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ONSHORE/OFFSHORE KETA DELTA BLOCK

OPERATOR: Swiss African Oil Company Limited – 83% interest in block

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OTHER CONTRACTING PARTIES:

  • Pet Volta Investments Limited – 5% interest in block

  • Ghana National Petroleum Corporation (GNPC) – 12% interest in block

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Contract Area Size: 3000 sq.km

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Effective Date: March 11, 2016

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Exploration Period: 61/2 years     

  

Current Phase of Operations: Initial Exploration Period (3 years) [ March 11, 2016 – March10, 2019]

Minimum Initial Exploration Programme

  • Acquisition, processing and interpretation of 1100 km 2D seismic

  • Drilling (1) exploration well

  • Minimum Expenditure: US$ 40 million

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Status of Operations

Operator has indicated plans to undertake an Environmental Impact Assessment before engaging vendor for the 2D seismic data acquisition.

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FISCAL TERMS

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.

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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.

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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.

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Surface Rental

Additional Oil Entitlement: Refer to the Petroleum Agreement.

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