Addax Petroleum (fka AXC)

[tryoty]

Confirmed by:

"4.1 paragraph iii:

Costs of the Appraisal Well

Provided that the Farmee decides at its own discretion, following its analysis and evaluation of the Exploratory Well or the 3D Acquisition, that sufficient hydrocarbons exist to justify:

(a) the declaration of a commercial project pursuant to the Contract; and

(b) the drilling of an appraisal well (the “Appraisal Well”),
the Farmee shall pay one hundred percent (100%) of the costs, expenses, expenditure and liabilities incurred by
the Parties for such Appraisal Well."