EXHIBIT 10.7
AMENDMENT TO
BINDING FARM-OUT AGREEMENT
EAST WADI ARABA CONCESSION - EGYPT
WHEREAS Dover Investments Limited (“ Dover ”), TransPacific Petroleum Corp. (“ TransPacific
”), Mogul Energy Ltd. (“ Mogul ”) and Ghareeb Awad (“ Awad ”) entered into a binding farm-out agreement
dated as of August 6, 2005 (the “ Dover Farm-Out Agreement ”);
AND WHEREAS pursuant to section 13 of the Dover Farm-Out Agreement, each of Dover,
TransPacific, Mogul and Awad desire to amend section 2 of the Dover Farm-Out Agreement on the terms set
out herein;
NOW, THEREFORE , the parties hereto, in consideration of the mutual covenants set forth herein and
other and good consideration the receipt and sufficiency of which is hereby acknowledged, agree as follows:
1.
The first sentence of section 2 of the Dover Farm-Out Agreement is deleted and replaced with the
following:
“For a period of 60 days of signing this Agreement, Mogul will be allowed to review the seismic data of EWA
and if at Mogul’s sole discretion, it is satisfied, will provide a non-refundable deposit of US$25,000 and by no
later than 5:00 p.m. (Vancouver time) on April 15, 2006, it will issue to the benefit of EGPC or Dover a letter of
guarantee in a form and content that is acceptable to Dover or EGPC from a major bank in Egypt in the amount
of Two Million US Dollars ($2,000,000 US) to secure Mogul’s obligations hereunder and to be used in the
drilling of their two well obligations.”
2.
All other terms and provisions of the Dover Farm-Out Agreement shall remain the same.
3.
This Agreement may be executed in any number of counterparts, each of which when so executed
shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement.
In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature is executed) the same wi