SELLER TO MANDATE

PROCEDURES.

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a.The Seller and the Buyer, under corporate authority and responsibility respectively represent that the Seller is the lawful owner of the Crude Oil, in quantity and quality as hereunder specified, and the Buyer has the full capability to purchase the said Commodity.

b.The Buyer desires to purchase Crude Oil of Nigeria Origin (BLCO).

c.Seller hereby offers for sale on TTO Basis, from Bonny Terminal, Nigeria, Bonny Light Crude Oil in lots of 2,000,000 BBLS (Two Million Barrels)

d.Subject to successfully completing delivery/payment of the contract quantity, it is expressly acknowledged and agreed that this Agreement may be extended on each anniversary date for an additional 12 months, on same or subsequent terms and conditions as mutually agreed by the Parties hereto. Extension of this Agreement shall be subject to written notification given not later than sixty (60) calendar days prior to anniversary date.

e.Absent any extension as aforesaid, this Agreement will terminate upon completion of delivery and satisfactory settlement of the final shipment of the contract quantity.