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Title: |
Sale and Purchase Agreement |
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Date: |
2003 |
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Preview shows 7KB of 148KB total |
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$57 |
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ID: |
#872267 |
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DATED 11 JANUARY 2003
(1) BP EXPLORATION OPERATING COMPANY LIMITED
(2) APACHE NORTH SEA LIMITED
SALE AND PURCHASE AGREEMENT
IN RESPECT OF CERTAIN INTERESTS IN UNITED KINGDOM
CONTINENTAL SHELF PETROLEUM PRODUCTION LICENCES
CMS CAMERON MCKENNA
MITRE HOUSE
160 ALDERSGATE STREET
LONDON EC1A 4DD
T +44(0)20 7367 3000
F +44(0)20 7367 2000
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
1. Definitions.......................................................... 1
2. Sale and Purchase of the Interests................................... 9
3. Consideration........................................................ 9
4. Interim Period....................................................... 15
5. Completion........................................................... 19
6. Indemnities.......................................................... 21
7. Warranties........................................................... 23
8. Ongoing obligations and liabilities.................................. 30
9. Confidentiality and Announcements.................................... 31
10. Notices.............................................................. 33
11. Costs and Expenses................................................... 34
12. Taxation............................................................. 35
13. Variation............................................................ 42
14. Assignment........................................................... 42
15. Further Assurance.................................................... 42
16. General.............................................................. 43
17. Rights of Third Parties.............................................. 43
18. Governing Law........................................................ 44
Schedule 1 Interests...................................................... 45
Schedule 2 Allocation of Consideration.................................... 59
Schedule 3 Working Capital................................................ 60
Schedule 4 Interim and Final Completion Statement Formats................. 64
Schedule 5 Employees...................................................... 65
Schedule 6 Pensions....................................................... 70
</TABLE>
<PAGE>
THIS AGREEMENT is made the 11th day of January 2003
BETWEEN
(1) BP EXPLORATION OPERATING COMPANY LIMITED, a company incorporated in
England (registered number 00305943) whose registered office is at
Britannic House, 1 Finsbury Circus, London EC2M 7BA, England ("BPEOC");
and
(2) APACHE NORTH SEA LIMITED, a company incorporated in England (registered
number 04614761) whose registered office is at Level 1, Exchange House,
Primrose Street, London EC2A 2HS, England ("PURCHASER").
WHEREAS Seller wishes to sell and Purchaser wishes to buy the Interests on the
terms and conditions set out herein.
NOW THEREFORE IT IS HEREBY AGREED as follows:
1. DEFINITIONS
1.1 In this Agreement (including the recital and Schedules hereto), the
following expressions shall, except where the context otherwise
requires, have the following respective meanings:
"ADJUSTMENT": means any or all (as the context may require) of the
Working Capital Adjustment, the Cash Calls Adjustment, the NPR
Adjustment, the Petroleum Sales Adjustment and the Interim Period
Adjustment;
"ADJUSTMENT CLAUSES": has the meaning given in clause 3.3;
"AFE": means an authorisation for expenditure pursuant to an agreement
relating to the Interests;
"AFFILIATE": means in relation to any Party, a subsidiary or a holding
company of that Party and includes the ultimate holding company of that
Party and any subsidiary of that holding company and for the purposes
of this definition "holding company" and "subsidiary" shall be
construed in accordance with section 736 of the Companies Act 1985;
"AGREED RATE": means one percentage point above LIBOR;
"BENEFITS": has the meaning given in clause 6.2;
"BLOCK": means a licence block on the United Kingdom Continental Shelf;
"BUSINESS DAY": means a day (other than a Saturday, a Sunday or a bank
or public holiday) on which banks are or, as the context may require,
were generally open for business in England;
-1-
<PAGE>
"CASH CALLS ADJUSTMENT": has the meaning given in clause 3.5;
"CHARGEABLE PERIOD": means a period of six months ending at the end of
June or December;
"COMPLETION": means the completion of the sale and purchase of the
Interests in accordance with the provisions of this Agreement;
"COMPLETION DOCUMENTS": means those documents referred to in Schedule 1
Parts 1(g) and 2(g);
"COMPLETION DATE": means the date on which Completion takes place;
"CONDENSATE": means a mixture of hydrocarbons of primarily C5+
molecular weight which is produced from the processing of Raw Gas at
the Terminal;
"CONDITIONS PRECEDENT": means those conditions precedent listed in
Schedule 1 Parts 1(f) and 2(f);
"CONSIDERATION": has the meaning given in clause 3.1;
"CT": means Corporation Tax as charged under the Income and Corporation
Taxes Act 1988 including, for the avoidance of doubt, the supplementary
charge of 10% on the profits from United Kingdom and United Kingdom
Continental Shelf oil and gas production (the "Supplementary Charge");
"DATA": means in respect of the Interests all files, memoranda,
reports, interpretations, documents and other data in the possession,
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