Gulf Oil and Gas accountACCOUNT

Sonangol Awarded Najmah Contract Area

Source: www.gulfoilandgas.com 12/14/2009, Location: Middle East

The Petroleum Contracts and Licensing Directorate of the Ministry of Oil is pleased to announce the results of bidding for the Najmah Contract Area. In total 1 bid was received, as follows:

Operator: Sonangol (100%), RFB (US$/boe): 6.00 (8.50), PPT (bopd): 110,000.

The original consortium Remuneration Fee Bid was US$ 8.50 per barrel of oil equivalent (boe). However, Sonangol agreed to match the predetermined Maximum Remuneration Fee of US$ 6.00 per boe set by the Ministry of Oil, and is declared the winner of the bid.

(i) Companies/Consortia bids comprise two variables:

a. Remuneration Fee (RFB), expressed in U.S. Dollars per barrel of oil equivalent (US$/boe) and worth up to 80 points. Points are calculated by dividing the lowest RFB bid by all competing companies/consortia by the RFB bid, and multiplying by 80; and

b. Plateau Production Target (PPT), expressed in barrels of crude oil per day (bopd) and worth up to 20 points. Points are calculating by dividing the PPT bid by the highest PPT bid by all competing companies/consortia and multiplying by 20.

(ii) The RFB is payable on each barrel of crude oil and each barrel of oil equivalent of LPG and natural gas recovered from a gas processing plant, and transferred to the Regional Oil Company.

(iii) The RFB is payable once this Contract Area achieves a production of 20,000 bopd.

(iv) Costs incurred in developing the Contract Area are also paid by the ROC.

(v) The Plateau Production Target (PPT) must be maintained for a specified period, which is 9 years in the case of the Najmah Contract Area.

(vi) A signature bonus of US$ 100 million is also payable.

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