DEEPWATER CAPE THREE POINTS
OPERATOR: Exxonmobil Exploration and Production Ghana (Deepwater) Limited -80% interest in block
OTHER CONTRACTING PARTIES:
GOIL Offshore Ghana Limited - 5% interest in block
Ghana National Petroleum Corporation (GNPC) – 15% interest in block
Contract Area Size: 1,474 sq.km
Effective Date: November 28, 2018
Exploration Period: 6 years
Current Phase of Operations: Initial Exploration Period (2½ years): [ November 28, 2018 – May. 28, 2021]
Minimum Initial Exploration Programme
Acquire, process and interpret 2,222 km square of 3D seismic
Drill one (1) Exploration Well
Minimum Expenditure: US$ 35,000,000
Status of Operations
Royalty: Ten percent (10%) of the Gross Production of Crude Oil shall be delivered to the State as Royalty.
The Royalty to be delivered to the State on Natural Gas shall be at the rate of ten percent (5%) for the Natural Gas destined to the domestic market and ten percent (5%) for Natural Gas to be exported as LNG.
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: Save for withholding tax at the rate of five percent (5%) from the aggregate amount due to any Subcontractor.
Additional Oil Entitlement: Refer to the Petroleum Agreement.