Investor Presentation - Proactive Investors

Syria : Block 26 – Production Sharing Terms
• Royalty
• 12.5% of gross oil production
• Cost Recovery Oil
• 50% of gross production less royalty
• Exploration costs recovered 100%
• Development costs at 25% per year over 4 years
• Cost Recovery Oil in excess of the recoverable
costs treated as Profit Oil
• Profit Oil
• Contractor 35%/SPC 65% up to 25,000 bopd
• Contractor 33%/SPC 67% for more than 25,000
and less than 50,000 bopd
• Sliding scale at higher production rates
• Production Bonuses payable to SPC
• $2m payable on reaching 25,000 bopd
• $5m payable on reaching 50,000 bopd
• Taxes
• SPC pays Contractor income taxes from SPC
share of profit oil
• Gulfsands entitlement is 50% of
contractor
BASED ON 2P RESERVES
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