Exhibit 10.1
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[CMI LOGO]
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CHALLENGER MINERALS INC.
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A GlobalSantaFe Company
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15375 Memorial Drive
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Langlands House
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Suite G200
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Huntly Street
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Houston, Texas 77079
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Aberdeen AB10 1SH
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USA
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Scotland
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Tel (281) 925 7200
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Tel +44 (0) 1224 654400
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Fax (281) 925 7280
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Fax +44 (0) 1224 654478
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December 4, 2003
By mail and fax to (972)
994-0369
Reef Partners LLC
1901 N. Central Expressway, Suite
300
Richardson, TX
75080
Attn:
Mr. H. Walt Dunagin
Vice President - Land
Re:
Reef/CMI North Sea Joint Venture
Agreement - New
Reef /CMI Gulf of Mexico Joint
Venture Agreement - Amended
Dear Walt,
Pursuant to our recent discussions
with Reef Partners LLC (“Reef”), Challenger Minerals
Inc. (“CMI”) is requesting your timely approval of the
following proposal to amend the current Reef/CMI Gulf of Mexico
Joint Venture Agreement and to provide for Reef entering the CMI
North Sea Joint Venture under a new and separate
agreement:
1.
Upon Reef’s approval and
execution of the attached Joint Venture Agreement for the CMI North
Sea JV program, Reef will enter the CMI North Sea JV program for 5%
participation interest, effective December 1, 2003 for a
three-year term, conditioned upon your approval of this proposal
that shall amend Reef’s current CMI Gulf of Mexico JV
Agreement, which became effective January 31, 2002, by
reducing Reef’s participation interest in the CMI Gulf of
Mexico (“GOM”) Exploration JV program to 7.5% and by
continuing Reef’s 12.5% participation interest in the CMI GOM
Field Development JV program.
2.
To accomplish the above, Reef hereby
relinquishes to CMI a 5% participation interest carved out of
Reef’s 12.5% participation interest in the CMI GOM
Exploration JV program (under the current GOM JV Agreement
effective January 30, 2002 referenced above) in e
