Product Description

PRODUCT: Nigerian Crude Oil
QUALITY: Bonny Light Crude Oil
QUANTITY *5 Million Barrels +/*5%
OFF TAKE: 2 Million Barrels+/*5%
DELIVERY: CIF Delivery to any buyer safe port


PROCEDURES:

I. Buyer and Seller sign and seal this Contract including banking coordinates and
exchange the signed copy by electronic mail. The electronic signed copy by both Parties
is considered legally binding and enforceable.

II. Buyer sends Proof of Funds (POF), sent via SWIFT MT**9 to sellers bankers and also
forwards valid CPA & Q*8 of the vessel to be loaded to the seller.( SEE POF FORMAT
BELOW)

III Seller, upon receipt of POF from Buyers bank; CPA & Q*8 of buyers vessel, confirms
the vessel through the vessel owners and Lloyds offices in London and within (3)
banking days issues PROVINSIONAL LIFTING RIGHT, Stem and Window/ETA (Estimated
Time Of Arrival) for buyers vessel to arrive the terminal for loading.

IV. Buyer upon receipt and confirmation of Para 3 within three (3) banking days, issues
confirmed, irrevocable, transferable and operative Letter of Credit for two million barrels in
favour of Seller with validity to cover *5 banking days. The LC must come from top
US/European Bank. (SEE LC FORMAT BELOW)

V. Seller, upon confirmation of the Operative letter of Credit, issues a Notice of Readiness
(NOR)/ calls buyers vessel into the terminal, and loads the vessel with product. Inspectors
carry out quality and quantity inspection before and after the loading, and endorsed by the
vessel master.

VI. Buyer pays for the crude oil and pays all commissions as stipulated on the MFPA on
this contract agreement.
a- Payments are made by swift wire transfer directly to the seller official bank account
through seller’s bank account within 2 (two) days after successful loading of the vessel
with product, inspection report and presentation of the following shipping documents
(not negotiable copies).

*1 Clean – on – board ocean Bills of Lading
*2 Certificate of quantity (SGS or equivalent)
*3 Certificate of Analysis
*4 Certificate of Origin
*5 Certificate of Quantities
*6 Seller’s commercial invoice
*7 Vessel ullage report
*8 Receipt of samples
*9 Cargo Manifest

VII. After loading product into Buyers vessel and buyer has received the Port loading Q &
Q report from SGS inspectors, including all relevant documents (not negotiable copies)
presented by seller after time of cargo delivery as required by the LC, buyer must make
payment by KTT wire transfer to sellers bank account for this transaction and to
beneficiaries named in the Master Fee Protection Agreement in the contract for fees.
VIII. The signatures on this contract by the Buyer and by Seller means both accept all the
content as for Quantity, Discount and Procedures.