N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.

SELLER: BUYER: THIS AGREEMENT CONTRACT FOR THE SALES AND PURCHASE OF NIGERIA LIGHT CRUDE OIL TRANSACTION CODE: VANYIGOR/PHC/R/03/705 IS MADE AND ENTERED INTO BY AND BETWEEN

NNPC SHELL, AGIP JOINT VENTURE OPERATORS BONNY TERMINAL (REPRESENTED BY VANYIGOR CONCEPTS LIMITED)
[HEREINAFTER CALLED THE SELLER] AND

BUYERS COMPANY NAME: ALIBAKAR NIGERIA LIMITED

HEREINAFTER CALLED THE BUYER] CONTRACT FOR SALES AND PURCHASE AGREEMENT FOR NIGERIA BONNY LIGHT CRUDE OIL [TTO DELIVERY) THIS CONTRACT AGREEMENT MADE ON THIS 26th FEB, 2013 SELLERS COMPANY NAME: NNPC/SHELL JV OPRS BONNY TERMINAL (Represented By VANYIGOR CONCEPTS LTD) The company incorporated under the laws of the Company registered under the laws of Federal Republic of Nigeria, hereinafter called the SELLER, which expression where the context so admits, shall include their personal representatives, Heirs, Successors-In Title and Assign on the one part:

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:

AND
BUYERS COMPANY NAME: ALIBAKAR NIGERIA LIMITED
The company incorporated under the laws of the Company registered under the laws of the, hereinafter called the BUYER which expression where the context so admits, shall include their personal representatives, Heirs, Successors-In Title and Assign on the other part.

RECITALS: WHEREAS The SELLER with full authority, hereby agrees to supply and deliver the herein mentioned crude oil and fulfill all the requirements referenced to herein and shall provide the referenced crude under the terms and conditions and at the time so agreed by both Parties. WHEREAS The SELLER makes an irrevocable and firm commitment to sell and deliver and the BUYER also makes an irrevocable and firm commitment to purchase and take delivery of the said product DEFINITIONS: Except where the context otherwise indicates, the following terms shall have the meaning as described to them in this paragraph and shall include plural as well as singular. NNPC: Shall mean Nigerian National Petroleum Corporation. API: Shall mean American Petroleum Institute. ASTM: Shall mean American Society for Testing and Materials.

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER: Commodity: Shall mean and refers to as being Nigerian Light Crude Oil, elsewhere in this Agreement referred to as Product which specifications are detailed herein. Agreement: Shall mean the Crude Oil Sales / Purchase Contract of which these specific provisions agreed between BUYER and SELLER form the conditions of Sales and Purchase. Barrel: Shall mean a volume of forty-two (42) US gallons corrected for temperature to (60) degrees Fahrenheit. Cargo: Shall mean any particular quantity of the Product loaded into vessel as set out in this agreement includes Part Cargo. Day: Shall mean calendar day Loading Port: Shall, in respect of a cargo, mean the port(s) nominated by SELLER for loading of such cargo in accordance with the agreement. Dollars or USD: Shall mean dollars of the United States of America. Grade: Shall mean any grade of the Product specified in the agreement. Lay Time: Shall have the meaning as that given to it in paragraph 13 of this agreement. Month: Shall mean a calendar month. Party: Shall mean either SELLER or BUYER.

Parties: Shall mean SELLER and BUYER jointly.

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER: Product: Shall mean Nigeria Light Crude Oil specified in this agreement. Quarter: Shall mean a period of the three (3) consecutive months commencing on first (1st) January, or first (1st) April or first (1st) July or first (1st) October, etc. Bill Of Lading: Shall mean the official document, issued at the Load Port after completion of the loading operations, stating the ships loaded quantity, expressed in Cubic Meters [cub meters m3], in Metric Tons [MT] expressed as per the above definitions. This document has to be signed in original by the shipmaster and made out in accordance with the instruction hereinafter specified in this Agreement. Vessel: Shall mean the ship whether owned or chartered or otherwise obtained by BUYER and employed by BUYER to receive the Product at the loading port. COMMODITY: Nigerian Petroleum Product Specific Gravity at 150c, kg/1 ASTMD1298/P 0.83979.8498 API at 60 Degrees F ASTM Table 51 47 - 21 Salinity ASTMD 4006/1P 358 4.7P.T.B @ 60 Degrees F Color Dark Brown BS & W Content [Vol. %] ASTMD 473/1P 53 0.25 Average Sulfur %WT ASTMD 0.14% wt Pour Point Degrees F ASTMD 97/1P.15 40[F] Degrees F Water Content: 0.2% Vol. Max REIB Vapor Pressure: 6.52PSIG QUANTITY AND DURATION:

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:

Shipment of Four Million (4,000,000) US barrels +/-10% for (12) Twelve Mouth with possible rolls and extension at both parties discretion.

DESTINATION: TTO to any safe port PRICE: The price for each Barrel of Bonny Light Crude Oil delivered out-turned barrels shall be Dated Brent on the date of Bill of Lading as published by McGraw Hill market, wireless discount of N83.00 per Litre 78.00 Net TO BUYER, N5.00 Commission to share as below N2.00 to BUYERS AGENTS/FACILITATORS, N2.00 to SELLERS AGENTS/FACILITATORS. N1.00 to Consultant Group Commissions: BUYER to pay brokers according to FEE PROTECTION AGREEMENT. DETERMINATION OF QUALITY AND QUANTITY: Quantity & Quality to be ascertained by an independent inspector appointed by the BUYER at the Loading Point. His certificate of quality and quantity should be judged as the final quantity and quality of the Product delivered in to the BUYERs tanker and the payment will be issued according to it. PAYMENT: In U.S Dollars - Irrevocable, Once Transferable. SBLC or MT 760 for final payment immediately. DOCUMENTS: 1. Clean Ocean Bill of Lading, One (1) Original and three (3) copies 2. SELLERs Commercial Invoice, One (1) Original and three (3) 3. Certificate of Origin issued by NNPC, One (1) Original and three (3) copies 4. Certificate of Authenticity issued by NNPC, One (1) original and three (3) copies

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER: 5. Certificate of ownership 6. Masters receipt for Samples 7. Masters receipt for Documents 8 Cargo Manifest TRANSACTION PROCEDURES: 1. Buyer and Seller initial each page and sign the sales agreement. 2. Buyer returns signed SPA with ATB format /scan copies of Super Cargo & Inspectors identification 3. Seller gives Marine ATB and Clearance and takes buyers inspector and super cargo on board for confirmation of product / Q and Q, in Nigerian waters on Seller Expenses. . 4. After successful Q and Q in Nigeria water Buyer releases N30 Million Naira to seller for his Logistic. 5. Documents are released to the buyer on Buyer Name and buyer pays for the product and all commissions by MT103 / LC. 7. After Confirmation of payment vessel sails to buyers destination. BERTH CHARGES, DUTIES AND TAXES AT DISPORT: The BUYER shall be responsible for all duties and taxes levied on cargo by the

authorities of the country of discharge. Title shall pass from SELLER to BUYER when the complete discharge of cargo is made to the BUYER. APPLICABLE LAW: Any dispute arising during the execution of this contract shall be settled amicably. If parties fail to do so, they shall accept as final the decisions of the court of arbitration of the International Chamber of Commerce, Swiss Law to apply.

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER: Expedite procedure format and all proceedings are to be continued in English and shall be settled by arbitration in accordance with the laws of Nigeria, Switzerland and/or England as the case may be. FORCE MAJEURE: Neither party to this agreement shall be responsible for breach of contract cause by acts of God, insurrection, and breakdown of refinery operations or supplies to the SELLER, civil war, military operations, and national or local emergencies. The parties hereby accept the international provisions of Force Majeure and hardships published by the International Chamber of Commerce. NON-CIRCUMVENTION/NON DISCLOSURE: The undersigned parties do hereby accept and agree to fulfil obligations due to agents and facilitators. In the event of direct, or even indirect circumvention through a third party, the circumvented party shall be entitled to legal monetary award equal to the maximum service fees it should have realized from the transaction. LANGUAGE AND SIGNING: The terms and conditions of this contract are accepted and binding on all parties to this contract. The parties confirm that each has read and understood the terms and conditions as written. If any term and condition of this contract be held by a court of competent jurisdiction to be invalid, void or unenforceable, the rest of the contract shall remain in full force and effect and shall in no way be affected, impaired and invalidated. Both parties having understood all the terms and conditions of the above sale and purchase agreement hereby agree to honour all clauses with all privileges, rights and immunities pertaining herein, making this agreement effective on the date of signing by all parties and is executed in multiple copies to the parties hereto represented, each of which is equally effective.

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:

BANKING CO-ORDINATES FOR THIS TRANSACTION:

BUYER AND SELLER MAY ONLY CHANGE THEIR BANKS, SUBJECT TO PRIOR NOTICE GIVEN TO THE OTHER PARTY AND PROVIDED THESE BANKS ARE ACCEPTABLE TO THE OTHER PARTY. THERE SHOULD BE NO CONTACT EITHER WITH SELLERS OR BUYERS BANK WITH OUT PRIOR WRITTEN PERMIS

SELLERS FIDUCIARY ACCOUNT FOR BG/MT 760/SBLC

BANK: JP MORGAN CHASE BANK A/C NAME: RONALD KAISERMAN (ATTORNEY TRUST) ACCOUNT NO: 465092455 ROUTING NO: 021000021 BANK OFFICER: HESIQUIA LANDESBAUM. BANK ADDRESS: 233 3RD AVENUE, NY, SWIFT CODE: CHASUS33. SELLERS BANKING COORDINATES TO RECEIVE N78.00 P/L BANK: ACCESS BANK PLC. BANK ADDRESS: UTAKO, ABUJA SWIFT CODE: ABNGNGLA SORTE CODE: 044081894 ACCOUNT NAME: VANYIGOR CONCEPTS LTD. ACC. NUMBER: 0050092222 BANK OFFICER: MALUMEE ANUMBA Bank Telephone No: 08068790258

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:

BUYERS BANKING COORDINATES TO PAY N83.00

BANK: DEUTSCHE BANK TRUST COMPANY AMERICA,, NEW - YORK BANK ADDRESS: BANKER TRUST PLAZA; 130 LIBERTY STREET, NEW YORK,
NY10006.

SWIFT CODE: BKTRUS33 FED. WIRE; 021001033 IN FAVOUR OF; ECOBANK NIGERIA PLC. ACCOUNT NO; 04087350 SWIFT CODE: BKTRUS33 FOR FURTHER CREDIT; ALIBAKAR NIGERIA LIMITED. NAIRA ACCT NO; 0072010438 (NAIRA ACCOUNT). BANK OFFICER BRANCH MANAGER.

SELLERS AGENTS BANKING COORDINATES N1.00K P/L (CLOSED)) INTERMEDIARY BANK NAME: CITIBANK NEW YORK BANK ADDRESS: 111 WALL STREET NEWYORK,NY 10043 SWIFT CODE: CITIUS33 ROUTING 044150084 BANK NAME: ACCESS BANK PLC BANK ADDRESS: DECO ROAD WARRI

SWIFT CODE 044042341 ACCOUNTNUMBER 36145842 BANK NAME: ACEESS BANK PLC ACCOUNT NAME ALAO MUTIU ISHOLA ACCOUNTNUMBER 0036409527 ACCOUNTOFFICER BM SPECIAL TRANSFER INSTRUCTION FUNDS ARE CLEAN AND OF Non CRIMINAL ORIGIN,KINDLY PAY WITHOUT DELAY.

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER: SELLERS FACILITATOR BANKING COORDINATES (N0.30K) CLOSED
BANK NAME: UNITED BANK FOR AFRICA PLC,NIGERIA SWIFT CODE: UNAFNGLA THROUGH: DEUTSCHE BANK LONDON,UNITED KINGDOM SWIFT CODE: DEUTGB2L ACCOUNT NO: 30591304 IBAN NUMBER: GB93DEUT40508130591304 FOR FINAL CREDIT OF : ADAKOLE PAUL ACCOUNT NUMBER: 00100520106869 BANK ADDRESS: 126 OJUELEGBA STREET SURURELE LAGOS ,NIGERIA

BENEFICIARY ADDRESS: PLOT 24 BURMA ROAD APAPA LAGOS BANK TEL: 01-5852889-+2347002255855

SELLERS FACILITATORS BANKING COORDINATES (N0.20K)

BANK NAME: BANQUE ATLANTIQUE TOGO ACCOUNT NUMBER: 4122088000866 ACCOUNT NAME: ETS. DOCKTOR-OREH INT'L BANK ADDRESS: Place du petit march Rue Koumor LomTOGO SWIFT CODE: ATTGTGTGXXX

IBAN CODE: TG13 801 030 4122088000866 14

SELLERS FACILITATORS BANKING COORDINATES (N0.20K)

BANK NAME: CHASE

ACCOUNT NUMBER: 928654961 ACCOUNT NAME: OKECHUKWU E. ISIMA JR BANK ADDRESS: 1250 Tech Dr. STE 400 Norcross, GA 30093 SWIFT CODE: 061092387 IBAN CODE:

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY

ISLAND.
SELLER: BUYER:

SELLERS FACILITATORS BANKING COORDINATES (N0.20K)

BANKS NAME DIAMOND BANK ACCOUNT NUMBER 0021082433 BENEFICIARYS NAME YUCATAN CONTRACTING BANK ADDRESS PLOT 49, OLODI OKI, OKUMAGBA AVENUE, WARRINIGERIA SWIFT CODE DBLNNGLA

SELLERS FACILITATORS BANKING COORDINATES (N0.10K)

BANK NAME: BARCLAYS BANK BANK ADDRESS: WOOLWICH 3 LEICESTERSHIRE LE87 2BB ENGLAND BANK CODE: BARCGB2113Z SWIFT CODE: 20-68-84 ACCOUNT NAME: Mrs ANNE SOSIMI

ACCOUNT NO: 13309878 FINAL BENEFICIARY: Mrs. ANNE SOSIMI BUYERS MANDATE BANKING COORDINATES N1.00K PER LITER Bank Name: UNITY BANK PLC Bank Address: OLU-OBASANJO BRANCH, PORTHARCOURTNIGERIA Account Name: ALIBAKAR NIGERIA LIMITED Account No 388190122120 Account Officer BRANCH MANAGER

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:

BUYERS FACILITATOR BANKING COORDINATES N0.50K PER LITRE

Bank Name: FIRST BANK PLC Bank Address: SHELL 1/A- BRANCH, PORTHARCOURT,NIGERIA Account Name: ONUIGBO NWEZE CHIWUZIE Account Number: 2006682901 Account Officer BRANCH-MANAGER

BUYERS FACILITATORS BANKING COORDINATES N0.50K PER LITRE

Bank Name: KEYSTONE BANK PLC Bank Address: WHEAR HOUSE ROAD, APAPA LAGOS, NIGERIA Account Name: EKPETI CHRISTOPHER LOVE Account Number: 6012313716 Sort Code: 082150033 Bank Email: Contactcentre@keystonebankng.com

CONSULTANT CORDINATOR BANKING DETAILS TO RECEIVE N0.60K MOU (3 GROUP)

Bank Name: UBA BANK

Bank Address: ALLEN AVENUE BRANCK IKEJA LEGOS,NIGERA Account Name: SAMUEL OCHIGBO Account Number: 01161465001152

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:

CONSULTANT CORDINATOR BANKING DETAILS TO RECEIVE N0.40K MOU

Bank Name: DEUTSCHE BANK TRUST COMPANY New York BANKERS TRUST PLAZA Bank Address: 130 LIBERTY STREET NEW YORK NY 10006 Swift Code: BKTRUS33 ABA Number: 021001033 Beneficiary Bank Bic: ECOCNGLA Beneficiary Bank Name: ECO BANK NIGERIA PLC Beneficiary Bank Acc Number: 04087350 Further Credit To: KALU UCHE UCHE Account Number: 0091115031 (Naira Account)

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER: DECLARATION: We, The undersigned declare that the foregoing instrument fully sets forth the entire agreement between the parties and that the signatories below have been fully and duly authorised to enter into and bind each representative company to the contract. SELLER AND BUYERS ACKNOWLEDGEMENT: This document constitutes a GUARANTEED, IRREVOCABLE, UNCONDITIONAL AND NON RETRACTABLE PAYMENT ORDER issued to the beneficiaries named herein, given with full corporate responsibility, by which I hereby instruct my bank as specified herein, to simultaneously pay, without any protest and/or delay, upon the closing of each and every trencher, until the transaction under the above entered codes is totally completed, the compensation to the beneficiaries' bank accounts, as stipulated herein. SUCCESSORS: This Agreement is binding upon and inures to the benefit of the successors, assignees, heirs and personal representatives of the receiving person(s). ATTESTATION: The above-mentioned transaction between BUYER(s) and SELLER(s) involving the purchase of 1,000,000 BARRELS of BONNY LIGHT CRUDE OIL with possible rollovers and extensions. The following will set out the

Protection of Fees, should a contract be executed and consummated under the terms and conditions mutually agreed upon by the Principles or their mandate Agents. THE UNDERSIGNED HAS EXECUTED THIS AGREEMENT ON THIS 26TH DAY OF MARCH, 2013. IN WITNESS WHEREOF the parties hereto declare that they have read and understood this Contract and are fully aware of the interpretation of all the provisions, terms and conditions herein and further that they have signed by their hand below, and have accepted and approved all covenants, terms and conditions of this Contract.

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER: We, VANYIGOR CONCEPTS LTD hereby with full corporate responsibility and with the power vested in its Officer, accept, confirm and agree to abide by this Contract. Signed by: CORPORATE SEAL For and on behalf of SELLER: SELLER: NNPC, SHELL, AGIP JOINT VENTURE OPERATORS, BONNY TERMINAL. Represented by: Dr. ANYIGOR VINCENT Date: THIS 26th day of MARCH, 2013. For and on behalf of BUYER: COMPANY NAME: ALIBAKAR

NIGERIA LIMITED

ADDRESS: PORTHARCOURT, NIGERIA. Represented by: ALH. MOHAMMED .D. ABUBAKAR Date: THIS 4TH. Day of APRIL, 2013

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER: BUYER AND SELLER ATTESTS THAT THESE ELECTRONIC SIGNATURES ARE RATIFIED AND VALID FOR THIS TRANSACTION.
VERBIAGE FOR MT799 BLOCKED FUNDS. PROPOSED WORDING ONLY POF TEXT ------------------------------------------------ Message Header -------------------------------------Swift Output : Sender : [SENDING BANK] : [SENDING BANK ADDRESS] : [SENDING BANK SWIFT CODE] Account NAME:

Account no. : Beneficiary name : ------------------------------------------------ Message Text ---------------------------------------20: Transaction Reference [REF NUMBER] 30: Date [DATE OF ISSUE] 79: Narrative: SWIFT MESSAGE TEXT (CASH FORMAT GUARANTEE).

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:
WE, [BANK], [OFFICE] HEREBY IRREVOCABLY CONFIRM WITH FULL BANK RESPONSIBILITY THAT WE HOLD FOR OUR CLIENT, [ACCOUNT NAME], UNDER ACCOUNT NUMBER [ACCOUNT NUMBER] CASH FUNDS AMOUNTING TO $00,000,000.00 (xxxxxxxxx) IN LAWFUL CURRENCY OF UNITED STATES OF AMERICA. WE FURTHER CONFIRM, AS PER INSTRUCTION OF OUR CLIENT THAT WE HAVE RESERVED THE AFORMENTIONED CASH FUNDS IN FAVOUR OF YOUR CLIENT, (BENEFICIARY NAME), FOR A PERIOD OF 90 DAYS FROM THE DATE OF ISSUE OF THIS INSTRUMENT. THESE FUNDS ARE CLEAN, CLEAR, FREE OF ANY LEVY, LIENS OR ENCUMBERANCE AND THE RULE OF FULL DISCLOSURE HAS BEEN ESTABLISHED THAT SUCH FUNDS WERE LEGALLY OBTAINED FROM NON-CRIMINAL BUSINESS ACTIVITIES. WE CONFIRM THAT THESE FUNDS, HERE HELD IN CUSTODY, ARE NOT PERMITTED TO BE WITHDRAWN, MOVED OR TRANSFEERED DURING THE PERIOD OF THE VALIDITY OF THIS BLOCKED, RESERVED FUNDS CONFIRMATION.THIS OPERATIVE INSTRUMENT IS TRANSAFERABLE, AND CAN BE CONFIRMED ON BANK TO BANK BASIS. FOR AND ON BEHALF OF _________ BANK _________________________ ______________________________ MR. _____________________ MR. ___________________________ BANK PIN CODE: _________ BANK PIN CODE: ________________

TEXT OF STANDBY LETTER OF CREDIT

----------------------------------------------------- MESSAGE HEADER ----------------------------------------------SWIFT INPUT : MT760 SENDER : <<xxxxxxxxxxxxx>>

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:
SWIFT : << xxxxxxxxxxx >> ACCOUNT : xxxxxxxxxxxxx RECEIVER : XXXXXXXXXXXX SWIFT : XXXXXXXXXXXX

ACCOUNT : XXXXXXXXXXXX ------------------------------------------------------- MESSAGE TEXT --------------------------------------------------20: TRANSACTION REF NO.: SELLER Ref Number 12: SUB-MESSAGE TYPE:760 27: SEQUENCE OF TOTAL: 1/1 40C: APPLICABLE RULES: ACCORDING TO CONTRACT 77C: DETAILS OF STANDBY LETTER OF CREDIT BENEFICIARY: XXXXXXXXXXXXXXXXXX ACCOUNT NO.: XXXXXXXXXXXX BANK NAME: XXXXXXXXXXXXX ADDRESSED AT: XXXXXXXXXXXXXXXX STANDBY LETTER OF CREDIT NO.: <<TBA>> . WE, <<xxxxxxxxxxxxxxx>>, ADDRESSED AT xxxxxxxxxxxxxxxxx, ON BEHALF OF OUR CLIENT, XXXXXX HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. <<TBA>> IN FAVOUR OF XXXXXXXXXXXX, THE SUM OF USD xxxxxxxx (UNITED STATES DOLLARS xxxxxxxxxxxx ONLY) IN THE LAWFUL CURRENCY OF THE UNITED STATES OF AMERICA UPON PRESENTATION OF THIS STANDBY LETTER OF CREDIT AT OUR COUNTERS, ON EXPIRY DATE, BUT NOT EARLIER THAN FIFTEEN (15) DAYS BEFORE THE EXPIRY DATE. SUCH PAYMENT SHALL BE MADE WITHOUT SET-OFF AND CLEAR OF ANY DEDUCTIONS, CHARGES, FEES OR WITHHOLDINGS OF ANY NATURE, NOW OR HEREAFTER IMPOSED, LEVIED, COLLECTED, WITHHELD OR ASSESSED BY THE GOVERNMENT OF THE ISSUING BANK OR ANY POLITICAL SUBDIVISION OR AUTHORITY THEREOF OR HEREIN. THIS SBLC IS TRANSFERABLE WITHOUT PRESENTATION TO US OR PAYMENT OF FURTHER FEES. THIS STANDBY LETTER OF CREDIT IS AVAILBLE FOR SIGHT PAYMENT UPON YOUR FIRST WRITTEN DEMAND.

N.N.P.C / SHELL / AGIP JOINT VENTURE OPERATORS BONNY TERMINAL, BONNY ISLAND.
SELLER: BUYER:
PARTIAL DRAWINGS ARE PERMITTED PROVIDED THAT THE TOTAL AGGREGATE AMOUNT PAID BY US SHALL NOT EXCEED THE MAXIMUM AMOUNT SPECIFIED IN THIS CREDIT. ASSIGNABLE PROCEDURES ARE ALLOWED. PARTIAL DRAWINGS OR FULL DRAWINGS ARE PAYABLE AGAINST YOUR WRITTEN DEMAND VIA YOUR BANK CERTIFYING THAT THE APPLICANT HAS FAILED IN REIMBURSING YOUR DELIVERED CARGO BY WIRE TRANSFER WITHIN SEVEN BANKING DAYS AFTER THE CIQ DOCUMENT IS OBTAINED IN THE DISCHARGING PORT, AND SUCH CLAIM SHOULD BE ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1. A copy of invoice, marked invoice quantity is based on weight certificate issued by Loading Port SGS Report quantity, 2. A statement to certify that under (Contract No.) invoice(s) have been presented to XXXXXXXXXXXXX, and that invoices remain unpaid and past due at the time of its presentation, 3. A copy of Bill of Lading, 4. A copy of weight certificate issued by SGS/CIQ from the discharging port,

5. Presentation to us of the original of this SBLC at our counters before Expiry Date. UPON RECEIPT OF THE DEMAND, WE SHALL PAY YOU WITHIN THREE (3) BUSINESS DAYS THE AMOUNT SPECIFIED IN YOUR SWIFT AS PER YOUR INSTRUCTIONS. . ALL CHARGES AND COMMISSIONS, IF ANY, ARE FOR THE BENEFICIARYS ACCOUNT. . ALL DOCUMENTS SHOULD INDICATE THE CONTRACT No.: TBA THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDIT (2007 REVISION) OF THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO 600. THIS IS AN OPERATIVE INSTRUMENT.