BONNY LIGHT CRUDE OIL (BLCO) BUY & SELL PROCEDURES

TTO - CI/SPA, DIP & PAY PROCEDURE (GHANA WATERS)

- USA BUYER

BUYER'S CI/SPA, DIP & PAY PROCEDURE FOR LOADED CARGO

1. Seller sends to buyer SPA along with partial POP (Bill of Lading, Cargo Manifest & ATS - to sell the loaded Cargo issued from NNPC) for buyer's independent verification.

2. Buyer verifies, signs the SPA and returns with ATB Format to Seller.

3. Seller moves the loaded vessel to acceptable limit of SGS inspection company in Ghana international water.

4. Seller instructs the vessel captain to issue ATB to buyer's inspection team, Buyer boards his inspection team and conducts Q & Q analysis.

5. Buyer pays with MT103 the full value of the Cargo, commission to all the intermediaries, re-charters the vessel, all Cargo documents and Title are transferred to Buyer's name.

6. Vessel sails to Buyer's POD.