Sastaro Limited 22 Arch Makarios III Avenue Nicosia 1517 Cypress
EXHIBIT 10.3
Sastaro Limited
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June 29, 2005
Buttes Gas & Oil Co International Inc.
Crescent Tower
Al Buhairah Comiche
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Re: Participation Agreement dated 19th May 2005 ("Agreement")
Dear Sir
This letter is further to our telephone conversation and will amend the terms of the Agreement.
Clause 3(2)(b) is hereby amended by deleting US$5.0 and replacing it with US$2.5 and a new clause 3(2)(b)(i) is added immediately following that states “US$ 2.5 million on 15 July 2005"
In the event that payments are not made on the above due dates then the right to terminate the Agreement will arise forthwith.
In all other respects the Agreement is confirmed to be in full force and effect.
Yours truly
Sastaro Limited
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Director
Agreed and Accepted this
29th day
of June 2005
Buttes Gas & Oil Co
International Inc.
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President