English

All that parcel of land contained in Anambra/Enugu States of the Federal Republic of Nigeria, edged red on plan prepared b Geodetic Positioning Service attached to this schedule for OPL 905 and containing an approximate area of 2603.32 square kilometres, the vertices and boundaries of which are described as follows:- VERTICES Vertex 905-01 (the datum point) is the intersection of Latitude 06° 40* 17" North and Longitude 07° 02' 17" East and it coincides with vertex 3 of OPL915. Vertex 905-02 Is the Intersection of Latitude 06° 40‘ 21" North and Longitude 07° 31' 52 " East and It coincides with vertex 6 of OPL 914. Vertex 905-03 Is the intersection of Latitude 06° 54' 32" North and Longitude 07° 31' 50" East and It coincides with vertex 5 of OPL 914. Vertex 905-04 is the Intersection of Latitude 06° 08' 18" North and Longitude 06° 42' 05" East and it coincides with vertex 1 OPL 906. Vertex 905-05 is the intersection of Latitude 06° 27' 23" North and Longitude 07° 45' 59" East and It coincides with vertex 6 of OPL 908. Vertex 905-06 is the intersection of Latitude 06° 27* 18" North and Longitude 07° 02' 19" East and it coincides with vertex 1 of OPL 907.

GTPL, Energy 905 and Ideal Oil

Block 905 Anambra Basin

Oil and natural gas

The term hall be for a period of 30 years commencing from the effective date.

Production Sharing Contract

2007

Nigerian National Petroleum Corporation shall have the right to inspect and audit the accounting records relating to this contract for any calendar year. They can do so by giving 30 days written notice to GTPL, Energy 905 and Ideal Oil, who shall facilitate the work of such inspection and auditing. Such inspection and auditing shall be carried out within 2 calendar years following the end of the calendar year in question. If not, the books and accounts relating to such calendar year shall be deemed to be accepted by the parties as satisfactory. Any exception must be made in writing within 90 days following the end of such audit. Failure to give such written notice within such time shall establish the correctness of the books and accounts. Nigerian National Petroleum Corporation may undertake the inspection and audit either through its own personnel or through a qualified firm of chartered accountants registered In Nigeria appointed for the purpose by the Nigerian National Petroleum Corporation. The transportation and per diem costs of Nigerian National Petroleum’s own personnel shall be borne by the GTPL, Energy 905 and Ideal Oil as general administrative costs and shall be cost recoverable. For the qualified firm of chartered accountants, the costs shall be borne by the Nigerian National Petroleum Corporation.

GTPL, Energy 905 and Ideal Oil will pay the Nigerian National Petroleum Corporation a production bonus as follows: (a) 100,000 barrels or cash equivalent on attainment of cumulative production of 1,000,000 barrels (b) 1,000000 barrels or cash equivalent on attainment of cumulative production of 220,000,000 barrels (c) 1,000,000 barrels or cash equivalent on attainment of cumulative production of 500,000,000 barrels

The applicable petroleum profits tax rate shall be variable according to the following respective terrain:- Terrain Tax Rate Onshore/Shallow offshore First five years (new comers) 65.7% First five years (existing companies) 85.00% Subsequent years (all companies) 85.00% Deep Offshore and Inland basins: Flat rate 50.00%

Profit oil, being the balance of available crude oil after deducting royalty oil, cost oil and tax oil shall be allocated to each party as follows: Royalty rates shall apply as follows: - Onshore areas - 20.00% - Areas up to 100 metres water depth - 18.50% - Areas from 101 to 200 metres water depth - 16.60 % - Areas from 201 to 500 metres water depth - 12.00% - Areas from 501 to 800 metres water depth - 8.00% - Areas from 801 to 1000 metres water depth - 8.00% - Areas In water depth higher than 1000 meters - 8.00% - Inland Basins - 10.00%

The cost oil ceiling shall be 65% of available crude oil.

Royalty rates shall apply as follows: - Onshore areas: 20.00% - Areas up to 100 metres water depth: 18.50% - Areas from 101 to 200 metres water depth: 16.60 % - Areas from 201 to 500 metres water depth: 12.00% - Areas from 501 to 800 metres water depth: 8.00% - Areas from 801 to 1000 metres water depth: 8.00% - Areas In water depth higher than 1000 meters: 8.00% - Inland Basins: 10.00%

Qualified Nigerians shall be employed in all non-speclallzed positions. Qualified Nigerians shall also be employed in specialized positions such as those in exploration, drilling, engineering, production, environmental, safety, finance etc. GTPL, Energy 905 and Ideal Oil shall ensure that: (i) 10 years from the effective date of this contract the number of citizens of Nigeria employed in connection with the petroleum operations in managerial, professional and supervisory positions shall reach at least 75% of the total number of persons employed by GTPL, Energy 905 and Ideal Oil In those positions. They shall further ensure that at the 15th and 20th year after the effective date of this contract, the minimum level of the total number of Nigerian citizens engaged in petroleum operations in managerial, supervisory and other professional positions shall reach 80% and 85% respectively; and (ii) all skilled, semi-skilled and unskilled workers employed by the GTPL, Energy 905 and Ideal Oil are citizens of Nigeria.

GTPL, Energy 905 and Ideal Oil aspire to maximise local content In all areas of the petroleum operations under this contract. GTPL, Energy 905 and Ideal Oil shall give preference to such goods, which are available in Nigeria or services that can be rendered by Nigerian nationals provided they meet the specifications and the standards of the goods and services.

The minimum work program to be executed by GTPL, Energy 905 and Ideal Oil during the exploration period of this contract shall be as follows: a) Phase I - Drill 2 exploratory wells and acquire and process 500km of 2D seismic data and 50 sq. km of 3D seismic data in the contract area. The seismic acquisition shall be designed to capture deep potentials. b) Phase II - Drill 2 exploratory and/or appraisal wells and acquire and process 500 km of 2D seismic data and 50 sq. km of 3D seismic data In the contract area. The seismic acquisition shall be designed to capture deep potentials. GTPL, Energy 905 and Ideal Oil shall be obligated to incur the following minimum financial commitment: Phase I – USD $15,750,000 Phase II – USD $15,750,000

Should there be a difference or dispute between the parties concerning the interpretation or performance of this contract such that this dispute cannot be resolved by mutual consent, the parties may refer the matter to an independent expert. If a difference or dispute arises between the Nigerian National Petroleum and the GTPL, Energy 905 and Ideal Oil, concerning the Interpretation or performance of this contract, and if the parties fail to settle such difference or dispute by amicable agreement, or through an independent expert or If a Party does not agree to the use of an independent expert, then either Party may serve on the other a demand for arbitration. Within 30 days of such demand being served, each party shall appoint an arbitrator and the two arbitrators thus appointed shall within a further 30 days appoint a third arbitrator, who shall be of a nationality which is different from that of parties Involved in the dispute and of the other arbitrators. The arbitration award shall be binding upon the parties. The venue of the arbitration shall be any where in Nigeria as may be agreed by the parties.

GTPL, Energy 905 and Ideal Oil and Nigerian National Petroleum shall keep information furnished to each other in connection with petroleum operations and all plans, maps, drawings, designs, data, scientific, technical and financial reports and other data and information of any kind or nature relating to petroleum operations including any discovery of petroleum as strictly confidential, and shall ensure that their entire or partial contents shall under no circumstances be disclosed in any announcement to the public or to any third party without the prior written consent of the other party or parties.

Laws of the Federation of Nigeria

The parties agree that the commercial terms and conditions of this contract are based on the existing fiscal terms in accordance with the provisions of the deep offshore and inland basin production sharing contracts Act, 1999 and the fiscal terms as contained in this contract. If such fiscal terms are changed, the parties agree to review the terms and conditions of this contract affected by such changes to align such terms and conditions with the fiscal terms. If at any time or from time to time there should be a change in legislation or regulations which materially affects the commercial benefits afforded GTPL, Energy 905 and Ideal Oil under this contract, the parties will consult each other and shall agree to such amendments to this contract as are necessary to restore as near as practicable such commercial benefits which existed under the contract as of the effective date.