WHAT TYPE OF LICENSE WILL BE AWARDED TO THE WINNERS OF THIS LICENSING ROUND?

Thewinnersofthislicencing roundwillbeawarded aPetroleum Prospecting Licence(PPL).ThePPLconfersthefollowingrightstothe holder:

a.    Exclusiverighttodrillexplorationandappraisalwells

b.    Non-exclusive righttocarryoutpetroleumexplorationoperations withintheareaprovidedforinthelicence

c.     Righttocarryawayanddispose ofcrudeoilornaturalgaswonor extracted duringthedrillingofexplorationorappraisal wellsasaresult ofproductiontests.

TheLicenceisforadurationofaninitial3yearswithapossibleextension ofanother3years.