Minimum Initial Exploration Programme
Acquisition, processing and interpretation of 1100 km 2D seismic
Drilling (1) exploration well
Minimum Expenditure: US$ 40 million
Status of Operations
Operator has indicated plans to undertake an Environmental Impact Assessment before engaging vendor for the 2D seismic data acquisition.
Royalty: Thirteen percent (13%) of the Gross Production of Crude Oil from Onshore Production and twelve and one half percent (12.5%) from Offshore Production shall be delivered to the State as Royalty, pursuant to the provisions of the Petroleum Law.
The Royalty to be delivered to the State on Natural Gas shall be at the rate of six percent (6%) for the Natural Gas destined to the domestic market and seven and one half percent (7.5%) for Natural Gas to be exported as LNG.
Income Tax: Petroleum Income tax in accordance with the provisions of the Income Tax Act levied at the rate of thirty-five percent (35%) for the term of this Agreement, subject to applicable law in effect from time to time.
Withholding Tax: Withholding tax at a rate of fifteen per cent (15%) shall be deducted from payments by Contractor to a Subcontractor or Affiliate in respect of works and services for or in connection with this Agreement.
Withholding tax at the rate of eight percent (8%) shall be deducted from dividends paid to shareholders.
ONSHORE/OFFSHORE KETA DELTA BLOCK
OPERATOR: Swiss African Oil Company Limited- 83% interest in block
OTHER CONTRACTING PARTIES:
Pet Volta Investments Limited- 5% interest in block
Ghana National Petroleum Corporation (GNPC)- 12% interest in block
Contract Area Size: 3000 sq.km
Effective Date: March 11, 2016
Exploration Period: 61/2 years
Current Phase of Operations: Initial Exploration Period (3 years) [ March 11, 2016 – March10, 2019]
Additional Oil Entitlement: Refer to the Petroleum Agreement.