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OFFSHORE SOUTH - WEST TANO

OPERATOR: GNPC Operating Services Company Ltd (GOSCO) – 12% interest in block

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OTHER CONTRACTING PARTIES:

  1. Heritage Exploration and Production Ghana Limited – 39.60% interest in block

  2. Blue Star Exploration Ghana Limited – 39.60% interest in block

  3. GNPC Exploration and Production Company Limited (GNPC EXPLORCO) – 8.8% interest in block

 

Contract Area Size: 175 sq.km

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Effective Date: February 5, 2015

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Exploration Period:  6 years

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Current Phase of Operations: Initial Exploration Period (2½ years): [ Feb. 5, 2015 – Aug. 4, 2017]

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Extension (s): + 2years [ Aug. 5, 2017 to Aug.4, 2019]

   The then Minister of Petroleum granted an extension from October 10, 2016 – October 9, 2018

Minimum Initial Exploration Programme

  • Reprocess up to 175 sq.km of 3D seismic data

  • Drill one (1) Exploration Well

  • Minimum Expenditure: US$ 80,000,000

 

Status of Operations

  • Existing 3D seismic dataset over the block has been licensed.

  • Prospects have been identified in the Upper Cretaceous and are being ranked to select one for drilling. Contractor intends to undertake further studies to help refine interpretation. This will lead to prospect and leads re-evaluation.

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FISCAL TERMS

Royalty: Twelve and one half percent (12.5%) 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 (10%) 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%).

 

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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