Concurrent with the signing of the contract and within the first sub-period, Perenco Middle East (Perenco) and OP Sindi Amedi Kurdistan (OP Sindi) are required to each deliver to the government a joint and several payment guarantee of its ultimate parent company in a form acceptable to the government.
Unless waived by the government, both Perenco and OP Sindi are further required to each deliver to the government a joint and several guarantee of its ultimate parent company not later than 60 days after the first day of the second sub-period.
If either Perenco or OP Sindi do not have ultimate parent companies, they shall cause a controlling beneficial shareholder or any other person with sufficient credit quality in the opinion of and acceptable to the government to be a party to such guarantee. If Parenco and OP Sindi fail to provide the guarantee within the stipulated time, the government may notify them to cease all operations in the contract area until the requirements of this clause is complied with.
Partage de production - Eléments de "Cost Oil" (base de calcul, limites sur le recouvrement des coûts, e.g. comme % des revenues ou de la production, crédit d'investissement, etc.)
Without limiting the joint and several obligations of OP Sindi Amedi Kurdistan (OP Sindi) under the Production Sharing Contract, OP Sindi is required to pay its participating interest share of the petroleum costs and other amounts accruing to it under the Production Sharing Contract on and from the completion date in accordance with the Production Sharing Contract and the Joint Operating Agreement to be entered into between Perenco Middle East and OP Sindi.
The completion date is the date provided in a certificate of completion signed by the Minister of Natural Resources, Perenco Middle East and OP Sindi and set forth in Annex 3.
The government and Perenco Middle East (Perenco) wish to amend the Production Sharing Contract to extend the period within which the government may exercise the option of third party participation for the nomination of a third party participant.
Upon the assignment of 45% participating interest under the Production Sharing Contract to OP Sindi Amedi Kurdistan (OP Sindi), the participating interests of both Perenco and OP Sindi are subject to the right of the government to exercise the option of third party participation and the government Interest and the maximum participation percentage for the third party participation and government interest is 25% each.
The government, Perenco, OP Sindi acknowledge that after the Government exercises the third party participation option, prior to the exercise of the government interest option, Perenco will have a 41.25% interest, OP Sindi will have a 33.75% interest and the third party participant will have 25% participation interest.
Also, the government, Perenco and OP Sindi acknowledge that after the government exercises the government interest option after exercising the third party participant option, Perenco will have a 30.9375% participating interest, OP Sindi will have a 25.3125% participating interest, the third party participant will have an 18.73% participating interest and a public company, holding the government interest, will have a 25% participating interest under the Production Sharing Contract.
Perenco Middle East (Perenco) assigns and novates a 45% participating interest in the Production Sharing Contract dated 2 October, 2007 and all of its ensuing rights and obligations in relation to that 45% participating interest to OP Sindi Amedi Kurdistan (OP Sindi).
Except as specifically provided otherwise, OP Sindi is jointly and severally obliged to perform the obligations of Perenco under the original Production Sharing Contract as if OP Sindi had been a contractor on and from Production Sharing Agreement's effective date.
In addition, under Art. 2, the government's nomination of KEPCO as the third party participant under the Production Sharing Contract is void and of no effect. The government undertakes to ensure that KEPCO makes no claim against Perenco or any other person on the basis of its nomination as a third party participant under the Production Sharing Contract.
Perenco also waives and releases KEPCO from any claims that it may have against the government or KEPCO arising out of the government's nomination of KEPCO as the third party participant.
Any dispute arising under or in connection with this Contract shall be resolved by arbitration in accordance with the provisions set out under the Production Sharing Contract.
This contract is governed by English Law. However the Production Sharing Contract is governed by the regional laws of Kurdistan and the Federal laws of Iraq
At all times, Perenco Middle East (Perenco) and OP Sindi Amedi Kurdistan (OP Sindi) are to comply with and procure that their subcontractors comply with the Kurdistan region oil and gas law and the applicable law.
No provision of the Production Sharing Contract shall either excuse Perenco and OP Sindi or their subcontractors from complying with the applicable law or impair any right or privilege of the government under the applicable law.