“ Iran and Sharjah recognize the breadth of the island's territorial sea as twelve nautical miles. 4. Exploitation of the petroleum resources of Abu Musa and the sea bed and subsoil beneath its territorial sea will be conducted by Buttes Gas & Oil Company under the existing agreement, which must be acceptable to Iran. Half the governmental oil resources hereafter attributable to the said exploitation shall be paid direct by the Company to Iran and half to Sharjah. 5. The nationals of Iran and Sharjah shall have equal rights to fish in the territorial sea of Abu Musa. ”