Stephenson Energy Limited

Caisse Nationale De Credit Agricolesee Col 5

All present and future f/h and l/h property of the company nad all buildings and all buildings and fixtures (including trade fixtures) from time to time on any such property and all plant and machinery of the company both present and future (excluding stock in trade of the company).

All monies due or to become due from circlegrove limited to caisse nationale de credit agricole as trustee for itself the banks and the agent under the terms of a term loan and facility agreement dated 18TH august 1987 and this deed