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DEEPWATER CAPE THREE POINTS 

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OPERATOR: GOIL offshore Ghana Limited – 85% interest in block

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OTHER CONTRACTING PARTIES:

  1. Ghana National Petroleum Corporation (GNPC) – 15% interest in block

 

Contract Area Size: 1,474 sq.km

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Effective Date: November 28, 2018

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Exploration Period:  6 years

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Current Phase of Operations: Initial Exploration Period (2½ years): [ November 28, 2018 – May. 28, 2021]

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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

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FISCAL TERMS

Royalty: Ten percent (10%) of the 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 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.

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Surface Rental

Additional Oil Entitlement: Refer to the Petroleum Agreement.

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