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EXHIBIT 10.3
YAPEN BLOCK EXPLORATION
JOINT VENTURE
JOINT OPERATING AGREEMENT
TABLE OF CONTENTS
-End Contents-
YAPEN BLOCK EXPLORATION
JOINT VENTURE
JOINT OPERATING AGREEMENT
THIS AGREEMENT, the "Agreement" or "JOA", is effective the 1 st day of January, 2000 between CONTINENTAL ENERGY
CORPORATION ("CEC") a Canadian, British Columbia corporation, APEX (YAPEN) LTD. ("Apex Yapen") a British Virgin
Islands corporation, and GEOPETRO RESOURCES COMPANY ("GeoPetro") a U.S.A., California corporation. All of the
aforementioned are parties to this Agreement are hereinafter referred to individually as "Party" and collectively as "Parties" and
ARTICLE
PAGE
1 DEFINITIONS AND INTERPRETATION
2
2
JOINT VENTURE
8
3 NATURE OF RELATIONSHIP
9
4 PERCENTAGE INTERESTS
9
5
JOINT VENTURE PROPERTY
10
6 WARRANTIES
10
7 MANAGEMENT COMMITTEE
10
8 OPERATOR
12
9 APPOINTMENT AND REMOVAL OF OPERATOR
14
10 DUTIES AND OBLIGATIONS OF OPERATOR
14
11 ASSIGNMENT
16
12 WORK PROGRAMS AND BUDGETS
17
13 AUTHORITIES FOR EXPENDITURE
18
14 PAYMENT OF COSTS
19
15 NON-CONSENT
20
16 DEFAULT
20
17
INFORMATION
21
18 CONFIDENTIALITY
22
19
INSURANCE
23
20 WITHDRAWAL
23
21 ENCUMBRANCES
25
22 DISCOVERY OF PETROLEUM
25
23 PRODUCTION VENTURE
26
24 SOLE RISK OPERATIONS
26
25 SOLE RISK—DRILLING
28
26 SOLE RISK—DEEPEN, REWORK, SIDETRACK, TEST, COMPLETE
28
27 SOLE RISK—GENERAL PROVISIONS
29
28 DISPUTE RESOLUTION
30
29 CONDUCT OF LITIGATION
30
30 TERM AND TERMINATION
31
31 FORCE MAJEURE
31
32 PERMIT
32
33 GENERAL PROVISIONS
32
Annex—"A" JV Accounting Procedure
each Party occupies an address as set forth in Article-33.
WHEREAS; Apex (Yapen) Ltd. was incorporated as an International Business Company in the British Virgin Islands
under the International