), or by the Executive shall be communicated by
      written Notice of Termination by such party to the other. For purposes of this
      Agreement, a “Notice of Termination” shall mean a notice that indicates the
      specific termination provision in this Agreement relied upon and shall set
      forth
      in reasonable detail the facts and circumstances claimed to provide a basis
      for
      termination of the Executive’s employment under the provision so indicated (as
      applicable). 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    e.    Date
      of Termination.
“Date
      of Termination” shall mean (i) if the Executive’s employment is terminated by
      his death, the date of his death, or (ii) if the Executive’s employment is
      terminated pursuant to any of the other terms set forth above, the date
      specified in the Notice of Termination. 

    

    f.    Cooperation
      after Termination.
      Following termination of the Executive’s employment, upon request of the
      Company, the Executive shall reasonably cooperate with the Company in all
      matters relating to the winding up of pending work on behalf of the Company
      and
      the orderly transfer of work to other employees of the Company. In the case
      of
      termination of the Executive’s employment because of the expiration of the Term
      of this Agreement, a termination without Cause, or the Executive’s resignation
      for Good Reason, the Executive will be compensated by the Company for such
      services at a rate of remuneration to be mutually agreed upon by the parties.
      The Executive shall also reasonably cooperate in the defense of any action
      brought by any third party against the Company that relates in any way to the
      Executive’s acts or omissions while employed by the Company, provided that any
      such cooperation shall be at the reasonable expense of the Company and at a
      rate
      of remuneration to be mutually agreed upon by the parties. 

    

    7.    Company
      Policies.

    

    a.    Executive
      understands that the provisions of any employee handbooks, personnel manuals
      and
      any and all other written statements of or regarding personnel policies,
      practices or procedures that are or may be issued by the Company or any official
      or department thereof from time to time (the “Company
      Policies”)
      do not
      and shall not constitute a contract of employment and do not and shall not
      create any vested rights; that any such provisions may be changed, revised,
      modified, suspended, canceled, or eliminated by the Company at any time, in
      its
      sole discretion, with or without notice; and that such provisions constitute
      guidelines only and may be disregarded either in individual or company-wide
      situations when, in the sole opinion and judgment of the Company, circumstances
      so require.

    

    b.    Executive
      shall comply with all applicable Company Policies, which may be in effect from
      time to time during the term of this Agreement. Notwithstanding the foregoing,
      in the event of a conflict between any such Company Policies and the terms
      of
      this Agreement, the terms of this Agreement shall govern. If a provision in
      any
      policy conflicts with this Agreement, the terms of this Agreement shall prevail.
      

     

    8.    Non-Solicitation;
      Confidentiality. 

    

    a.    Non-Solicitation.
      During
      the Term and for the period of one year (1) year thereafter, the Executive
      agrees that he will not, directly or indirectly, (i) solicit, divert or recruit
      or encourage any of the employees of the Company, or any person who was an
      employee of the Company during the Term, to leave the employ of the Company
      or
      terminate or alter their contractual relationship in a way that is adverse
      to
      the Company's interests, (ii) solicit or divert business from the Company,
      or
      assist any person or entity in doing so or attempting to do so or (iii) cause
      or
      seek to cause any person or entity to refrain from dealing or doing business
      with the Company or assist any person or entity in doing so or attempting to
      do
      so.

     

    b.    Confidential
      and Proprietary Information.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (1)    The
      Executive will not disclose or use, at any time either during or after the
      term
      of this Agreement, except at the request of the Company or an affiliate of
      the
      Company, any Confidential and Proprietary Information (as herein defined),
      except to the extent disclosure is or may be required by a statute, by a court
      of law, by any governmental agency having supervisory authority over the
      business of the Company or by any administrative or legislative body (including
      a committee thereof) with jurisdiction to order him to divulge, disclose or
      make
      accessible such information, provided, however, that the Executive shall give
      the Company notice of any such request or demand for such information upon
      his
      receipt of same and the Executive shall reasonably cooperate with the Company
      in
      any application the Company may make seeking a protective order barring
      disclosure by the Executive. The Executive acknowledges that the Confidential
      and Proprietary Information constitutes a unique and valuable asset of the
      Company and each affiliate of the Company, and that any disclosure or other
      use
      of the Confidential and Proprietary Information other than for the sole benefit
      of the Company or the affiliates of the Company could cause irreparable harm
      to
      the Company or the affiliates of the Company, as the case may be. “Confidential
      and Proprietary Information” shall mean all of the Company’s (or any
      affiliate’s) proprietary information, technical data, trade secrets, and
      know-how, including, without limitation, schematics, research, product plans,
      customer lists, information and plans about costs, profits, markets and sales,
      software, developments, development tools, inventions, discoveries, processes,
      ideas, formulas, algorithms, technology, designs, drawings, business strategies
      and financial data and information, whether or not marked as “Confidential” or
“Proprietary.” “Confidential or Proprietary Information” shall also mean any and
      all information received by the Company (or any affiliate) from customers of
      the
      Company (or an affiliate) or other third parties subject to a duty to be kept
      confidential.

    

    (2)    The
      Executive hereby acknowledges and agrees that all personal property, including,
      without limitation, Confidential and Proprietary Information, all books,
      manuals, records, reports, notes, contracts, lists, blueprints, and other
      documents, or materials, or copies thereof, and equipment furnished to or
      prepared by the Executive in the course of or incident to his employment belong
      to the Company. Immediately following the termination of this Agreement, the
      Executive shall promptly return to the Company all such materials, and certify
      to the Company in writing that he has not retained any written or other tangible
      or electronic material containing any Confidential and Proprietary Information
      or other information pertaining to the Company.

     

    (3)    The
      Executive agrees that he will not, during his employment with the Company,
      improperly use or disclose any proprietary information or trade secrets of
      any
      other company or other person or entity and that the Executive will not bring
      onto the premises of the Company any unpublished document or proprietary
      information that belongs to any such company, person or entity unless consented
      to in writing by such other company, person or entity.

    

    c.    Remedies.
      Executive agrees and acknowledges that the foregoing restrictions and their
      duration as set forth in this Section 8 are under all of the circumstances
      reasonable and necessary for the protection of the Company and its business.
      In
      the event that the Executive shall breach any of the provisions of Section
      7 or
      8, in addition to and without limiting or waiving any other remedies available
      to the Company, at law or in equity, the Company shall be entitled to immediate
      injunctive relief in any court, domestic or foreign, having the capacity to
      grant such relief, to restrain any such breach or threatened breach and to
      enforce the provision of this Agreement. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    9.    Notices.
      For the
      purposes of this Agreement, notices, demands, and all other communications
      provided for in this Agreement shall be in writing and shall be deemed to have
      been duly given (i) when delivered, if delivered personally, (ii) five business
      days after mailing, if mailed by United States certified or registered mail,
      return receipt requested, postage prepaid, or (iii) on the next business day,
      if
      sent by an overnight courier, in each case addressed as follows:

    

    
      	
              If
                to the Company: 

            	
              If
                to the Executive:

            
	
              PowerRaise
                Inc.

              Attn:
                Arik Hertz

              1687
                West Broadway

              Vancouver,
                B.C., Canada V6J 1X2

            	
              Asher
                Zwebner

              20
                a Sharei Torah Street 

              Jerusalem
                

              Israel
                96387

            

    

    

    10.    Miscellaneous.
      No
      provision of this Agreement may be modified, waived or discharged unless such
      waiver, modification or discharge is agreed to in writing signed by the
      Executive and such officer of the Company as may be specifically designated
      by
      the Board. The validity, interpretation, construction and performance of this
      Agreement shall be governed by the laws of the State of New York without regard
      to its conflicts of law principles. Except as otherwise specifically provided
      herein, the rights of, and benefits payable to Executive, his estate or his
      beneficiaries pursuant to this Agreement are in addition to any rights of,
      or
      benefits payable to the Executive, his estate or his beneficiaries under any
      other employee benefit plan or compensation program of the Company.

     

    11.    Succession.
      The
      provisions of this Agreement shall be binding upon any successor entity to
      the
      Company. Any such successor of the Company will be deemed substituted for the
      Company under the terms of this Agreement for all purposes. For this purpose,
      “successor” means any person, firm, corporation, or other business entity which
      at any time, whether by purchase, merger, or otherwise, directly or indirectly
      acquires or controls all or substantially all of the assets or business of
      the
      Company. The Company agrees that it will cause any successor entity to the
      Company unconditionally to assume, by written instrument delivered to the
      Executive (or his beneficiary or estate), all of the obligations of the Company
      hereunder. Failure of the Company to obtain such assumption shall be a breach
      of
      this Agreement and shall constitute Good Reason hereunder and shall entitle
      the
      Executive to compensation and other benefits described in Section 6
      above.

    

    12.    Invalidity
      or Unenforceability.
      If any
      term or provision of this Agreement is held to be invalid or unenforceable,
      for
      any reason, such invalidity or unenforceability shall not affect any other
      term
      or provision hereof, and this Agreement shall continue in full force and effect
      as if such invalid or unenforceable term or provision (to the extent of the
      invalidity or unenforceability) had not been contained herein.

    

    13.    Arbitration.
      Except
      as otherwise expressly provided herein, any controversy or claim arising out
      of
      or relating to this Agreement, or the breach hereof, or the inability of the
      parties to reach agreements pursuant to Section 6(f) or Section 9(a), shall
      be
      settled by arbitration in New York, New York, before one arbitrator in
      accordance with rules then in effect of the American Arbitration Association.
      The non-prevailing party will pay the legal expenses of the prevailing
      party.

    

    14.    Section
      Headings.
      The
      section headings in this Agreement are for convenience only; they form no part
      of this Agreement and shall not affect its interpretation.

    

    15.    Counterparts. 
      This Agreement may be signed by facsimile and in one or more counterparts,
      each
      of which shall be an original, but all of which together shall constitute one
      instrument, and shall be binding and effective immediately upon the execution
      by
      all parties of one or more counterparts.

    

    16.    Construction
      and Joint Preparation.
      This
      Agreement shall be construed to effectuate the mutual intent of the Parties.
      The
      Parties and their counsel have cooperated in the drafting and preparation of
      this Agreement, and this Agreement therefore shall not be construed against
      any
      Party by virtue of its role as the drafter thereof. No drafts of this Agreement
      shall be offered by any Party, nor shall any draft be admissible in any
      proceeding, to explain or construe this Agreement. 

    

    17.    Entire
      Agreement.
      This
      Agreement sets forth the entire agreement and understanding of the parties
      in
      respect of the transactions contemplated hereby and supersedes all prior or
      contemporaneous agreements, arrangements and understandings of the parties
      relating to the subject matter hereof.

    

    [remainder
      of this page intentionally left blank; signature page to follow]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Agreement effective as of the date first
      written.

     

    
      	
              COMPANY:

               

              POWERRAISE
                INC.

               

              By:
                /s/
                Arik Hertz

              Name:
                Arik Hertz 

              Title:
                Chief Executive Officer

            	
              EXECUTIVE:

               

               

               

              By:
                /s/
                Asher Zwebner

              Name:
                Asher ZwebnerGAS
      SALES AND PURCHASE AGREEMENT

    

    KNOW
      ALL
      MEN BY THESE PRESENTS:

    

    This
      Gas
      Sales and Purchase Agreement (hereafter “Agreement”) made and entered into by
      and between:

    

    

    PNOC
      EXPLORATION CORPORATION,
      a
      corporation duly organized and existing under and by virtue of Philippine laws
      and a subsidiary of the Philippine National Oil Company, a government-owned
      and
      controlled corporation created under P.D. No. 334, as amended, with principal
      office at Building 1, Energy Center, Fort Bonifacio, Taguig City, Metro Manila,
      represented herein by its President and Chief Executive Officer, Mr.
      RAFAEL E. DEL PILAR,
      who is
      duly authorized to represent it in this Agreement, and hereinafter referred
      to
      as ”SELLER”;
      and

    

    and

    

    ENERGTEK
      PRODUCTS LTD.,
      a
      company duly organized and existing under the laws of Israel, with address
      at 94
      Em Hamoshavot, St., Park Azorim, Alon Building, Tower A, 7th
      Floor,
      Petach Tikva 49527, Israel, represented by its President and Chief Executive
      Officer, Mr.
      LEV ZAIDENBERG
      (hereinafter also referred to as the "BUYER).
      

    

    (SELLER
      and
BUYER
      are
      hereafter referred to collectively as “Parties” and individually as
“Party”).

    

    

    WITHNESSETH:
      That-

    

    
      	
              A.

            	
              WHEREAS,
                SELLER,
                as the oil and gas exploration and production arm of the Philippine
                National Oil Company, is at the forefront of efforts to realize the
                Philippine government’s goal of assuring viable energy supply for the
                country and has been actively engaged in the search for indigenous
                sources
                of energy since its establishment in
                1976.

            

    

    

    

    
      
        
           

        

        
          1
            of 17

          
            

          

        

        
           

        

      

    

    

    
      	
              B.

            	
              WHEREAS,
                SELLER
                operates the San Antonio Gas Power Project (“SAGP”), located in Echague,
                Isabela under Service Contract No. 37 (SC37), granted by the Department
                of
                Energy on July 18, 1990.

            

    

    

    
      	
              C.

            	
              WHEREAS,
                SAGP is involved in the extraction and production of natural gas
                from the
                Reservoir through gas production facilities (“Gas Plant”) and utilization
                of such natural gas as fuel to generate electricity through power
                generation facilities (“Power
                Plant”).

            

    

    

    
      	
              D.
                

            	
              WHEREAS,
                SELLER
                expects to cease the operations of the Power Plant when the Gas Plant
                can
                no longer supply the natural gas requirements of the Power Plant
                due to
                the declining pressure of the
                Reservoir

            

    

    

    E. WHEREAS,
      the BUYER,
      has the
      technology and experience in the usage of Natural Gas for transportation
      vehicles and after conducting due diligence on the reservoir and facilities
      of
      SELLER, has expressed its interest to put up and operate gas filling facilities
      at its sole risk, using its proprietary technology to supply the remaining
      or
      residual volume of natural gas in the San Antonio gas reservoir to the transport
      sector within the area. 

    

    NOW,
      THEREFORE, in view of the foregoing premises and in consideration of the mutual
      covenants and agreements hereinafter set forth, the Parties hereby agree as
      follows:

    

    

    1. DEFINITION
      OF TERMS

    

    “Billing
      Period”
shall
      mean the time interval from 10:00AM on the twentieth (20th)
      day of
      the current month to 10:00 AM on the twentieth (20th)
      day of
      the following month where Parties shall read the Fiscal Meter and accumulate
      data needed for the purpose of billing Natural Gas delivered to
      BUYER.

     

    "Delivery
      Facilities"
      shall
      mean such wells, onshore gas production and processing facilities, Compressed
      Natural Gas (CNG) Refilling station, and other existing facilities located
      in
      Echague, Isabela, necessary for SELLER to produce from the Reservoir and tender
      for delivery to the BUYER at the Delivery Point the quantities of Natural Gas
      which may be required to be tendered for delivery under this Agreement and
      to
      process any associated liquids.

    

    

    
      
        
           

        

        
          2
            of 17

          
            

          

        

        
           

        

      

    

    

    “Delivery
      Point”
refers
      to the point in the San Antonio gas production facilities where the first flange
      coupling/connector after the CNG Refilling Station is located.

     

    "Department
      of Energy"
      and its
      abbreviation "DOE"
      shall
      mean the Department of Energy of the Republic of the Philippines created under
      Republic Act No.7638 or any successor thereof from time to time.

     

    “Fiscal
      Meter”
refers
      to the gas meter installed at the Gas Plant which shall be the basis for
      determining the quantities of Natural Gas delivered to the BUYER for billing
      and
      payment purposes. 

     

    “Natural
      Gas”
shall
      mean any hydrocarbons or mixture of hydrocarbons and other gases consisting
      primarily of methane from the Reservoir produced by the Delivery
      Facilities.

     

    “Reservoir”
refers
      to the currently producing natural gas-bearing underground rock formation
      located in Echague, Isabela under Service Contract 37

    

    

    2. SCOPE
      OF AGREEMENT

    

    2.1. This
      Agreement shall refer to the sale of Natural Gas by SELLER to
      BUYER.

    

    

    3. AGREEMENT
      FOR SALE AND PURCHASE

    

    3.1. SELLER
      shall sell and tender Natural Gas for delivery to the BUYER and the BUYER shall
      purchase and take from SELLER Natural Gas on the terms and subject to the
      conditions specified in this Agreement. Any of the provision of this Agreement
      to the contrary notwithstanding and for the avoidance of doubt, it is hereby
      understood that: 

     

    
      	 	
              a)

            	
              SELLER
                shall operate the Gas Plant; 

            

    

     

    
      	 	
              b)

            	
              SELLER
                does not guarantee the quality or total volume of Natural Gas that
                will be
                supplied;

            

    

     

    

    
      
        
           

        

        
          3
            of 17

          
            

          

        

        
           

        

      

    

    

    
      	 	
              c)

            	
              BUYER
                does not commit to buy Natural Gas on a “take-or-pay”
                basis

            

    

     

    3.2. SELLER
      shall sell and tender Natural Gas for delivery to the BUYER on a best efforts
      basis and does not guarantee the volumes or qualities of Natural Gas to be
      delivered at any given time. SELLER shall, on a current basis, provide to the
      BUYER information regarding the state of the Reservoir. 

     

    3.3. Notwithstanding
      the specifications of the Natural Gas as provided in Annex 2 or any other
      provision of this Agreement, SELLER does not guarantee the specifications and
      quality of Natural Gas. For avoidance of doubt, BUYER shall be deemed to have
      accepted the quality of Natural Gas once it passes through the Delivery Point.
      SELLER shall not be liable to BUYER, customers of BUYER, or other third persons
      for any incident or event directly or indirectly arising from, or in connection
      with the quality of Natural Gas.

     

    3.4. Notwithstanding
      the provisions of Section 9, title to and risk of loss of or damage caused
      to
      BUYER, its customers or other third parties by the Natural Gas delivered under
      the terms of this Agreement shall pass to the BUYER upon delivery of the Natural
      Gas at the Delivery Point. 

     

    3.5. Notwithstanding
      Section 3.2, all additional facilities or equipment, such as but not limited
      to
      compressors and filters, to be installed to meet the requirements of the BUYER
      (“Additional Facilities”) shall be at the cost of the BUYER, owned by the BUYER
      and subject to the BUYER’s will. The Additional Facilities shall conform to
      International Organization for Standardization (ISO) standards or equivalent,
      and as applicable, shall be duly certified by competent Philippine
      authorities.

     

    3.6. SELLER
      undertakes to provide proper maintenance of the Delivery
      Facilities.

     

    3.7. BUYER
      shall be allowed access to the Delivery Facilities to install, maintain and
      operate Additional Facilities as described in Annex 3 upon written consent
      of
      the SELLER, provided that such written consent shall not be withheld if the
      BUYER has demonstrated the necessity, safety and integrity of such Additional
      Facilities to the reasonable satisfaction of the SELLER. 

     

    

    
      
        
           

        

        
          4
            of 17

          
            

          

        

        
           

        

      

    

    

    3.8. The
      Parties shall cooperate in order to secure all the necessary approvals from
      any
      governmental authority or any local authority for the fulfillment of this
      Agreement, including but not limited to the usage of the Delivery Facilities
      and
      the installation and usage of the Additional Facilities. 

     

    

    4. PERIOD
      OF AGREEMENT

    

    4.1. Subject
      to Section 12 hereof, this Agreement shall come into force and effect on the
      date it is executed by the Parties (the "Effective Date") and shall terminate
      upon the occurrence of the earlier of the following: 

    

    
      	 	
              (a)

            	
              Upon
                BUYER and SELLER determining that the Delivery Facilities are no
                longer
                capable of producing a reasonable amount of Natural Gas
                ;

            

    

     

    
      	 	
              (b)

            	
              When
                the Parties agree in writing to terminate the
                Agreement;

            

    

     

    
      	 	
              (c)

            	
              Either
                Party may terminate this Agreement upon a breach of the material
                obligations, warranties and representations of the other Party under
                this
                Agreement that is not cured by the other Party within 30 days after
                receiving written notice from the first Party of such
                breach

            

    

     

    5. TERMS
      OF PAYMENT

    

    5.1. All
      Natural Gas delivered or to be paid for under this Agreement shall be paid
      for
      at the Prevailing Contract Price (“P1”) which shall be applied to the quantities
      of the Natural Gas delivered as provided in Annex 1. The Prevailing Contract
      Price and the interest rates as per clauses 5.5 and 5.6 shall be reviewed by
      both Parties at least on a semi-annual basis. The Parties shall respect the
      Prevailing Contract Price unless substantial changes occur in the cost of
      maintaining and operating the Delivery Facilities that would justify the
      increase in the Prevailing Contract Price. The Parties shall consider the
      interest rates taking into account the interest rates charged in the Philippines
      for dollar loans over a relevant period as agreed by the Parties.

    

    5.2. Computation
      of Payments and Adjustments

     

    
      
        
           

        

        
          5
            of 17

          
            

          

        

        
           

        

      

    

    

    The
      payments set forth in Section 5.1 above shall be computed at the end of each
      Billing Period. SELLER and BUYER representatives shall jointly read the Fiscal
      Meter installed and certify in writing the Fiscal Meter reading for billing
      and
      payment purposes. Such certification shall be conclusive upon the Parties.
      The
      provisions of Article 5 shall be the bases for an invoice to be prepared by
      SELLER. Within five (5) calendar days from the last day of the Billing Period,
      SELLER shall submit to BUYER such invoices which shall be due and payable on
      the
      last day of the month immediately following the Billing Period. Delay in the
      submission of such invoice beyond five (5) calendar days will automatically
      extend the due date equivalent to the number of days of delay.

    

    5.3. Taxes

    

    All
      amounts payable to SELLER pursuant to Section 5 shall be paid as required in
      Section 5.2. BUYER may deduct and withhold from all payments to SELLER such
      taxes or charges required by law and applicable withholding tax regulations
      to
      be deducted therefrom, which shall be separately stated in all
      invoices.

    

    5.4. Payments
      to be Free of Set-Off

    

    Except
      for the adjustments mentioned in Section 5.2 and the withholding tax under
      Section 5.3 of this Agreement, all payments made by BUYER under this Article
      shall be made free and clear of, and without any deduction for or on account
      of,
      any set-off, counterclaim, tax, fees or charges paid by BUYER.

    

    
      	 	
              5.5.

            	
              Disputed
                Invoices

            

    

    

    If
      BUYER
      disputes the amount specified in any invoice, BUYER shall so inform SELLER
      within seven (7) business days of receipt of such invoice. If the dispute is
      not
      resolved by the due date, BUYER shall pay the undisputed amount on or before
      such date and the Parties shall immediately meet to discuss the disputed amount,
      which shall be settled within fourteen (14) business days from the due date
      of
      such invoice together with interest of 12% per annum, without prejudice,
      however, to the final outcome of the negotiation. For the avoidance of doubt,
      the disputed amount shall not be considered an overdue account until such
      dispute is resolved.

     

    
      
        
           

        

        
          6
            of 17

          
            

          

        

        
           

        

      

    

    

    5.6. Interest
      on Overdue Payments

    

    An
      account that has remained unpaid after the due date shall be considered an
      overdue account. All overdue accounts shall be charged with interest penalty
      of
      18% per annum for the duration of time the account has remained
      overdue

    

    5.7. Remittance
      of Payments

    

    Payments
      to SELLER shall be remitted to a bank account as per the notice to be provided
      by SELLER to BUYER.

    

    

    6. FORCE
      MAJEURE 

    

    6.1. No
      failure or omission to perform, carry out or observe any of the terms,
      provisions or conditions of the Agreement shall give rise to any claim by a
      Party hereto against the other Party or be deemed to be a breach of the
      Agreement if the same shall be caused by or arise out of any of the Force
      Majeure relevant to the area of San Antonio as hereinafter
      enumerated:

    

    any
      war,
      declared or not; hostilities, riots or belligerence, blockade, revolution,
      insurrection, riot, public disorder, insurgency; rationing or allocation,
      whether imposed by law, decree or regulation, or by compliance of industry
      at
      the insistence of any governmental authority; or fire, unusual flood,
      earthquake, volcanic activity, storm, typhoons, lightning, tide (other than
      normal tides), tsunamis, unusually severe weather conditions, perils of the
      sea,
      accidents of navigation or breakdown or injury of vessels, accidents to harbors,
      docks, canals or other assistance to or adjuncts of shipping or navigation;
      epidemic, quarantine, strikes or combination of workmen, lockouts or other
      labor
      disturbances, or any other event, matter or thing, wherever occurring, which
      shall not be within the reasonable control of the party affected thereby; (i.e.,
      unexpected lower gas potential or quality, diminishing gas reserves, social
      and
      environmental concerns, etc.)

    

    Provided,
      however, that:

     

    
      
        
           

        

        
          7
            of 17

          
            

          

        

        
           

        

      

    

    

    
      	 	
              (a)

            	
              The
                Party invoking Force Majeure shall notify the other Party as soon
                as
                reasonably possible of the nature of the Force Majeure and the extent
                to
                which the Force Majeure suspends the affected Party’s obligations under
                this Agreement;

            

    

     

    
      	 	
              (b)

            	
              The
                suspension of performance is of no greater scope and of no longer
                duration
                than is required by the Force
                Majeure;

            

    

     

    
      	 	
              (c)

            	
              The
                non-performing Party shall use its best efforts to remedy its inability
                to
                perform and resume performance of its obligations as soon as the
                Force
                Majeure condition no longer exists;

            

    

     

    
      	 	
              (d)

            	
              When
                the non-performing Party is able to resume performance of its obligations
                under this Agreement that Party shall give the other Party written
                notice
                to that effect; 

            

    

     

    
      	 	
              (e)

            	
              The
                Force Majeure must not have been caused by or connected with any
                negligent
                or intentional acts, errors or omissions or failure to comply with
                any law
                rule, regulation, order, or ordinance or by any breach or default
                of this
                Agreement; and

            

    

     

    
      	 	
              (f)

            	
              A
                Party’s delay or failure to perform its obligations arising before the
                occurrence of Force Majeure shall not be excused by the later occurrence
                of such event.

            

    

     

    6.2. Remedies

    

    Except
      as
      otherwise provided, in no event shall any condition of Force Majeure extend
      this
      Agreement beyond its term. If any condition of Force Majeure delays a Party’s
      performance for a time period greater than ninety (90) calendar days, the Party
      affected by such Force Majeure may suspend this Agreement. If the Force Majeure
      prevents a Party’s performance for a period greater than one hundred and eighty
      (180) days, the Parties hereto shall meet to discuss the basis and terms upon
      which the arrangements set out in this Agreement may be continued. The Parties
      hereto shall consult with each other and take all reasonable steps to minimize
      the losses of either Party resulting from the Force Majeure.

     

    
      
        
           

        

        
          8
            of 17

          
            

          

        

        
           

        

      

    

    

    7. NOTICES

    

    7.1. All
      notices under this Agreement shall be in writing and shall be given at such
      addresses or facsimile numbers as the Parties shall specify from time to time
      by
      notice. In the absence of any addressee's notice to the contrary, notices shall
      be given at the following addresses:

    

    
      	 	
              (a)

            	
              PNOC
                Exploration Corporation

            

    

    Building
      1, Energy Complex, Merritt Road

    Fort
      Bonifacio, Taguig City

    Metro
      Manila

    Fax
      No.:
      +632-840-2348

    For
      the
      attention of the President

    

    
      	 	
              (b)

            	
              Energtek
                Products Ltd

            

    

    Dereh
      Em
      Hamoshavot 94

    Petakh
      Tikva 49527

    Israel

     

    7.2. Either
      Party may, by written notice to the other, change the representative or the
      address to which such notices and communications are to be sent.

    

    

    8. CONFIDENTIALITY

     

    8.1. Except
      to
      the extent it shall otherwise be required under applicable laws and regulations,
      included but not limited to the requirements of the U.S. Securities and Exchange
      Commission, each Party shall keep strictly confidential any and all information
      concerning the transaction contemplated under this Agreement and any other
      information marked as “Confidential” (as may be classified as confidential
      information, hereafter “Confidential Information”) and shall not disclose the
      same to any third party and the Party’s officers and/or employees not directly
      involved in the Project. 

     

    8.2. The
      party
      receiving the Confidential Information (“Receiving Party”) may disclose the
      Confidential Information without the other Party’s (“Disclosing Party”) prior
      written consent to an Affiliated Company (as herein defined), provided that
      the
      Receiving Party guarantees the adherence of such Affiliated Company to the
      terms
      of this Agreement. “Affiliated Company” shall mean any company or legal entity
      which (a) controls either directly or indirectly the Receiving Party, or (b)
      is
      controlled directly or indirectly by the Receiving Party, or (c) is directly
      or
      indirectly controlled by a company or entity which directly or indirectly
      controls the Receiving Party. “Control” means the right to exercise 50% or more
      of the voting rights in the appointment of the directors of Affiliated
      Company.

     

    

    
      
        
           

        

        
          9
            of 17

          
            

          

        

        
           

        

      

    

    

    8.3. The
      Receiving Party shall be entitled to disclose the Confidential Information
      without the Disclosing Party’s prior written consent to the following persons or
      entities who have a clear need to know to enable the Receiving Party to perform
      its obligations under this Agreement:

     

    
      	 	
              (a)

            	
              employees,
                officers and directors of the Receiving
                Party;

            

    

     

    
      	 	
              (b)

            	
              employees,
                officers and directors of any of its Affiliated
                Companies
                (as defined);

            

    

     

    
      	 	
              (c)

            	
              any
                prospective partner or professional consultant or agent retained
                by the
                Receiving Party for the purpose of evaluating the confidential
                information; or

            

    

     

    
      	 	
              (d)

            	
              any
                bank or lending institution which is considering financing the Receiving
                party’s, or its Affiliated
                Company’s
                participation in the Project,
                including any professional consultant retained by such bank or lending
                institution for the purpose of evaluating the Confidential
                Information.

            

    

     

    
      	 	
              (e)

            	
              to
                the stock exchange on which a Party’s or its Affiliated Company's shares
                are listed, when so required by the rules and regulations of such
                stock
                exchange.

            

    

     

    Prior
      to
      making any such disclosures to persons or entities under sub-paragraphs (c),
      and
      (d) above, however, the Receiving Party shall obtain an undertaking of
      confidentiality, from such person or entity, if so required by the Disclosing
      Party.

    

    Notwithstanding
      Section 4, the confidentiality obligations set forth in this section shall
      terminate three (3) years after the termination of this Agreement.

    

    
      
        
           

        

        
          10
            of 17

          
            

          

        

        
           

        

      

    

    

    9. LIABILITY
      AND INDEMNITY 

    

    9.1
      Pursuant to the provisions of Sec. 3.4, ownership of the Natural Gas is
      transferred from the Seller to Buyer after such Natural Gas passes through
      the
“Delivery Point.” All risk of loss of any kind or nature whatsoever after the
“Delivery Point” arising from the delivery, storage or usage of the Natural Gas
      shall be for the sole risk of the Buyer. Seller shall also not be liable to
      the
      Buyer, its customers or other third parties for the volume and quality of the
      gas.”

    

    9.2
       Except
      as
      expressly provided in this Agreement, the SELLER shall forego all claims against
      the BUYER and its Affiliated Companies and shall hold harmless and indemnify
      the
      BUYER and its Affiliated Companies against any and all liability in respect
      of
      any of the following insofar as caused by or arising in the course of
      performance or purported performance of this Agreement (whether or not involving
      the negligent act or omission of the BUYER and its Affiliated Companies, its
      directors or other officers, employees, agents, contractors, or sub-contractors)
      namely: 

    

    
      	 	
              (a)

            	
              any
                death, injury or illness of any officer, employee, agent, contractor
                or
                sub-contractor of the Seller;

            

    

    

    
      	 	
              (b)

            	
              any
                physical loss or damage to the Delivery Facilities (and any loss
                including
                consequential losses associated with or arising from such loss or
                damage);
                or 

            

    

    

    
      	 	
              (c)

            	
              any
                death, injury or illness of any third party or damage to the property
                of
                any third party occurring on or as a result of an accident involving
                any
                of the Delivery Facilities, 

            

    

    

    SELLER
      shall hold harmless and indemnify the BUYER and its Affiliated Companies from
      and against any and all costs, damages or expenses whatsoever incurred by the
      BUYER and its Affiliated Companies in respect of any claims, demands,
      proceedings or causes of action arising from such death, injury, illness, loss
      or damage.

    

    9.3
       Except
      as
      expressly provided in this Agreement the BUYER shall forego all claims against
      the SELLER and its Affiliated Companies for and shall hold harmless and
      indemnify the SELLER and its Affiliated Companies against any and all liability
      in respect of any of the following insofar as caused by or arising in the course
      of performance or purported performance of this Agreement (whether or not
      involving the negligent act or omission of the Sellers, their directors or
      other
      officers, employees, agents, contractors or sub-contractors)
      namely:

     

    
      
        
           

        

        
          11
            of 17

          
            

          

        

        
           

        

      

    

    

    
      	 	
              (a)

            	
              any
                death, injury or illness of any officer, employee, agent, contractor,
                sub-contractor or customer of the Buyer;

            

    

     

    
      	 	
              (b)

            	
              any
                physical loss or damage to the facilities of the BUYER or its customers
                (and any loss including consequential losses associated with or arising
                from such loss or damage); or 

            

    

     

    
      	 	
              (c)

            	
              any
                death, injury or illness of any third party or damage to the property
                of
                any third party occurring on or as a result of an accident involving
                any
                of the BUYER’s facilities, products or services;
                

            

    

     

    BUYER
      shall hold harmless and indemnify the SELLER and its Affiliated Companies from
      and against any and all costs, damages, legal fees liabilities or expenses
      whatsoever incurred by the SELLER and its Affiliated Companies in respect of
      any
      claims, demands, proceedings or causes of action arising from such death,
      injury, illness, loss or damage.

    

    9.3a. To
      secure
      its obligations under Sec. 9.3, BUYER shall, not later than thirty (30) days
      prior to the installation of the Additional Facilities and the commencement
      of
      its operations, obtain an insurance policy from a reputable and creditworthy
      insurance company, such as an insurance company as per the list in Annex 4
      or
      another insurance company acceptable to SELLER, in an amount not less than
      the
      value of the maximum volume of Natural Gas that may be stored at BUYER’s
      facilities at any given time.

     

    SELLER
      shall have a right to recover on the insurance policy, bond or guarantee
      obtained by BUYER for any and all costs, damages, legal fees, liabilities or
      expenses whatsoever incurred by the SELLER and its Affiliated Companies in
      respect of any claims, demands, proceedings or causes of action arising from
      death, injury, illness, loss or damage occurring on or as a result of an
      accident involving any of the BUYER’s facilities, products or
      services.

     

    9.4. None
      of
      the preceding provisions of this Section 9 shall:

     

    
      
        
           

        

        
          12
            of 17

          
            

          

        

        
           

        

      

    

    

    
      	 	
              (a)

            	
              prevent
                or restrict any Party from bringing a claim which it would otherwise
                be
                entitled to bring against the other Party arising out of gross negligence
                or wilful misconduct of that other Party;
                or

            

    

     

    
      	 	
              (b)

            	
              prevent
                or restrict any Party from making any charge or recovery or claiming
                any
                relief which it is expressly entitled to make or claim under any
                other
                provision of this Agreement.

            

    

     

    9.5
      No
      Party shall owe or incur any liability whatsoever to another Party howsoever
      arising whether in contract or tort (including through negligence or otherwise)
      except in respect of any breach of any obligation, warranty or covenant
      contained herein subject to the limitations expressly provided for
      herein.

     

    9.6
      Except as expressly provided in this Agreement no Party shall owe or incur
      any
      liability whatsoever to another Party for any loss of contract, business
      opportunity, profits, production, revenue or interest payable or any other
      consequential loss of a similar nature howsoever caused, arising out of or
      in
      connection with this Agreement and whether or not foreseeable at the date of
      this Agreement irrespective of whether such loss is caused or contributed to
      by
      the negligence of another Party or by any other act, omission or breach of
      this
      Agreement by another Party.

     

    9.7
       Knowledge
      of the condition and estimated remaining life of the Reservoir and the Delivery
      Facilities

     

    Any
      provision of this Agreement to the contrary notwithstanding and for the
      avoidance of doubt, BUYER hereby warrants and represents that it is fully aware
      of the condition of the Reservoir, the quality of the Natural Gas and its
      estimated remaining life and the condition of the Delivery Facilities based
      on
      its own conduct of due diligence and the information provided by the SELLER.
      BUYER therefore hereby unconditionally and irrevocably holds the SELLER, its
      stockholders, directors, officers, employees and representatives from any and
      all claims, liability, suits, proceedings or actions arising from, or in
      connection with, directly or indirectly, the quality of the Natural Gas and
      depletion of the Reservoir.

     

    
      
        
           

        

        
          13
            of 17

          
            

          

        

        
           

        

      

    

    

    10. ASSIGNMENT

    

    10.1. No
      Party
      shall be entitled to assign or transfer its respective rights and obligations
      arising under this Agreement without the consent in writing of the other Party
      provided that such consent shall not be unreasonably withheld if the Party
      who
      wishes to assign or transfer has demonstrated to the reasonable satisfaction
      of
      the other Party that the proposed assignee has adequate financial, technical
      and
      legal ability to observe and perform the obligations to be assigned. The
      assigning Party shall remain liable under this Agreement until the assigning
      Party or its assignee demonstrates to the reasonable satisfaction of the other
      Parties that the assignee has the abilities to perform the obligations of the
      assigning Party under this Agreement. Upon assignment and transfer of a Party’s
      rights and obligations to its assignee in accordance with this Section 10,
      the
      assigning Party shall no longer be part of the Agreement and shall no longer
      be
      liable according to the same. 

    

    10.2. No
      Party
      shall be bound by an assignment or transfer by another Party of its rights
      and
      obligations under this Agreement unless the conditions set out in Section 10.1,
      as applicable, have been met and until the assignee has confirmed in writing
      to
      the other Party that it will exercise the rights and faithfully observe and
      perform the obligations assigned to it strictly in accordance with the terms
      of
      this Agreement.

    

    

    11. DISPUTE
      RESOLUTION

    

    SELLER
      and
BUYER
      recognize
      that circumstances may arise with respect to the terms and conditions in the
      implementation of this Agreement that could not have been foreseen at the time
      this Agreement was entered into. Both Parties agree that they will exert their
      best efforts to solve any problem amicably in the spirit of mutual understanding
      and cooperation so that no Party shall be unduly prejudiced or benefited on
      account of unforeseen supervening circumstances or events. 

    

    In
      the
      event that a dispute occurs, the Parties shall endeavor to reach an amicable
      understanding. However, in the event of a dispute arising from or related to
      this Agreement which cannot be settled amicably, such dispute shall be resolved
      through arbitration under the Alternative Dispute Resolution Act of 2004
      (Republic Act No. 9285) and the Arbitration Law (Republic Act No. 876) upon
      notice (the “Notice of Arbitration”) by one Party (the “Claimant”) on another
      (the “Respondent”).

     

    
      
        
           

        

        
          14
            of 17

          
            

          

        

        
           

        

      

    

    

    The
      arbitration shall be conducted by three (3) arbitrators. Each Party in such
      dispute shall appoint one (1) arbitrator, and the two arbitrators so nominated
      shall appoint the third arbitrator who shall be the presiding arbitrator of
      the
      tribunal.

    

    If
      any
      arbitrator is not appointed as provided above within thirty (30) days after
      receipt of the Notice of Arbitration by the Respondent, then such arbitrator
      shall be appointed by the National President of the Integrated Bar of the
      Philippines (IBP) or his duly authorized representative pursuant to Section
      26
      of the Alternative Dispute Resolution Act of 2004 (Republic Act No. 9285).
      If
      within thirty (30) days after the appointment of the second arbitrator the
      two
      arbitrators have not agreed on the choice of the presiding arbitrator, the
      presiding arbitrator shall likewise be appointed by the National President
      of
      the IBP or his duly authorized representative. If an arbitrator fails or is
      unable to act, his successor will be appointed in the same manner as the
      arbitrator whom he succeeds

    

    In
      accordance with 19 below, the arbitrators shall apply Philippine Law in
      construing this Agreement and determining the rights, obligations and
      liabilities (if any) of the Parties. The arbitration shall be conducted in
      the
      English language and the place of arbitration shall be Metro Manila,
      Philippines.

    

    

    
      	
              12.

            	
               LICENSES
                AND AUTHORIZATIONS

            

    

    

    The
      effectivity and validity of this Agreement is conditioned upon Parties’ securing
      all necessary corporate and Government, approvals, consents, permits and
      licenses to pursue its obligations under this Agreement including the approval
      of the DOE. 

     

    13. ENTIRE
      AGREEMENT

    

    This
      Agreement together with Annexes 1, 2, 3 and 4 constitute the entire agreement
      between the Parties in respect of its subject matter and supersedes and renders
      without force and effect any agreements, contracts, representations and
      understandings, oral or written, made prior to or at the signing of this
      Agreement.

     

    
      
        
           

        

        
          15
            of 17

          
            

          

        

        
           

        

      

    

    

    14. NO
      PARTNERSHIP

    

    Nothing
      in this Agreement shall be deemed to constitute a partnership, association
      or
      trust between any of the Parties or to appoint any Party the agent of any other
      Party for any purpose, or cause a Party to be responsible for the debts of
      another Party.

     

    15. SUCCESSORS
      AND ASSIGNEES

    

    This
      Agreement shall bind and inure to the benefit of the Parties and their
      respective successors and permitted assignees.

     

    16. AMENDMENT

    

    This
      Agreement may not be amended except by an agreement in writing referencing
      this
      Agreement and executed by duly authorised representatives of all Parties.
      Minutes of meetings shall not constitute an agreement in writing to amend this
      Agreement.

     

    17. NON-WAIVER

    

    None
      of
      the provisions of this Agreement shall be considered waived by either Party
      except when such waiver is given in writing by the party exercising such waiver.
      The failure of either Party to insist, in any one or more instances, upon a
      strict performance of any of the provisions of this Agreement or to take
      advantage of any of its rights hereunder shall not be construed as a waiver
      of
      any such provisions or the relinquishment of any such rights for the future
      but
      the same shall continue and remain in full force and effect.

     

    
      
        
           

        

        
          16
            of 17

          
            

          

        

        
           

        

      

    

    

    18.  SEPARABILITY

    

    If
      any
      part or parts of this Agreement shall be declared invalid by competent courts,
      the other parts hereof not affected or impaired thereby shall continue to be
      in
      full force and effect.

    

    19. GOVERNING
      LAW

    

    This
      Agreement shall be exclusively governed by and construed in accordance with
      the
      law of the Republic of the Philippines.

    

    
      	
              20.

            	
              COUNTERPART
                EXECUTION

            

    

     

    This
      agreement may be executed in any number of counterparts with the same effect
      as
      if the signatures to each counterpart were upon the same instrument. If the
      Agreement is executed on different dates, the Agreement Date shall mean the
      latest date in the chronological order of execution.

     

    IN
      WITNESS
      whereof
      the Parties hereto have set their hands this _ day of July, 2008 at
      _____________________________________.

     

    
      	
              PNOC
                EXPLORATION CORPORATION

            	 	
              ENERGTEK
                PRODUCTS LTD

            
	
               

               

              /s/
                Rafael E. Del Pilar

            	 	
               

               

              /s/
                Lev Zaidenberg

            
	
              RAFAEL
                E. DEL PILAR

            	 	
              LEV
                ZAIDENBERG

            
	
              President
                and CEO

            	 	
              President
                and CEO

            
	
              Date:
                July 16, 2008-07-21

              Place:
                Taguig City, Philippines

            	 	
              Date:
                July 21, 2008

              Place:
                Petah Tikva,
                Israel

            

    

       

    SIGNED
      IN
      THE PRESENCE OF 

    

    
      	   
	 	 
 
	 	 	 

    

     

    
      
        
           

        

        
          17
            of 17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}]]