No: 016 / AJ/ VX/ LETTER OF

AGREEMENT /2023

On this day Friday, the fifteenth of September Year of two thousand twenty-three
(Friday, 15 September 2023) took place in Dili-East Timor, we the undersigned:

Name : Jorge Da Cruz Carvalho

Position : Head of Director
Address : Taibesi-Dili, Ponte Dos Namorados

Act for and on behalf of PT AVE JESMIRAGA, Lda (Sub-

Distributor BBM Solar fuel) Hereinafter referred to as party 1 (first party).

Name : Salvador Tilman

Position : Acting of Director
Address : Dili, East Timor

Act for and on behalf of PT SACOM ENERGIA Lda, hereinafter referred to as party 2
(Second Party).

Hereby explains that all parties agreed to enter into a Cooperation Agreement (BBM Solar
light fuel oil) using the following terms and conditions:

SCOPE OF COOPERATION

Article 1

All parties have agreed to enter into a cooperation agreement in terms of the
distribution of fuel party 1 PT AVE JESMIRAGA Lda (Sub Distributor of Fuel) to the
2nd party PT SACOM ENERGIA Lda in carrying out fuel sales activities Cooperation /
work as follows:

Type of Cooperation: Distribution and Sales of Gasoleo diesel BBM –

(specs by EDTL) Location: Port Hera
Cooperation Value: $ 5,400,000,00 (five million four hundred USD dollars)
 PAYMENT SYSTEMS

Article 2

Both parties agree to enter into a payment agreement which is regulated by the following
conditions:

1. Payment System is done via bank transfer to our account:

BNCTL Account: 02100123104139 & Customer: 223464 (AVE JESMIRAGA,
LDA)
2. Before 10 days the diesel oil tanker leaves the port, the first party will
send these documentations: Q88, Manifest, Invoice, Bill of Lading &
certificate of origin.
3. It is agreed that fuel quota is 10,000 MT at a price of 540 /MT with
the total price ($5,400,000,00) supplied by PT AVE
JESMIRAGA Lda to PT SECOM ENERGIA Lda
4. When the ships docks at the port of Hera, 2 nd party along with EDTL measures
the BBM (sonding) to find out the quantity of the BBM. The EDTL will
conducts a diesel fuel test if it matches the specifications, it is directly filled into
EDTL stores, and the 2nd party directly made the payments or transfers to
the account of the 1st party.

SCOPE OF WORK

Article 3

Both parties will carry out their duties and responsibilities related to the
implementation of the Fuel Distribution/Sales Agreement, as follows:

Party 1 is obliged to fulfill the fuel quota order of party 2 and deliver the order of party 2
directly to the place of 10,000 MT when refueling.
Party 2 required to make direct payments in accordance with the fuel order quota that has
been mutually agreed.

In the event of delivery for diesel fuel is in accordance with the specifications and
specifications issued by EDTL and if the tests are not in accordance with the above
specifications, it is the responsibility of the supplier.

Party 1 will explain that the ship carrying BBM oil is in good condition and in
accordance with the specifications issued by the ETO and the party follows all existing
standard operating procedures.
 PERIOD

Article 4

Both parties agreed that the implementation of the fuel distribution cooperation
agreement will begin on: October 2023, until the deadline of the cooperation agreement
which will be agreed again.

ADDITIONAL AGREEMENTS

Article 5

If there are several additional articles after the signing of this agreement, the
additional agreement will be applied as an Addendum (additional agreement) after being
agreed by each related party.
After both parties signed the contract, PT sacom enrgia lda will be waiting for
diesel light fuel to arrive at the port of hera according to the agreed schedules. PT AVE
JESMIRAGA pomise not demands anymore documents until the cargo arrives.

DISPUTE RESOLUTION

Article 6

If there is a dispute between the two parties, then both parties agree to resolve by
deliberation for consensus, if no deliberative settlement is reached for consensus, each party
agrees to take the applicable legal route.

FORCE MAJURE

Article 7

In the event of an earthquake, natural disaster, landslide or any event caused by

nature that will cause the failure / delay of this agreement, both parties agree to review the
agreement that has been made.

COVER

Article 8

This cooperation agreement letter has been read, understood and approved by both
parties today and the date on this cooperation agreement letter, made in duplicate 2 (two)
and signed as a sign of mutual agreement without any pressure and element of coercion
from any party and has the same legal force.
 Dili, 15 September 2023

FIRST PARTY SECOND PARTY

(FUEL SUB DISTRIBUTOR SALES) (FUEL DISTRIBUTOR ) PT
PT AVE JESMIRAGA SECOM ENERGIA

JORGE DA CRUZCARVALHO SALVADOR TILMAN

(HEAD OF DIRECTOR) (ACTING OF DIRECTOR)

THIRD PARTY
(WITNESS OF THIS AGREEMENT)

IPOLITO FERNANDES)