PROJECTS:

SERAM PSC

ABOUT THE SERAM PRODUCTION SHARING CONTRACT

'SERAM PSC'

The original production sharing agreement held by the Company expired on October 31st 1999.  The Seram PSC is a renewal of the original agreement.

The Seram PSC was awarded on November 1st 1999 for a term of 20 years, expiring October 31st 2019.

Click here to view information on the Seram PSC in a detailed, printable version (two pages - scroll down).

Under the terms of the Seram PSC, relinquishments are required during the 20 year term of the PSC.

Relinquishment Schedule:

After 3 years relinquish 10% of Original Area - completed

After 6 years relinquish 30% of Original Area - completed

After 10 years relinquish 40% of Original Area

For further information see:

• Location
• Oseil Discovery
• Oseil Field Development
• Oseil Oilfield Reserves
• Seram PSC Exploration
• Leads & Prospects, 2005
• Glossary