Sellers Published date: November 25, 2014 Modified date: January 2, 2015

Below are the procedures we can accept at this moment if the buyer is ready to deal. ATB and clearance can be issued as early as today or next if buyer can sign and return with ATB format today before the terminal closes for business.

Discount is $11.00 gross / $8.00 Net to the buyer per barrel

Volume is 1 million barrels

TTO NIGERIA INTERNATIONAL WATERS PROCEDURES:

1) Seller issues SPA to buyer. The executed contract shall be legally binding and enforceable on both parties.

2) Buyer signs and return with SCANNED COPY OF a confirmable N5 million corporate cheque which will be cashed after boarding attestation; ATB format including Super cargo and Inspector’s details with scanned ID copies. Super cargo MUST be registered and board-able in Nigeria waters.

3) Seller’s captain issues marine ATB / clearance to buyer’s supercargo and inspector to board in Nigeria waters for Q&Q analysis.

4) Seller boards Buyer’s supercargo and inspector in Nigeria waters.

5) Upon boarding confirmation/attestation from captain and supercargo, Buyer’s N5, 000,000 (Five million Naira) crystallizes into cash to Seller for boarding logistics reimbursement.

6) Buyer’s inspector collects samples and disembarks, while buyer’s supercargo remains onboard.

7) Within 48 hours, inspector presents Q&Q results to both buyer and seller.

8) Buyer place MT103/23 for the entire cargo value to seller’s account.

9) Seller moves vessel to international blue line for takeover.

10) Buyer re-charters the vessel.

11) All relevant cargo/shipping documents in buyer’s name are handed over to the buyer.

12) Buyer simultaneously pays for entire cargo and commissions per the IMFPA on this contract via MT103.

13) Vessel proceeds to Buyer’s POD.

14) Next cargo.

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