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WEST CAPE THREE POINTS

OPERATOR: Tullow Ghana Limited – 25.66% interest in block

 

OTHER CONTRACTING PARTIES:

  1. Kosmos Energy Ghana HC – 53.91% interest in block

  2. Ghana National Petroleum Corporation (GNPC) – 12.5% interest in block

  3. Jubilee Oil Holding Limited -- 6.13% interest in block

  4. PetroSA Ghana Limited – 1.80% interest in block

 

Contract Area Size:

  1. Portion of Jubilee Field: 48 sq. km

  2. Mahogany, Teak and Akasa Discovery Areas: 416 sq.km

 

Effective Date: July 22, 2004

 

Current Phase of Operations: Development, production and appraisal

ASSETS

1. Jubilee Field

2. Mahogany Teak, Akasa (MTA)

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Status of Operations

Kosmos partners Tullow to produce oil from the Jubilee Field. Work is in progress for addition of Mahogany and Teak Resources to the Greater Jubilee Field Development. Appraisal of Akasa discovery is underway to establish its commercial viability.

 

FISCAL TERMS

Royalty: Seven and one half percent (7.5%) of the Gross Production of Crude Oil shall be delivered to the State as Royalty; provided that if all or any part of the accumulation of Crude Oil within such Area is located in water depth of about two hundred (200) meters, (six hundred and fifty six (656) feet) or more, the rate of royalty will be five percent (5%).

Rate of royalty for any Crude Oil with API gravity of less than twenty shall be five percent (5%).

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Royalty to be delivered to the state on Natural Gas shall be at the rate of five percent (5%) for the annual Gross Production of Natural Gas.

 

 Income Tax: Taxes in accordance with the Petroleum Income Tax Law in force and as may be amended from time to time and income tax shall be levied at the rate of 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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