Common use of VALUE OF PRODUCTION AND PRICING STATEMENT Clause in Contracts

VALUE OF PRODUCTION AND PRICING STATEMENT. 12.1 The Company shall, for purposes of clause 15 of the Agreement, prepare a statement providing calculations of the value of each quality of Namibian Crude Oil Produced and Saved from the Licence Area during each Quarter which shall contain the following information: (a) The quantities of Namibian Crude Oil sold at arms length during the Quarter in question by the Company, the prices realized and receipts obtained for such sales; (b) the quantities of Namibian Crude Oil sold other than to third parties during the Quarter in question by the Company, the prices realised and receipts obtained for such sales; (c) the quantities of Crude Oil appropriated by the Company to refining or other processing without being otherwise disposed of in the form of Crude Oil; (d) the quantity and value of stocks of Crude Oil held at the beginning of the Quarter in question; (e) the quantity and value of stocks of Crude Oil held at the end of the Quarter in question; (f) the percentage volume of total sales of Namibian Crude Oil made by the Company during the Quarter that are arms length sales to third parties other than sales made pursuant to clause 24 of the Agreement; (g) the percentage volume of total sales of Namibian Crude Oil made by the Company during the Quarter that are arms length sales to third parties pursuant to clause 24 of the Agreement; (h) the Company's estimate, pursuant to clause 15 of the Agreement, of the market price of Namibian Crude Oil Produced and Saved for the Quarter; (i) all other information available to the Company, if relevant for the purposes of clause 15 of the Agreement, concerning the prices of the selection of major competitive crude oils, including contract prices, discounts and premiums, and prices obtained on the spot markets. 12.2 At the time of the development of the first Discovery of Natural Gas, the Minister and the Company shall agree on an appropriate format for reporting the value of Natural Gas sold or disposed of. 12.3 The value of production and pricing statement for each Quarter shall be submitted to the Commissioner not later than 15 days after the end of the Quarter to which such value of production and pricing statement relate.

VALUE OF PRODUCTION AND PRICING STATEMENT. 12.1 The Company shall, for purposes of clause 15 of the Agreement, prepare a statement providing calculations of the value of each quality of Namibian Crude Oil Produced and Saved from the Licence Area during each Quarter which shall contain the following information: (a) The quantities of Namibian Crude Oil sold at arms length during the Quarter in question by the Company, the prices realized and receipts obtained for such sales; (b) the quantities of Namibian Crude Oil sold other than to third parties during the Quarter in question by the Company, the prices realised and receipts obtained for such sales; (c) the quantities of Crude Oil appropriated by the Company to refining or other processing without being otherwise disposed of in the form of Crude Oil; (d) the quantity and value of stocks of Crude Oil held at the beginning of the Quarter in question; (e) the quantity and value of stocks of Crude Oil held at the end of the Quarter in question; (f) the percentage volume of total sales of Namibian Crude Oil made by the Company during the Quarter that are arms length sales to third parties other than sales made pursuant to clause 24 of the Agreement; (g) the percentage volume of total sales of Namibian Crude Oil made by the Company during the Quarter that are arms length sales to third parties pursuant to clause 24 of the Agreement; (h) the Company's ’s estimate, pursuant to clause 15 of the Agreement, of the market price of Namibian Crude Oil Produced and Saved for the Quarter; (i) all other information available to the Company, if relevant for the purposes of clause 15 of the Agreement, concerning the prices of the selection of major competitive crude oils, including contract prices, discounts and premiums, and prices obtained on the spot markets. 12.2 At the time of the development of the first Discovery of Natural Gas, the Minister and the Company shall agree on an appropriate format for reporting the value of Natural Gas sold or disposed of. 12.3 The value of production and pricing statement for each Quarter shall be submitted to the Commissioner not later than 15 days after the end of the Quarter to which such value of production and pricing statement relate.

VALUE OF PRODUCTION AND PRICING STATEMENT. 12.1 The Company shall, for purposes of clause 15 of the Agreement, prepare a statement providing calculations of the value of each quality of Namibian Crude Oil Produced and Saved from the Licence Area during each Quarter which shall contain the following fo llowing information: (a) The quantities of Namibian Crude Oil sold at arms length during the Quarter in question by the Company, the prices realized and receipts obtained for such sales; (b) the quantities of Namibian Crude Oil sold other than to third parties p arties during the Quarter in question by the Company, the prices realised and receipts obtained for such sales; (c) the quantities of Crude Oil appropriated by the Company to refining or other processing without being otherwise disposed of in the form of Crude Oil; (d) the quantity and value of stocks of Crude Oil held at the beginning of the Quarter in question; (e) the quantity and value of stocks of Crude Oil held at the end of the Quarter in question; (f) the percentage volume of total sales of Namibian Nami bian Crude Oil made by the Company during the Quarter that are arms length sales to third parties other than sales made pursuant to clause 24 of the Agreement; (g) the percentage volume of total sales of Namibian Crude Oil made by the Company during the Quarter that are arms length sales to third parties pursuant to clause 24 of the Agreement; (h) the Company's estimate, pursuant to clause 15 of the Agreement, of the market price of Namibian Crude Oil Produced and Saved for the Quarter; (i) all other information available to the Company, if relevant for the purposes of clause 15 of the Agreement, concerning the prices of the selection of major competitive crude oils, including contract prices, discounts and premiums, and prices obtained on the spot marketsm arkets. 12.2 At the time of the development of the first Discovery of Natural Gas, the Minister and the Company shall agree on an appropriate format for reporting the value of Natural Gas sold or disposed of. 12.3 The value of production and pricing statement stat ement for each Quarter shall be submitted to the Commissioner not later than 15 days after the end of the Quarter to which such value of production and pricing statement relate.