BONNY LIGHT CRUDE OIL (BLCO)

No Letter of Acceptance, no issuance of Contract Agreement/ SPA.

Please kindly find Letter of Acceptance verbiage / format below and follow the simple instructions for the receipt of Contract Agreement NOMINATED AND APPROVED PROCEDURES AS FOLLOWS:

PRE-SIGN CONTRACT AGREEMENT / SPA:

1). SELLER ISSUES PRE-SIGNED CONTRACT AGREEMENT / SPA TO BUYER FOR ENDORSEMENT, UPON THE RECEIPT OF BUYER\'S LETTER OF ACCEPTANCE FOR SUBMISSION WITH NNPCL BONNY TERMINAL FOR RECORD PURPOSES. ENDORSEMENT OF CONTRACT AGREEMENT/SPA:

2). BUYER RETURNS SIGNED CONTRACT AGREEMENT / SPA.ELECTRONICALLY SEAL WITH FULL BANKING COORDINATES ATTACHED WITH THE FOLLOWING DOCUMENTS AS STIPULATED BELOW. THE COPY BY BOTH PARTIES SHALL BE CONSIDERED LEGALLY BINDING AND ENFORCEABLE AND MUST NOT BE CHANGED.

A). MATB / NOR / ETA FORMAT.

B). CUSTOMER INFORMATION SHEET (CIS) / PASSPORT DATA PAGE.

C). CERTIFICATE OF INCORPORATION.

D). SHIPPING COMPANY DETAILS INCLUDING EMAIL ADDRESS. ACKNOWLEDGEMENT OF CONTRACT AGREEMENT / SPA:

3). SELLER ACKNOWLEDGES RECEIPT OF THE ABOVE REQUIRED DOCUMENTS ATTACHED WITH THE DULY COUNTERED SIGNED CONTRACT AGREEMENT / SPA AND RELEASE NOMINATED ACCOUNT DETAILS / VERBIAGE TO RECEIVE BANK COMFORT LETTER OF TWO HUNDRED MILLLION ($200,000,000) US DOLLARS VIA SWIFT MT199 AS AN INSTRUMENT ATTACHED WITH CUSTOMER INFORMATION SHEET (CIS) TO THE BUYER. FINANCIAL INSTRUMENT / COMMITMENTS:

4). BUYER\'S BANK VIA SWIFT MT199 ISSUES BANK COMFORT LETTER OF TWO HUNDRED MILLLION ($200,000,000) TO SELLER’S NOMINATED BANK AND ADVANCE COPY TO SELLER AS AN INSTRUMENT FOR CONFIRMATION WITH THE ISSUING BANK ALONG WITH CORPORATE AUTHORITY TO VERIFY (ATV) ON BUYER\'S LETTERHEAD ACCORDING TO SELLER’S NOMINATED AND APPROVED VERBIAGE / FORMAT. RECIEIVING BANK RESPONSE:

5). SELLER\'S NOMINATED BANK CONFIRM AND ACKNOWLEDGE RECEIPT OF BUYER\'S SWIFT M199 COMFORT LETTER OF TWO HUNDRED MILLLION ($200,000,000) US-DOLLARS TO BUYER\'S BANK AND AUTHORIZE SELLER TO PROCEED WITH THE EXECUTION OF THE TRANSACTION. CONFIRMATION OF LOADED VESSEL:

6). SELLER / NNPCL BONNY TERMINAL PROVIDES DETAILS OF AN EXCLUSIVE LOADED VESSEL CARRYING THE BUYER\\\'S REQUESTED QUANTITY OF TWO MILLION (2,000,000) BARRELS OF NIGERIA BONNY LIGHT CRUDE OIL (NBLCO) ONBOARD WITHIN THE BUYER\'S DISCHARGE PORT OR ALREADY ON VOYAGE TO THE BUYER\'S PORT OF FINAL DESTINATION TO THE BUYER FOR CONFIRMATION AND ACKNOWLEDGEMENT. LOADED VESSEL NOMINATION/ MARINE NOTICE OF READINESS

7). SELLER / NNPCL BONNY TERMINAL NOMINATE OR ASSIGNE LOADED VESSEL IN BUYER\'S NAME/ SHIPPING AGENT AND AUTHORIZE VESSEL CAPTAIN TO ISSUE NOTICE OF READINESS AND ESTIMATED TIME OF ARRIVAL (NOR / ETA) TO THE BUYER\'S SHIPPING AGENT/ DISCHARGE PORT OR PORT OF FINAL CIQ / QUANTITY AND QUALITY INSPECTION FOR CONFIRMATION AND ACKNOWLEDGEMENT ON THE BUYER\\\'S SHIPPING AGENT COMPANY LETTERHEAD TO THE SELLER / VESSEL CAPTAIN. PLEASE TAKE NOTE: THIS IS AN OFF-OPEC TRANSACTION AND ALL RELEVANT CARGO DOCUMENTS WILL BE ISSUED DIRECTLY TO THE BUYER BY THE NIGERIAN NATIONAL PETROLEUM COMPANY LIMITED (NNPCL) BONNY TERMINAL IN FAVOUR OF THE BUYER\'S NAME AS THE AUTHORIZED CONSIGNEE OF THE CARGO FOR CONFIRMATION AND ACKNOWLEDGEMENT AT THE NNPCL BONNY TERMINAL, WHILE THE OTHER SHIPPING DOCUMENTS WILL BE ISSUED BY THE NOMINATED LOADED VESSEL CAPTAIN TO THE BUYER. LOADED VESSEL CARGO DOCUMENTATION:

8). SELLER / NNPCL BONNY TERMINAL FURNISHES BUYER WITH COMPLETE COPIES OF CARGO DOCUMENTS THROUGH NNPCL BONNY TERMINAL OFFICIAL EMAIL DOMAIN TO THE BUYER IN FAVOUR OF THE BUYER\'S NAME / SHIPPING AGENT AS THE AUTHORIZE CONSIGNEE FOR CONFIRMATION AND ACKNOWLEDGEMENT ON THE BUYER\'S SHIPPING AGENT COMPANY LETTERHEAD TO THE SELLER / NNPCL BONNY TERMINAL. DEPARTURE OF LOADED VESSEL:

9). SELLER / NNPCL BONNY TERMINAL WITHIN 24 HOURS AUTHORIZE LOADED VESSEL CAPTAIN TO SET VOYAGE TO THE BUYER\\\'S DISCHARGE PORT OR PORT OF FINAL INSPECTION AND SIMULTANEOUSLY, BUYER ARRANGES FOR INSPECTION TEAM AND SHIPPING AGENT TO CLEAR THE LOADED VESSEL INTO THE PORT ANCHORAGE, UPON ARRIVAL AND RECEIPT OF THE VESSEL ANNOUNCEMENT TO HARBOUR MASTER OR PORT CONTROL. LOADED VESSEL NOTICE OF ARRIVAL / CAPTAIN ANNOUNCEMENT:

10). UPON ARRIVAL AT THE BUYER\'S PORT OF INSPECTION, SELLER / NNPCL BONNY TERMINAL WITHIN 24 HOURS AUTHORIZE LOADED VESSEL CAPTAIN TO ISSUE NOTICE OF ARRIVAL (NOA) AND MARINE AUTHORITY TO BOARD (MATB) / NNPCL TERMINAL BOARDING CLEARANCE TO THE BUYER’S SUPERCARGO AND INSPECTION COMPANY, AFTER THE VESSEL ANNOUNCEMENT HAS BEEN MADE TO THE BUYER\'S HARBOR MASTER AND THE VESSEL HAS BEEN CLEARED BY BUYER’S SHIPPING COMPANY INTO THE ANCHORAGE. PRODUCT INSPECTION ANALYSIS REPORT:

11). UPON SUCCESSFUL CONCLUSION OF QUALITY AND QUANTITY (Q/Q) ANALYSIS, BUYER\'S INSPECTORS RELEASE INSPECTION REPORT TO THE BOTH PARTIES FOR CONFIRMATION AND SELLER / NNPCL BONNY TERMINAL ISSUES FINAL COMMERCIAL INVOICE TO THE BUYER WITH THE EXACT QUALITY AND QUANTITY (Q/Q) INSPECTION REPORT FIGURES FOR PAYMENT. CARGO DOCUMENTATION FOR PAYMENT:

12). CARGO DOCUMENTS TO BE ISSUED BY THE NIGERIAN NATIONAL PETROLEUM COMPANY LIMITED (NNPCL) BONNY TERMINAL TO THE BUYER IN FAVOUR OF THE BUYER\'S NAME AS FOLLOWS BELOW: ORIGINAL BILL OF LADING CERTIFICATE OF ORIGIN CERTIFICATE OF QUALITY AND QUANTITY VESSEL Q88 CARGO MANIFEST CERTIFICATE OF AUTHENTICITY MASTER’S RECEIPT OF CARGO MASTERS RECEIPT OF DOCUMENT ULLAGE REPORT COPY OF Q&Q REPORT AT LOADING PORT. AUTHORITY TO SELL (ATS) CERTIFICATE OF OWNERSHIP (UPON FINAL PAYMENT) PAYMENT OF CARGO:

13). BUYER EFFECTS FULL PAYMENT OF TOTAL CARGO INTO SELLER\'S / NNPCL BONNY TERMINAL NOMINATED BANK WITHIN 48 HOURS AFTER QUALITY AND QUANTITY (Q/Q) REPORT AND FINAL COMMERCIAL INVOICE AND CARGO DOCUMENTS BY MT103. CONFIRMATION OF PAYMENT:

14). SELLER / NNPCL BONNY TERMINAL CONFIRMS PAYMENT AND COMMISSION TO ALL CONSULTANTS, INTERMEDIARIES INVOLVED IN THE TRANSACTION AND AUTHORIZE LOADED VESSEL CAPTAIN TO DISCHARGE CARGO INTO THE BUYER’S STORAGE TANK AND SELLER COMMENCES SUBSEQUENT SHIPMENTS. BUYER\\\'S ARE EXPECTED TO INCLUDE THE ABOVE PROCEDURES ON THEIR LETTER OF ACCEPTANCE ACCORDING TO OUR ACCEPTANCE LETTER VERBIAGE/ FORMAT AS FOLLOWS BELOW, FOR THE RECEIPT OF THE CONTRACT AGREEMENT / SPA.

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