Joint Account Records and Currency Exchange. 1.4.1 Operator shall at all times maintain and keep true and correct records of the production and disposition of all Petroleum and Natural Gas, and of all costs and expenditures under the Agreement, as well as other data necessary or proper for the settlement of accounts between the Parties in connection with their rights and obligations under the Agreement and to enable Parties to comply with their respective applicable income tax and other laws. 1.4.2 Operator shall maintain accounting records pertaining to Joint Operations in accordance with generally accepted accounting practices used in the international petroleum industry and any applicable statutory obligations of the Country of Operations as well as the provisions of the Licenses and the Agreement. 1.4.3 Joint Account records shall be maintained by Operator in the English language and in United States of America ("U.S.") currency and in such other language and currency as may be required by the laws of the Country of Operations. Conversions of currency shall be recorded at the rate actually experienced in that conversion. Currency translations for expenditures and receipts shall be recorded at the arithmetic average of the buying and selling rates at the close of business on the last day of the preceding month as published by the Central Bank of Turkey, or if not published by the Central Bank of Turkey, then by the clearing bank with whom the Parties commingled Dollar denominated funds are maintained. 1.4.4 Any currency exchange gain or losses shall be credited or charged to the Joint Account, except as otherwise specified in this Accounting Procedure. 1.4.5 This Accounting Procedure shall apply, mutatis mutandis, to Exclusive Risk Operations in the same manner that it applies to Joint Operations; provided, however, that the charges and credits applicable to Consenting Parties shall be distinguished by an Exclusive Risk Operation Account. For the purpose of determining and calculating the remuneration of the Consenting Parties, including the premiums for Exclusive Risk Operations, the costs and expenditures shall be expressed in U.S. currency (irrespective of the currency in which the expenditure was incurred). 1.4.6 The accrual basis for accounting shall be used in preparing accounts concerning the Joint Operations.

Joint Account Records and Currency Exchange. 1.4.1 Operator shall at all times maintain and keep true and correct records of the production and disposition of all Petroleum and of all costs and expenditures under the Agreement, as well as other data necessary or proper for the settlement of accounts between the Parties in connection with their rights and obligations under the Agreement and to enable Parties to comply with their respective applicable income tax and other laws. 1.4.2 Operator shall maintain accounting records pertaining to Joint Operations in accordance with generally accepted accounting practices used in the international petroleum industry and any applicable statutory obligations of the Country of Operations as well as the provisions of the Contract and the Agreement. 1.4.3 Joint Account records shall be maintained by Operator in the Hebrew or English language and in Dollars and Shekels and in such other language and currency as may be required by the laws of the Country of Operations. Conversions of currency shall be recorded at the rate actually experienced in that conversion. Currency translations for expenditures and receipts shall be recorded in accordance with the representative rate of exchange last published by the bank of Israel before last Business Day of the preceding raonth and if no such rate was published by the Bank of Israel calculated at the arithmetic average of the buying and selling rates at the close of business on the last Business Day of the preceding month as provided by the Bank of Israel. 1.4.4 Any currency exchange gains or losses shall be credited or charged to the Joint Account, except as otherwise specified in this Accounting Procedure. Any such exchange gains or losses shall be separately identified as such. 1.4.5 This Accounting Procedure shall apply, mutatis mutandis, to Exclusive Operations in the same manner that it applies to Joint Operations; provided, however, that the charges and credits applicable to Consenting Parties shall be separately maintained. For the purpose of determining and calculating the remuneration of the Consenting Parties, including the insurance premiums for Exclusive Operations, the costs and expenditures shall be the costs and expenditures as incurred. 1.4.6 The Accruals Basis shall be used in preparing accounts concerning the Joint Operations. If a Cash Basis is used, Operator shall show accruals as memorandum items.

Joint Account Records and Currency Exchange. (A) Operator must at all times maintain and keep true and correct records of the production and disposition of all Hydrocarbons produced from processing Joint Operations, and of all costs and expenditures under the Association Contract, as well as other data necessary or proper for the settlement of accounts between the Parties hereto in connection with their rights and obligations under the Association Contract and to enable Parties, to comply with income tax and other laws applicable to them and to their respective Affiliates. (B) Operator must maintain accounting records pertaining to Joint Operations in accordance with generally accepted accounting practices used in the international petroleum industry and any applicable statutory obligations of the Country of Operations as well as the provisions of the Petroleum Agreement and the Association Contract. (C) The Joint Account must be maintained by Operator in the English language and in USD and in such other language and currency as may be required by the laws of the Country of Operations, the Association Contract or the Petroleum Agreement. Conversions of currency will be recorded at the rate actually experienced in that conversion. Currency translations are used to express the amount of expenditures and receipts for which a currency conversion has not actually occurred. Currency translations for expenditures and receipts will be recorded in accordance with Operator’s normal practice. A statement describing the practice will be provided to the Non-Operators upon request. (D) Any currency exchange gains or losses will be credited or charged to the Joint Account, except as otherwise specified in this Accounting Procedure. (E) This Accounting Procedure will apply, mutatis mutandis, to projects under Clause 12 of the Association Contract (Sole Risk Provisions) in the same manner that it applies to other Joint Operations; provided, however, that the charges and credits applicable to the Party or the Parties that have paid for such projects under Clause 12 of the Association Contract shall be separately maintained. (F) The Accrual Basis for accounting will be used in preparing accounts concerning the Joint Operations.

Joint Account Records and Currency Exchange. 1.4.1 The Joint Operating Team shall at all times maintain and keep true and correct records of the production and disposition of all liquid and gaseous Hydrocarbons and of all costs and expenditures under this Agreement, as well as other data necessary or proper for the settlement of accounts between the Parties hereto in connection with their rights and obligations under this Agreement. Service Provider and the Operator shall provide one accountant each to work in the Joint Operating Team. The Joint Operating Team will be responsible for the fiscal obligations relating to the Joint Operations save in respect of those taxes which are the legal responsibility of the Government and each of the Parties. 1.4.2 The Joint Operating Team shall maintain accounting records pertaining to Joint Operations in accordance with this Agreement and generally accepted accounting practices used in the international petroleum industry and any applicable statutory obligations of the Federal Republic of Nigeria. 1.4.3 All payments made by the Service Provider will be allocated to the Joint Account at cost (i.e. without any profit or loss). 1.4.4 The Joint Operating Team shall maintain Joint Account records in the English language and in United States of America (“US”) currency. Conversions of currency shall be recorded at the rate actually experienced in that conversion. Currency translations for expenditures and receipts shall be recorded at the rate established by standard accounting procedures which are currently the arithmetic average of the buying and selling rates at noon Eastern Standard Time on the last Business Day of the previous month as quoted by the Bank of Canada. For transactions using Nigerian Naira the rate shall be that quoted by the Central Bank of Nigeria. 1.4.5 Any realized currency exchange gain or losses shall be credited or charged to the Joint Account, except as otherwise specified in this Accounting Procedure. 1.4.6 The Joint Account shall enable, inter alia, the following to be identified at any time: (a) The total amount of Petroleum Costs; (b) The total amount of Petroleum Costs recovered; (c) The total amount of Petroleum Costs which remain to be recovered. 1.4.7 This Accounting Procedure shall apply, mutatis mutandis, to Exclusive Operations in the same manner that it applies to Joint Operations; provided, however, that the charges and credits applicable to Consenting Parties shall be distinguished by an Exclusive Operation Account. For the purpo...

Joint Account Records and Currency Exchange. 1.4.1 Operator shall at all times maintain and keep true and correct records of the production and disposition of all liquid and gaseous Hydrocarbons and of all costs and expenditures under the Agreement, as well as other data necessary or proper for the settlement of accounts between the Parties hereto in connection with their rights and obligations under the Agreement. The Operator will be responsible for the fiscal obligations relating to the Joint Operations save in respect of those taxes which are the legal responsibility of the Government, GNPC or each of the Parties. 1.4.2 Operator shall maintain accounting records pertaining to Joint Operations in accordance with the Contract and generally accepted accounting practices used in the international petroleum industry and any applicable statutory obligations of Ghana as well as the provisions of the Contract and the Agreement. 1.4.3 Joint Account records shall be maintained by Operator in the English language and in United Slates of America (“US”) currency and in such other language and currency as may be required by the laws of Ghana or the Contract. Conversions of currency shall be recorded at the rate actually experienced in that conversion. Currency translations for expenditures and receipts shall be recorded at the rate establish by the standard accounting procedures of the Operator which is currently the arithmetic average of the buying and selling rates at the close of business on the last Business Day of the previous month as quoted by Barclays Bank. London, or if not published, the London Financial Times. 1.4.4 Any realised currency exchange gain or losses shall be credited or charged to the Joint Account, except as otherwise specified in this Accounting Procedure. 1.4.5 This Accounting Procedure shall apply, mutatis mutandis, to Exclusive Operations in the same manner that it applies to Joint Operations; provided, however, that the charges and credits applicable to Consenting Parties shall be distinguished by an Exclusive Operation Account. For the purpose of determining and calculating the remuneration of the Consenting Parties, including the premiums for Exclusive Operations, the costs and expenditures shall be expressed in US currency (irrespective of the currency in which the expenditure was incurred). 1.4.6 The Accruals Basis for accounting shall be used in preparing accounts concerning the Joint Operations.

Joint Account Records and Currency Exchange. Operator shall maintain accounting records for the Joint Account in the English language in accordance with generally accepted accounting practices used in the petroleum industry and in such a manner that all expenditures will be segregated or can be allocated to appropriate areas in connection with the Petroleum Operations. Joint Account records shall be maintained in the Operator's office in India, and stated in United States Dollars and Indian Rupees. Expenditures other than United States Dollars or Indian Rupees shall be translated into United States Dollars and charged as United States Dollar expenditures. Unless mutually agreed otherwise by the Parties, translation of non United States Dollars expenditure into United States Dollars and United States Dollar expenditures into Indian Rupees shall be as follows: Page 66 (A) Expenditure of currencies purchased by the Operator for the Joint Account with Unites States Dollars shall be translated back into United States Dollars at the rate of exchange at which the currency was purchased with individual currency purchased deemed to be utilized on a first in/ first out basis to provide the funds expended. (B) Indian Rupees advanced pursuant to Indian Rupee calls shall be translated into United States Dollars at the monthly average of the daily mean of the buying and selling rates of exchange as quoted by State Bank of India (or any other financial body as may be mutually agreed by the Parties) for the Month in which the revenues, costs, expenditures, receipts or income are recorded. However, in case of any single non-US Dollar transaction in excess of the equivalent of fifty thousand United States Dollar (US $ 50,000), the conversion into United States Dollars shall be performed on the basis of the average of the applicable rates for the day on which the transaction occurred. (C) Expenditures of United States Dollars advanced pursuant to United States Dollar Cash Calls shall be translated into Indian Rupees using the applicable exchange rate for the month of disbursement based on the current procedure that the Operator uses to translate United States Dollars as specified in clause (B) above.

Joint Account Records and Currency Exchange. Operator shall at all times maintain and keep true and correct records of the production and disposition of all liquid and 1.4 gaseous Hydrocarbons, and of all costs and expenditures under the Agreement, as well as other data necessary or proper for the settlement of accounts between the Parties hereto in connection with their rights and obligations under the Agreement and to enable Parties to comply with their respective applicable income tax and other laws.

Joint Account Records and Currency Exchange. 1.4.1 Operator shall at all times maintain and keep true and correct records of the production and disposition of all Hydrocarbons, of all costs and expenditures under the Agreement, and of other data necessary or proper for the settlement of accounts between the Parties in connection with their rights and obligations under the Agreement to enable Parties to comply with their income tax and other legal and contractual obligations. 1.4.2 Operator shall maintain accounting records pertaining to Joint Operations in accordance with generally accepted accounting practices used in the international petroleum industry, the Laws, the provisions of the Contract, and the Agreement. 1.4.3 Operator shall maintain the Joint Account in the English language and in U.S. dollars as well as in any other language and currency required by the Laws or the Contract. Operator shall record conversions of currency at the rate actually experienced in the conversion. Operator shall record any currency translations to express the amount of expenditures and receipts for which a currency conversion has not actually occurred, in addition to any requirements of the Laws and Contract, in accordance with Operator’s normal practice. Operator shall provide a statement describing its practice to the Non-Operators upon request. 1.4.4 Operator shall charge or credit any currency exchange gains or losses to the Joint Account, except as otherwise specified in this Accounting Procedure. Operator shall separately identify any exchange gains or losses. 1.4.5 All bank transactions in foreign and local currencies shall be made through Joint Bank Accounts. 1.4.6 The Operator shall verify, obtain and forward to Non-Operators, on a monthly basis, copies of Joint Bank Accounts statements for the preceding month, accompanied by copies of relevant reconciling documents, not later than the 21st day of the following month. Operator shall verify all credits and debits relating to the bank transactions reported in such statements. 1.4.7 The Operator shall instruct the banks in which the Joint Bank Accounts are held to send, regularly, copies of the statements of balances in the Joint Bank Accounts directly to the Non-Operators. 1.4.8 Except as may otherwise be agreed by the Parties, all payments for Joint Operating expenditures shall be made solely from the Joint Bank Account(s) established pursuant to this Accounting Procedure. 1.4.9 This Accounting Procedure shall apply separately, mutatis mutandis, to Exclus...

Joint Account Records and Currency Exchange. 1.4.1 Operator shall at all times maintain and keep true and correct records of the Production and disposition of all Petroleum, of all costs and expenditures under the Agreement, and of other data necessary or proper for the settlement of accounts between the Parties in connection with their rights and obligations under the Agreement to enable Parties to comply with their income tax and other legal and contractual obligations. 1.4.2 Operator shall maintain accounting records pertaining to Joint Operations in accordance with generally accepted accounting practices used in the international petroleum industry, the Laws, the provisions of the Contract, and the Agreement. 1.4.3 Operator shall maintain the Joint Account in the English language and in U.S. dollars as well as in any other language and currency required by the Laws or the Contract. Operator shall record conversions of currency at the rate actually experienced in the conversion. Operator shall record any currency translations to express the amount of expenditures and receipts for which a currency conversion has not actually occurred, in addition to any requirements of the Laws and Contract at the arithmetic average of the buying and selling exchange rates at the close of business on the last Business Day of the Calendar Month preceding the current accounting period as published by OANDA, or if not published by OANDA, then by a publication of similar standing or by an independent financial institution. 1.4.4 Operator shall charge or credit any currency exchange gains or losses to the Joint Account, except as otherwise specified in this Accounting Procedure. Operator shall separately identify any exchange gains or losses. 1.4.5 This Accounting Procedure shall apply separately, mutatis mutandis, to Exclusive Operations. Accordingly, Operator shall maintain charges and credits applicable to Exclusive Operations separately from charges and credits applicable to Joint Operations. In determining and calculating the remuneration of the Consenting Parties, including the premiums for Exclusive Operations, Operator shall express the costs and expenditures in U.S. dollars (irrespective of the currency in which the expenditures were incurred). 1.4.6 Operator shall use the accrual basis for accounting in preparing accounts concerning the Joint Operations.

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