Deepwater Cape Three Points West (DWCTPW)
- Petroleum Agreement
- Registration Permits
- Exploration and Development Permits
- Licenses to Install and Operate Facilities
- Permits to Install and Operate Facilities
- Reconnaissance Licenses
- Drilling Permits
- Production Permits
- Flaring or Venting Authorisations
- Approval of Third Party Access
- Permitted Mortgages
- Assignments
- Any Other Permit, Authorization, Approval, Certificate or Consent
OPERATOR: ECO ATLANTIC OIL AND GAS – 50.42% interest in block
OTHER CONTRACTING PARTIES:
A-Z Petroleum Products Ghana Limited – 27.88%interest in block
Petrogulf Limited – 4.35% interest in block
GNPC Exploration and Production Company Limited (GNPC EXPLORCO) – 4.35% interest in block
Ghana National Petroleum Corporation (GNPC) – 13% carried interest in block
Contract Area Size: 944 Sq.km
Effective Date: March 22, 2015
Exploration Period: 6½ years
Current Phase of Operations: Initial Exploration Period
Extension (s): + 1½ years [ September 22, 2017 to March 21, 2019].
Minimum Initial Exploration Programme
License approximately 850sqkm of existing 3D Seismic and Well Data over the Contract Area.
Reprocess 850sqkm of 3D Seismic Data
Drill one (1) exploration well; and
Conduct geological studies
Minimum Expenditure Obligation: US$65,000,000
Status of Operations
Exploration
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.
Royalty to be delivered to the state on Natural Gas shall be at the rate of ten percent (10%) 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: Contractor shall not be obliged to withhold any amount in respect of tax from any sum due from Contractor to any Subcontractor in respect of work and services for or in connection with this Agreement.
Surface Rental
Additional Oil Entitlement: Refer to the Petroleum Agreement.
DEEPWATER CAPE THREE POINTS WEST OFFSHORE
| wdt_ID | NAME OF CONTRACTOR PARTY | TYPE OF PERMIT | PURPOSE OF PERMIT | PERMIT NUMBER | PERMIT VALIDITY PERIOD | PERMIT END PERIOD |
|---|---|---|---|---|---|---|
| 1 | Eco Atlantic (Ghana) Limited | Exploration and Development Permit | Permit to undertake Exploration | PC/015/E&P/11-15 | 17/11/2015 | 16/11/2016 |
| 2 | Eco Atlantic (Ghana) Limited | Contractor Party to Petroleum Agreement | As a Contractor Party to Petroleum Agreement in respect of Deepwater Tano Cape Three Points Block | PC/CPA/0000016/11-16R | 17/11/2016 | 16/11/2017 |
| 3 | Eco Atlantic (Ghana) Limited | Exploration and Development Permit | As Operator in respect ofDeepwater Cape Three Points Block | PC/EDP/0000004/11-16R | 17/11/2016 | 16/11/2017 |
| 4 | Eco Atlantic (Ghana) Limited | Exploration and Development Permit | As Operator in respect ofDeepwater Cape Three Points Block | PC/EDP/0000005/11-17R | 17/11/2017 | 16/11/2018 |
| 5 | Eco Atlantic (Ghana) Limited | Contractor Party to Petroleum Agreement | As a Contractor Party to Petroleum Agreement in respect of Deepwater Tano Cape Three Points Block | PC/CPA/0000017/11-17R | 17/11/2017 | 16/11/2018 |
| 6 | Eco Atlantic (Ghana) Limited | Contractor Party to Petroleum Agreement | As a Contractor Party to Petroleum Agreement in respect of Deepwater Tano Cape Three Points Block | PC/CPA/0000032/11-18R | 17/11/2018 | 16/11/2019 |
| 7 | Eco Atlantic (Ghana) Limited | Exploration and Development Permit | As Operator in respect ofDeepwater Cape Three Points Block | PC/EDP/0000024/11-18R | 17/11/2018 | 16/11/2019 |
| 8 | Eco Atlantic (Ghana) Limited | Exploration and Development Permit | As Operator in respect ofDeepwater Cape Three Points Block | PC/EDP/0000025/11-19R | 17/11/2019 | 16/11/2020 |
| 9 | A-Z Petroleum Products Ghana Limited | Exploration and Development Permit | Permit to undertake Exploration and Development | PC/004/E&P/01-15 | 23/01/2015 | 22/01/2016 |
| 10 | A-Z Petroleum Products Ghana Limited | Contractor Party to Petroleum Agreement | As a Contractor Party to Petroleum Agreement in respect of Deepwater Cape Three Points West Offshore Block | PC/CPA/0000071/01-16R | 23/01/2016 | 22/01/2017 |
| NAME OF CONTRACTOR PARTY | TYPE OF PERMIT | PURPOSE OF PERMIT | PERMIT NUMBER | PERMIT VALIDITY PERIOD | PERMIT END PERIOD |
