Product Description

I.   COMMODITY:  NIGERIAN PETROLEUM PRODUCT
 
Specific Gravity at **0c, kg/1                 ASTMD***8/P              0.*****9.***8
API at *0 Degrees F                               ASTM Table *1 *4 - *7
Salinity                                                 ASTMD ***6/1P **8     *@********************
Color                                                    Dark Brown
BS & W Content [Vol. %]                      ASTMD **3/1P *3         0.*5 Average
Sulfur %WT                                          ASTMD                        0.*4% wt
Pour Point Degrees F                              ASTMD *7/1P.*5          *0º [F] Degrees F
Water Content:                                                                           0.2% Vol. Max
REIB Vapor Pressure:                             6.*2PSIG
 
II.   QUANTITY AND DURATION:     
 
              2 MILLION BARRELS THE FIRST MONTH AND 2 TO 4 MILLION BARRELS MONTHLY THE 
              FOLLOWING *2 MONTHS.
 
DURATION: 1 + *2 MONTHS AND MAY ROLE OVER DEPENDING ON PARTIES PERFORMANCE ON THE PILOT SHIPMENTboth parties discretion contingent upon the successful completion of this transaction.  Buyer has the option to increase quantity up to a TOTAL of four Million (4,**0,**0) barrels +/**5%.
 
III.   DESTINATION: BUYERS PORT OF DISCHARGE.
 
 
IV.   PRICE:  The price to be paid shall be based on the loaded quantity of Crude Oil for each shipment based on standard barrels and under Dated Brent as in the Platts Oil gram Report.  The applicable currency in respect of payment for the Cargo shall be United States Dollar (USD).
 
DISCOUNT: USD $*1 less $3 per barrel
 
V.    COMMISSIONS: Buyer to pay broker fee
 
VI.   DELIVERY: CIF Port OF DISCHARGE
     
VII. DETERMINATION OF QUALITY AND QUANTITY
 
Quantity & Quality to be ascertained by an independent Inspector nominated by the Buyer during the independent inspection performed on board in agreed to international waters location. This certificate of quality and quantity should be judged as the final quantity and quality of the oil delivered in to the Buyers Tanker and the payment will be issued according to it.
           
VIII.   PAYMENT:
 
Cash payment of cargo shall be effected by SWIFT wire transfer from Buyers
Bank within *2hours of the cargo documents and commercial invoice presented at Buyers
bank by Sellers Bank.