PETROLEUM REGISTER
CAPE THREE POINTS BLOCK 4
OPERATOR: ENI Ghana Exploration & Production Limited – 42.47% interest in block
OTHER CONTRACTING PARTIES:
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Vitol Upstream Tano Limited – 33.98% interest in block
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Woodfields Upstream Limited – 9.56%interest in block
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Ghana National Petroleum Corporation (GNPC)- 10% interest in block
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Explorco – 4% interest in block
Contract Area Size: 1127 sq.km
Effective Date: April 14, 2016
Exploration Period: 6 years
Current Phase of Operations: Initial Exploration Period (3years) [ April 14, 2016 – April 13, 2019]
Minimum Initial Exploration Programme
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Acquire, process and interpret 1,000 sq. km of 3D seismic
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Drill one exploration well
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Minimum Expenditure: US$ 45,000,000
Status of Operations
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Completed 3D seismic acquisition
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Processing of 3D seismic data and G&G are underway.
FISCAL TERMS
Royalty: Ten percent (10%) of the Gross Production of Crude Oil shall be delivered to the State as Royalty.
Royalty to be delivered to the State on Natural Gas shall be at the rate of seven point five percent (7.5%) of the annual Gross Production of Natural Gas.
Income Tax: In accordance with the provisions of the Income Tax law, petroleum income tax shall be levied at thirty five percent (35%).
Withholding Tax: Withholding tax at a rate of fifteen per cent (15%) shall be deducted from payments by Contractor to a Subcontractor or Affiliate in respect of works and services for or in connection with this Agreement;
Withholding tax at a rate of 8% shall be deducted from dividends paid to Shareholders;
Surface Rental
Additional Oil Entitlement: Refer to the Petroleum Agreement.