Common use of Accounting Analyses Clause in Contracts

Accounting Analyses. 4.1 The Contractor and the National Petroleum Agency shall agree within three (3) months on a format for monthly accounting analysis reflecting the volumes lifted in terms of Royalty Oil, Cost Oil, and Profit Oil, and Proceeds received by each Party. 4.2 The Realizable Price and the quantities actually lifted by the Parties shall be used to compute the proceeds as reflected in the agreed monthly accounting analysis format in Article 4.1 above and the allocation of such Proceeds in the categories described under Clause 10 of the Contract shall be reflected. 4.3 The allocation of the quantity of Available Crude Oil to each Party pursuant to Clause 10 of the Contract shall be according to and governed by provisions of the Allocation and Lifting Procedure Principles. 4.4 The priority of allocation of the total proceeds for each period shall be as follows: (a) Royalty Oil; (b) Cost Oil; and (c) Profit Oil. 4.5 The amount chargeable to and recoverable from Royalty Oil, and Cost Oil shall be determined as follows: (a) Royalty Oil - The sum of royalties payable during such month. (b) Cost Oil - The Operating Costs applicable to such month for the purposes of Cost Oil are as follows: (i) Contract Area Non-Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable in full in the period incurred. (ii) Contract Area Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable over the depreciation period or the remaining life of the Contract, whichever is less. (iii) Contract Area Non-Drilling Exploration Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable in full in the period incurred. (iv) Contract Area Unsuccessful Exploration and Appraisal Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable over the depreciation period of five (5) years in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area whichever is less commencing with production from the Contract Area which costs are allocated to a Development Area in accordance with Article 2.5 of this Schedule 2. (c) Any carryover from previous months as provided under Article 4.6 of this Schedule 2. 4.6 Any amounts chargeable and recoverable in excess of the allocation of Proceeds for the month to Royalty Oil and Cost Oil shall be carried forward to subsequent months. Carryovers shall be determined as follows: (a) A Royalty Oil carryover results when the Proceeds for such month are insufficient for allocation of the Royalty Oil due for the month, as described in Clause 10 of the Contract. (b) A Cost Oil carryover results when the Proceeds remaining after allocating a portion of the proceeds to Royalty Oil are insufficient for allocation of Cost Oil due for the month, as described in Clause 10 of the Contract. 4.7 Profit Oil is available where Proceeds remain after allocations to Royalty Oil and Cost Oil, pursuant to Articles 4.5 and 4.6 above, and Profit Oil shall be allocated as described in Clause 10 of the Contract.

Accounting Analyses. 4.1 The Contractor and the National Petroleum Agency shall agree within three (3) months on a format for monthly accounting analysis reflecting the volumes lifted in terms of Royalty Oil, Cost Oil, and Profit Oil, and Proceeds received by each Party. 4.2 The Realizable Price and the quantities actually lifted by the Parties shall be used to compute the proceeds as reflected in the agreed monthly accounting analysis format in in Article 4.1 above and the allocation of such Proceeds in the categories described under Clause 10 of the Contract shall be reflected. 4.3 The allocation of the quantity of Available Crude Oil to each Party pursuant to Clause 10 of the Contract shall be according to and governed by provisions of the Allocation and Lifting Procedure Principles. 4.4 The priority of allocation of the total proceeds for each period shall be as follows: (a) Royalty Oil; (b) Cost Oil; and (c) Profit Oil. 4.5 The amount chargeable to and recoverable from Royalty Oil, and Cost Oil shall be determined as follows: (a) Royalty Oil - The sum of royalties payable during such month. (b) Cost Oil - The Operating Costs applicable to such month for the purposes of Cost Oil are as follows: (i) Contract Area Non-Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable in full in the period incurred. (ii) Contract Area Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable over the depreciation period or the remaining life of the Contract, whichever is less. (iii) Contract Area Non-Drilling Exploration Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable in full in the period incurred. (iv) Contract Area Unsuccessful Exploration and Appraisal Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable over the depreciation period of five (5) years in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area Area, whichever is less less, commencing with production from the Contract Area which costs are allocated to a Development Area in accordance with Article 2.5 of this Schedule 2. (c) Any carryover from previous months as provided under Article 4.6 of this Schedule 2. 4.6 Any amounts chargeable and recoverable in excess of the allocation of Proceeds for the month to Royalty Oil and Cost Oil shall be carried forward to subsequent months. Carryovers shall be determined as follows: (a) A Royalty Oil carryover results when the Proceeds for such month are insufficient for allocation of the Royalty Oil due for the month, as described in Clause 10 of the Contract. (b) A Cost Oil carryover results when the Proceeds remaining after allocating a portion of the proceeds to Royalty Oil are insufficient for allocation of Cost Oil due for the month, as described in Clause clause 10 of the Contract. 4.7 Profit Oil is available where Proceeds remain after allocations to Royalty Oil and Cost Oil, pursuant to Articles 4.5 and 4.6 above, and Profit Oil shall be allocated as described in Clause 10 of the Contract.

Accounting Analyses. 4.1 The Contractor and the National Petroleum Agency shall agree within three (3) months on a format for monthly accounting analysis reflecting the volumes lifted in terms of Royalty Oil, Cost Oil, and Profit Oil, and Proceeds received by each Party. 4.2 The Realizable Price and the quantities actually lifted by the Parties shall be used to compute the proceeds Proceeds as reflected in the agreed monthly accounting analysis format in in Article 4.1 above and the allocation of such Proceeds in the categories described under Clause 10 of the Contract shall be reflected. 4.3 The allocation of the quantity of Available Crude Oil to each Party pursuant to Clause 10 of the Contract shall be according to and governed by provisions of the Allocation and Lifting Procedure PrinciplesProcedures. 4.4 The priority of allocation of the total proceeds Proceeds for each period shall be as follows: (a) Royalty Oil; (b) Cost Oil; and (c) Profit Oil. 4.5 The amount chargeable to and recoverable from as Royalty Oil, and Cost Oil shall be determined as follows: (a) Royalty Oil - The sum of royalties payable during such month. (b) Cost Oil - The Operating Costs applicable to such month for the purposes of Cost Oil are as follows: (i) Contract Area Non-Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this these Accounting Procedure Procedures and shall be recoverable in full in the period incurred. (ii) Contract Area Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this these Accounting Procedure Procedures and shall be recoverable over the depreciation period as provided in Article 6.1 below or the remaining life of the Contract, whichever is less. (iii) Contract Area Non-Drilling Exploration Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this these Accounting Procedure Procedures and shall be recoverable in full in the period incurred. (iv) Contract Area Unsuccessful Exploration and Appraisal Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this these Accounting Procedure Procedures and shall be recoverable over the depreciation period of five (5) years in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area Area, whichever is less less, commencing with production from the Contract Area which costs are allocated to a Development the Contract Area in accordance with Article 2.5 of this Schedule 2. (c) Any carryover from previous months as provided under Article 4.6 of this Schedule 2. 4.6 Any amounts chargeable and recoverable in excess of the allocation of Proceeds for the month to Royalty Oil and Cost Oil shall be carried forward to subsequent months. Carryovers shall be determined as follows: (a) A Royalty Oil carryover results when the Proceeds for such month are insufficient for allocation of the Royalty Oil due for the month, as described in Clause 10 of the Contract. (b) A Cost Oil carryover results when the Proceeds remaining after allocating a portion of the proceeds to Royalty Oil are insufficient for allocation of Cost Oil due for the month, as described in Clause 10 of the Contract. 4.7 Profit Oil is available where Proceeds remain after allocations to Royalty Oil and Cost Oil, pursuant to Articles 4.5 and 4.6 above, and Profit Oil shall be allocated as described in Clause 10 of the Contract.Article

Accounting Analyses. 4.1 The Contractor and the National Petroleum Agency shall agree within three (3) months on a format for monthly accounting analysis reflecting the volumes lifted in terms of Royalty Oil, Cost Oil, and Profit Oil, and Proceeds received by each Party. 4.2 The Realizable Price and the quantities actually lifted by the Parties shall be used to compute the proceeds as reflected in the agreed monthly accounting analysis format in in Article 4.1 above and the allocation of such Proceeds in the categories described under Clause 10 of the Contract shall be reflected. 4.3 The allocation of the quantity of Available Crude Oil to each Party pursuant to Clause 10 of the Contract shall be according to and governed by provisions of the Allocation and Lifting Procedure Principles. 4.4 The priority of allocation of the total proceeds for each period shall be as follows: (a) Royalty Oil; (b) Cost Oil; and (c) Profit Oil. 4.5 The amount chargeable to and recoverable from Royalty Oil, and Cost Oil shall be determined as follows: (a) Royalty Oil - The sum of royalties payable during such month. (b) Cost Oil - The Operating Costs applicable to such month for the purposes of Cost Oil are as follows: (i) Contract Area Non-Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable in full in the period incurred. (ii) Contract Area Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable over the depreciation period or the remaining life of the Contract, whichever is less. (iii) Contract Area Non-Drilling Exploration Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable in full in the period incurred. (iv) Contract Area Unsuccessful Exploration and Appraisal Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this Accounting Procedure and shall be recoverable over the depreciation period of five (5) years in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area Area, whichever is less less, commencing with production Production from the Contract Area which costs are allocated to a Development Area in accordance with Article 2.5 of this Schedule 2. (c) Any carryover from previous months as provided under Article 4.6 of this Schedule 2. 4.6 Any amounts chargeable and recoverable in excess of the allocation of Proceeds for the month to Royalty Oil and Cost Oil shall be carried forward to subsequent months. Carryovers Xxxxxxxxxx shall be determined as follows: (a) A Royalty Oil carryover results when the Proceeds for such month are insufficient for allocation of the Royalty Oil due for the month, as described in Clause 10 of the Contract. (b) A Cost Oil carryover results when the Proceeds remaining remaining, after allocating a portion of the proceeds to Royalty Oil Oil, are insufficient for allocation of Cost Oil due for the month, as described in Clause 10 of the Contract. 4.7 Profit Oil is available where Proceeds remain after allocations to Royalty Oil and Cost Oil, Oil pursuant to Articles 4.5 and 4.6 above, and . Profit Oil shall be allocated as described in Clause 10 of the Contract.

Accounting Analyses. 4.1 The Contractor and the National Petroleum Agency shall agree within three (3) months on a format for monthly accounting analysis reflecting the volumes lifted in terms of Royalty Oil, Cost Oil, and Profit Oil, and Proceeds received by each Party. 4.2 The Realizable Price and the quantities actually lifted by the Parties shall be used to compute the proceeds Proceeds as reflected in the agreed monthly accounting analysis format in in Article 4.1 above and the allocation of such Proceeds in the categories described under Clause 10 of the Contract shall be reflected. 4.3 The allocation of the quantity of Available Crude Oil to each Party pursuant to Clause 10 of the Contract shall be according to and governed by provisions of the Allocation and Lifting Procedure PrinciplesProcedures. 4.4 The priority of allocation of the total proceeds Proceeds for each period shall be as follows: (a) Royalty Oil; (b) Cost Oil; and (c) Profit Oil. 4.5 The amount chargeable to and recoverable from as Royalty Oil, and Cost Oil shall be determined as follows: (a) Royalty Oil - The sum of royalties payable during such month. (b) Cost Oil - The Operating Costs applicable to such month for the purposes of Cost Oil are as follows: (i) Contract Area Non-Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this these Accounting Procedure Procedures and shall be recoverable in full in the period incurred. (ii) Contract Area Capital Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this these Accounting Procedure Procedures and shall be recoverable over the depreciation period as provided in Article 6.1 below or the remaining life of the Contract, whichever is less. (iii) Contract Area Non-Drilling Exploration Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this these Accounting Procedure Procedures and shall be recoverable in full in the period incurred. (iv) Contract Area Unsuccessful Exploration and Appraisal Costs shall be the amount recorded in the books and accounts of the Contractor for such month in accordance with this these Accounting Procedure Procedures and shall be recoverable over the depreciation period of five (5) years in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area Area, whichever is less less, commencing with production from the Contract Area which costs are allocated to a Development the Contract Area in accordance with Article 2.5 of this Schedule 2. (c) Any carryover from previous months as provided under Article 4.6 of this Schedule 2. 4.6 Any amounts chargeable and recoverable in excess of the allocation of Proceeds for the month to Royalty Oil and Cost Oil shall be carried forward to subsequent months. Carryovers shall be determined as follows: (a) A Royalty Oil carryover results when the Proceeds for such month are insufficient for allocation of the Royalty Oil due for the month, as described in Clause 10 of the Contract. (b) A Cost Oil carryover results when the Proceeds remaining remaining, after allocating a portion of the proceeds Proceeds to Royalty Oil Oil, are insufficient for allocation of Cost Oil due for the month, as described in Clause 10 of the Contract. 4.7 Profit Oil is available where Proceeds remain after allocations to Royalty Oil and Cost Oil, Oil pursuant to Articles 4.5 and 4.6 above, and . Profit Oil shall be allocated as described in Clause 10 of the Contract.