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EAST KETA OFFSHORE

OPERATOR: GNPC Operating Services Company Limited (GOSCO) – 11% interest in block

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OTHER CONTRACTING PARTIES:

  1. Heritage Exploration and Production Ghana Limited – 38.7% interest in block

  2. Blue Star Exploration Ghana Limited – 38.7% interest in block

  3. GNPC Exploration and Production Company Limited (GNPC EXPLORCO) – 11.6% interest in block

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Contract Area Size: 2,239 sq.km

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Effective Date: February 05, 2015

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Exploration Period: 7 years

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Current Phase of Operations: Initial Exploration Period (2 years) [ February 5, 2015 – February 4, 2017]

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Extension (s): + 2 years [ February 5, 2017 – February 4, 2019]

NB: The then Minister of Petroleum granted an extension from October 6, 2016 – October 5, 2018

Minimum Initial Exploration Programme

  • Reprocess existing 2D and acquire 1500 sq.km 3D seismic

  • Minimum Expenditure: US$ 15,000,000

 

Status of Operations

  • Operator reported that it has reached an agreement with TGS to license existing 2D seismic data over the block. Initial challenges were faced in licensing the data because TGS wanted each Contractor party to license the same data separately. This problem with data licensing caused delay in the execution of their work obligation.

The then Minister of Petroleum in October 2016 granted an extension of twenty-four (24) months to the Initial Exploration Period.

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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.

 

The Royalty to be delivered to the State on Natural Gas shall be at the rate of five percent (6%) 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 provisions of the Income Tax law, petroleum income tax shall be levied at thirty five percent (35%).

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Withholding Tax: Withholding tax at a rate of five (5%) from the agreement amount due to any Subcontractor if and when required by Section 27(1) of the Petroleum Income Tax Law.

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Surface Rental

Additional Oil Entitlement: Refer to the Petroleum Agreement.

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