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CENTRAL TANO BLOCK

OPERATOR: Amni International Petroleum Development Company (Ghana) Limited – 85% interest in block

 

OTHER CONTRACTING PARTIES:

  1. Ghana National Petroleum Corporation (GNPC) – 10% interest in block

  2. WCW Limited -- 5% interest in block

 

Contract Area Size: 277.9 sq.km

 

Effective Date: March 21, 2014

 

Exploration Period:  6 years

 

Current Phase of Operations: Initial Exploration Period (3years) [ March 21, 2014 – March 20, 2017]

 

Extension (s): + 1 year 9 months [ March 21, 2017 to Dec 20, 2018]

Minimum Initial Exploration Programme

  • Licensing existing 3D seismic data over contract area (about 277.9km2)

  • Drill two (2) exploratory wells

  • Minimum Expenditure: US$ 150 million

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Status of Operations

  • Licensed existing 3D seismic data

  • Prospects have been mapped within the Contract Area.

  • The Contractor has not been able to trade well data (of Tweneboa-3 &3ST and Hyedua-2 wells) with Tullow because the latter is of the opinion that the well trade will be in violation of the ITLOS ruling.

  • Technical evaluation of the prospective has resulted in the identification of four prospective well locations. However, the top three locations fall within the disputed area with the least favorable location falling in the undisputed portion of the block.

  • Contractor expressed the desire to farm-out a part of their acreage. Three (3) companies were approved by GNPC to sign a confidentiality agreement and view Contractor’s Farm-Out Presentation.

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Contractor was granted twenty-one (21) months to the Initial Exploration Period by the then Minister of Petroleum in August 2016 to enable completion of outstanding work obligation.

 

FISCAL TERMS

Royalty: Twelve and a half percent (12.5%) of Gross Production of Crude Oil shall be delivered to the State as Royalty.

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The Royalty to be delivered to the State on Natural Gas shall be at the rate of five percent (5%) for the Natural Gas destined to the domestic market and ten percent (10%) for Natural Gas to be exported as LNG.

 

Income Tax: In accordance with the Petroleum Income Tax law 1987 (PNDC L188), income tax shall be levied at the rate of thirty five percent (35%)

 

Surface Rental

Additional Oil Entitlement: Refer to the Petroleum Agreement.

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