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Article 1

The first amendment was signed in Athens on 31 October 2012, between the Greek Dome and the Contractor-the companies KVALA OIL ANONYME S.A. and EN-ERGEAN OIL & GAS-ENERGY ANONYME COMPANY RESEARCH AND PRODUCTION FROM I and II of Annexes I and II, the text of which reads as follows:

FIRST AMENDING CONTRACT

The present contract is held in Athens on 31 October 2012 between the Ministry of the Environment, Energy and Clergy.

Its main change is based in Athens, Athens, Athens, Greece. 119, TK 101 92 with AMEN: 090169730, TEC for Psychiko, hereinafter referred to as the "Hellenic Republic", the legal representation of the present by the Minister for the Environment, Energy and Climate Change. Evangelos Liviera-the, and, on the other hand, companies: 1) The company with the province of KAVALA OIL SA

It is based in Kavala and is represented by a law by Mr Papayannakis. Evangelos Papas under 30.10.2012 of the Special Practical Board of Directors, and will be called "the original Contractor"; and

2) The company with the investment of ENERGEAN OIL & GAS-ENERGY ANONYME RELATED EDUCATION AND PRODUCTION YDROPPORS, which is active in Maroussi Attiki, and is represented by a legal person. Matteo Riga pursuant to Council Decision of 30.10.2012, and will be called upon by the Governing Council.

Hereinafter referred to as 'the beneficiary, both under (1) and (2) of well-matched best collectors' (hereinafter referred to as 'the ado'). The above parties will hereinafter be referred to as ' the

Contracting Parties'.

PREAMBLE

1. The Greek Symposium and the Contractor, as from 23 November 1999, of the hydrocarbon exploration in the marine region of the Thracian Sea, which was ratified by Law 2779/1999 (FEK 296 A ') (hereinafter' the Convention ').

2. Powers of the Act No 654 /20-3-2008 Act on the transfer of Prinos and the Southern Cavalas area, the Council of Life Sciences, and Amendment No 3621 /24-6- 2009 Transfer of the Transfer Area Act; Having regard to Article 26 of the Convention, the Court of Justice of the European Union, in accordance with Article 26 of the Convention, entered into force on the basis of Article 26 of the Convention, in accordance with Article 26 of the Convention. Contractor, all of its rights and obligations in relation to regions of transfer Prinos and South Kavala, with the special conditions and agreements referred to in the above acts.

3. Article 33 of the Convention provides that it is governed by the provisions of Law No 2289/1995 'Search, research and exploitation of hydrocarbons' (FEK 1 27/8.2.1995), as it stands, on the matters that are not regulated in its provisions.

4. Nos 4001/2011 " For the Operation of Energies and Natural Gas, for Ere-to, Production and Transport Networks of Hydrocarbons

MEMBER OF THE GREEK EXCERPT

First, From Proceedings of the Minutes of March 5, 2013, No Meetings of the Assembly of the House, in which

The following draft law was adopted:

Ratification from 31.10.2012 First of the First Amendment to the Greek Law and the Contractors of the KVALA OIL COMPANY and ENERGEAN OIL & GAS-ENERGY RELATED REFERENCES COMPANY AND PRODUCTION COMPANY PRODUCTS AND OTHERS Annexes I and II of this

And other arrangements " (February 179/22.8.2011), amended significantly the provisions of Law 2289/1995, in order to address specific failures of the law, to adapt the legal framework to international practice and market developments The Committee of the Committee on Economic and Economic Affairs and the Committee of the

5. Issued by No 5. B) 195/ 27.10.2011 of the Standing Committee on Agricultural Structures and Deposits (B.A. 2501/4.11.2011) "Transfer to the" Transportation Company "The Public Acquisition of Private Property of the Law" according to the provisions of the Law. NO 3986/2001 (PARAGRAPH 152).

6. Eleven of the amendments of Law 2889/1995 by Law 4001/2011 and given the supplementary application of this law to the Convention, it is necessary to amend certain provisions thereof in order to be harmonised with the provisions of this Regulation. A legislative framework.

7. In order to continue unhindered further research into the discovery of new deposits in the areas of exploitation, it is characterised by the production areas as Subareas of Relevance in the wider exploitation areas of the Convention and the Other sections are designated as Research Subareas in order to be separated from any new alpha-qualms and treated separately.

8. In addition, the Convention contains provisions with the company ELLINIKA PETROELIA S.A., has and may exercise specific State and/or advisory and/or supervisory responsibilities in research and conversion of hydrocarbons. At the time of the conclusion of the Convention, the company ELLINIKA PETROELIA SA was State-owned and therefore justified the withdrawal of these powers from the GOI. Today, the company ELLINIKA PETROELIA SA does not -

It is now State-owned, since the majority of its shareholders belong to private individuals, and therefore cannot afford to have and exercise state powers or a specialist arbitrator, nor is the company's competence any longer justified as an expert. (i) anti-remunerated investors, as provided for in the Convention. For these reasons, all the provisions of the Convention which attribute the above mentioned competence to the company ELLINIKA PETROELIA S.A. must be deleted and these responsibilities are to be transferred to the new institution of the Den. R & D research, with the induction of EDE SA, as seen in Articles 145-153 of the Law 4001/2011.

9. Due to the change in the tax regime introduced by Law 4001/2011 for the exploration and extraction of hydrocarbons, the tax-to-income tax on the basis of the law is charged and taxation of 20 % is established, with an additional 5 % Regional tax, which will make it easier for local communities to cooperate and cooperate with the promoters of the Convention.

10. In addition, it is provided for in accordance with Article 2 (2). 33 of Law 2289/1995 in the same way, the performance of the Contractor in the Greek public sector in kind or in colour, which is capped at the level of production and resulting in the gross revenues of the Contractor.

In the light of the foregoing, the Contracting Parties shall agree, together with and agree to amend and contribute to the Convention, in accordance with Article 41 thereof, to the following provisions of the Convention and only to:

ARTICLE 1

At the beginning of paragraph 1 of Article 5 of the Convention prior to the phrase 'In the event that' the sentence is added 'with the exception of the Natural Gas Warehouse' South Kavala 'as defined below'. Article 5 (5) shall be replaced by the

: " The Greek public declares that the Contractor has

Exclusive Licence Licence for the TRINHING and NORTHERAL MANAGEMENT CERTIFICATIONS, such as those specified in Annex I, are specified in Annex 1 and are reflected in Annex 2. In the Preference Area. Also the Printing Area Expansion of the Printing Area, as precisely stated in geographical coordinates in Annex 1 and by-printed topographical in Annex 2. Within the Circulation Area of PRINA -

They shall be kept as Subareas Of Relation, the fields Prinos, North Prinos and Epsilon, as they are referred to in geographical constitutions in Annex 1 and surveyed topographical in Part 2. CAVA -

LAS is designated as the Natural Gas Warehouse "South Kavala" the area which is reportedly on the number. B) 195/ 27.10.2011 of the Standing Committee on Restructuring and Destructive Operations (B΄ 2501/4.11.2011), in Article 1 B (b) (b) (b)) as the "Kawalla-tia Area", as is clearly stated in figures. In Annex 1 and expandes topographical in Annex 2. Also, they will be designated as Subareas

The Commission has also adopted a number of amendments to the Council's common position on the proposal for a European Parliament and Council Directive on the protection of workers from the risks related to exposure to medicinal products. The remaining parts of the Irrigation Areas

Are designated as Research Sub-areas for the operations referred to in paragraphs 1 to 7 of Article 5 of Law 2289/1995 as applicable. '

ARTICLE 2

Paragraph 6 of Article 5 shall be replaced by the following: " Any quantity of Hydrocarbons that will be subject to a new field discovery in a Rehabilitation Subarea will be covered by a new Licence Licence for the Subsection on Sewage; A decision by the Minister for the Environment, Energy and Climate Change will be governed by the provisions of Article 14 of the Convention and shall be calculated in accordance with the provisions of Article 18 thereof, unless the quantity concerned Hydrocarbons were used for the execution of Petroleum works or lost."

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The provisions of paragraphs 8, 9, 10, 11 and 12 of Article 5 shall be repealed and the provision of Article 5 (15) of Law No 2289/1995 shall be repealed, as is the case.

ARTICLE 3

Article 6 (1) shall be replaced by the following:

' a. In order to find a new trade field in the field, as defined in Article 5 of the Convention, the duration of the exploitation of the Y-area of Relation is set at twenty-five (25) years, in accordance with Article 5 of the Law. 2289/1995, as applicable. In particular, for the EPSI, as a starting point,

The decision of the Minister for Development was approved by the Minister for Development on 15 June 2004, in which case the decision of the Minister for Development was adopted, b. In view of the pre-existing conditions of the Convention

Printing of Prinos and North Prinos, as shown in the geographical coordinates of Parr 1 and recorded topographical in Parr-section 2, the duration of the License Agreement is set at twenty-five (25) years, in accordance with Article 5 of Law No 2289/1995, as applicable, and shall start from the date of commencement of the entry, c. For the mortgage area for the warehouse area

Natural Gas "South Kavala", the duration of the South Kavala Transfer License is set until 23 November 2014, in accordance with the number D1/C/15072 decision to extend the Minister for Development, not to renew further. The existing relevant treatment facilities follow the South Cavalsalt Licence, according to the provisions of Article 27 of the Constitution, d. Assistance for the Research Subareas of the

The duration of the investigation phase is set at eight (8) years, in accordance with Article 5 (1) of Law 2289/1995, as applicable and beginning at the date of publication of the present investigation.

ARTICLE 4

Article 6 (2) is replaced by the following:

' a. The duration of the revocation of the effect referred to in Article 6 (1) of Article 6 of the Agreement may be extended up to two (2) five-year periods, in accordance with paragraph 13 of Article 5 (5) of Law 2289/1995, as applicable. The duration of the Prix Transfer License and

North Prinos may be extended up to two (2) cases, in accordance with paragraph 13 of Article 5 of Law 2289/1995, as is also the case with the condition of transfer of the deposit with the best technical means, as well as retention. The application above the limits of economic viability, at the fully reasoned opinion of the Contractor,

This will be reflected in a special report on the work of the previous year and in the programme of the next year and will be approved by the SAD. '

ARTICLE 5

Article 6 (3) shall be replaced by the following:

' Within six months of the publication of this publication, the Contractor is required to submit for approval to the EDU, a detailed work programme for the Research Sub-areas in the case referred to in paragraph 1 of Article 6 of the Convention, in accordance with Article 6 of the Convention. Paragraphs 1 to 7 of Article 5 of Law 2289/1995 as applicable. After the end of the duration of the research phase or any extensions thereof, all Research Sub-areas shall be returned to the Public Sector, with the exception of inscribed remodelling sub-areas, which are located in a trade or youth exchange. Chambers which may be withdrawn within the investigation period. '

ARTICLE 6

Paragraph 6 of Article 6 is replaced by the following:

' In the event of a failure to continue the economic feasibility of the field during the course of each of the transfer or termination of the transfer licence or any other voluntary waiver, in accordance with the provisions of the Paragraph 5, the Contractor is required to return to the Greek public the Region or Subarea of Transfer corresponding to the specific Licence Licence, without prejudice to the provisions of Article 31 of the Agreement. All existing rights and obligations of the Contractor arising out of or referred to in the above Licenses of the Areas or Subareas of Releases, which have been returned, cease to exist, shall cease to exist. And, in particular, for the Contractor, with the exception of the replies of each other to the other, which have been born until the expiry or resignation, and the other terms of this Convention. '

ARTICLE 7

The reference to the Convention, a company ELLINIKA PETROELIA SA, ceases to be a special anti-spam and is substituted by the EDU, in accordance with the provisions of Articles 145-153 of the Law 4001/2011 (FEK 179 A).

ARTICLE 8

Article 3 (1), Article 5 (4), Article 7 (5), Article 13 (5), paragraph 4 of Article 13, paragraph 10 of Article 26 and paragraphs 1, 2, 3, 4 and 6 of Article 39 of the Convention, a company ELLINI-KA PETROELIA S.A. is replaced by E-JHA S.A., in accordance with the provisions of Articles 145-153 of the Law 4001/2011 (FEK 179 A).

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ARTICLE 9

1. Paragraph 5 of Article 14 of the Convention shall be repealed and replaced by the following:

' The Contractor shall be obliged to pay royalties for the Board (Royalties) to be paid out in the first quarter immediately after the expiry of the calendar year to which it refers, on the basis of its annual gross income. A-sales of oil, before deduction of any expenditure, by a progressive rate on the basis of the average daily production of petroleum, such as the one before the total annual production, in accordance with the following table:

TOTAL AMOUNT OF THE AVERAGE DAILY PRODUCTION

0 % to 2,500 barrels

3 % From 2,501 to 5,000 barrels

6 % From 5,001 to 10,000 barrels

10 % Of 10,001 barrels and over

Each of the above rates will be applied to it in relation to the average quantity of intermediate production (progressive application of rates).

2. Paragraphs 2, 3 and 6 of Article 14 of the Constitution shall be repealed.

ARTICLE 1

Paragraph 1 of Article 15 of the Convention shall be read as follows:

' The Contractor shall be subject to a special income tax at a rate of 20 % (20 %) and a regional tax of five per cent (5 %), without any additional regular or exceptional contribution, fee or other charge of any kind in favour of the Dome. Or-any third party, in accordance with the provisions of paragraph 1 of Article 8 (1) of Law 2289/1995 as applicable. ' In paragraph 9 of Article 15 of the Convention,

(c) the following: ' (k) the cost of scientific and technical assistance;

Of the Greek public or third parties for this purpose by the Greek public and Articles 11 (6) and 24 (5) of the Convention, respectively, of the Greek public or third parties. May not exceed the amount of EUR 50 000 per year '.

ARTICLE 11 The first subparagraph of Article 27 (12)

Of the Convention is replaced by the following:

" In the event that the Greek symposium wishes to retain on its own property (and other than those handed over to the Contractor with the present Convention, according to Article 35 thereof) mobile phones will be paid to the Contractor fifty percent (50 %). The value to be determined by an independent assessor, as established jointly by the Parties. ' A new programme is added to Article 27 of the Convention.

13 as follows: ' It is agreed that, in the context of its recovery

Periodic Natural Gas Warehouse "South Kavala" the Contractor will not carry out any work that endangers the construction, operation and exploitation of the underground gas case."

ARTICLE 12

The following paragraph 7 shall be added at the end of Article 30 of the Convention:

' Article 5 (5) and (6) of this Article shall exclude any arrangements concerning the manufacture, operation and exploitation of the work of the Natural Gas Warehouse, which do not affect any research rights; or The Committee of the European People's Party and the Committee of the European People's Party

ARTICLE 13

In Article 31 (21) of the Convention the EIOD shall be replaced by the EDPS.

ARTICLE 14

14.1 First Amendment No 1, as well as Annexes 1 and 2, which are an integral part thereof, which replace Annexes 1 and 2 to the Convention. All the Conditions and provisions of the Convention which are not amended or supplemented by this First Modified Convention remain in full force, validity and approval.

14.2 Words and terms of capital used in this First Amendment and are specified in the Convention have the same meaning and should be interpreted as specified in the Convention unless the present text is derived. Another concept.

14.3 This First Amendment No 1 applies from the date of its assembly and its signature by the Contracting Parties and will be ratified by law by the Greek Parliament, in accordance with Article 41 of the Convention. IN WITNESS WHEREOF the statement of the

I was a First Modified Access which was signed in three (3) prototypes as follows:

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Article 2 Entry into force

The validity of this law shall commence from its publication in the Governing Council of the Government, unless otherwise specified in its individual provisions.

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Athens, 2013

THE PRESIDENT OF PARLIAMENT

NOBLE-KINGDOM COME. MAIMARACIS

THE SECRETARY-GENERAL OF THE SECRETARY-GENERAL OF THE GENERAL SECRETARIAT OF THE PARLIAMENTARY LABOUR

ATHANASIOS D. PAPAIOANNOU, IMMORTALITY. THEODOROPOULOS