Johnson More - Petroleum Oil And Gas - mrjohnsonmore@gmail.com

[Beezwax]

from: Mrjohnson More <mrjohnsonmore@gmail.com>
date: Apr 15, 2023, 7:51 AM
subject: Please read it careful
mailed-by: gmail.com

Greetings

Thank you for your response. Please carefully read the below process and try to understand how the process goes so that you will know exactly your position in this business venture.

To proceed we have to sign a Memorandum of Understanding which I will forward to your email as soon as I read your response which will further stipulate our various roles and the commission sharing formula. Once the MOU is signed by both parties, we will proceed by applying for the license with the ADNOC – (Abu Dhabi National Oil Company).

Furthermore I will be guiding you step by step in your correspondences with both the buyer (The Petroleum Oil and Gas Corporation of South Africa (PetroSA), and the seller (ADNOC - Abu Dhabi National Oil Company) until The Petroleum Oil and Gas Corporation of South Africa (PetroSA), pays the ADNOC for the crude. This is where the work of the license operator ends after which the commissions will be calculated based on the number of barrels The Petroleum Oil and Gas Corporation of South Africa (PetroSA)buys from ADNOC through you. This commission will be remitted to your account as the license owner/sales agent. Please note the sales process steps as indicated below:

1. After approving your license application, the ADNOC will issue you with a License Lease Agreement (LLA). This agreement will stipulate the terms, rules and regulations of operating the license. The LLA will also indicate the commission rate payable to you (License holder) on each barrel of the product sold by you. The lease agreement once signed will be forwarded to the legal department of the ADNOC.

2. After signing the license lease agreement with the ADNOC, you will send a copy of your license approval letter to The Petroleum Oil and Gas Corporation of South Africa (PetroSA), to inform them that you are a license owner with the ADNOC.

3. The Petroleum Oil and Gas Corporation of South Africa (PetroSA), after receiving the license approval letter will do their due diligence to confirm if your license is valid from the ADNOC.

4. Once the license is confirmed as being valid and authentic, The Petroleum Oil and Gas Corporation of South Africa (PetroSA), will issue their Letter of Intent (LOI) to you to be presented to the ADNOC. The Letter of Intent is to show The Petroleum Oil and Gas Corporation of South Africa (PetroSA) willingness to buy the product through your license. It is a confirmation to the ADNOC that you have a buyer for the product.

5. On receiving the Letter of Intent from your buyer (The Petroleum Oil and Gas Corporation of South Africa (PetroSA), the ADNOC will issue a SALES PURCHASE AGREEMENT (SPA). This SPA is to be signed between the buyer (The Petroleum Oil and Gas Corporation of South Africa (PetroSA), you (license owner) and the ADNOC. The (SPA) will indicate the specification of the crude oil to be sold to The Petroleum Oil and Gas Corporation of South Africa (PetroSA), the price per barrel, the quantity of the crude to be bought by The Petroleum Oil and Gas Corporation of South Africa (PetroSA), (measured in barrels) and the account information of the license operator (you) where the commission will be wired to by the ADNOC once The Petroleum Oil and Gas Corporation of South Africa (PetroSA), pays them for the product.

6. On signing the SPA by the 3 parties (You, ADNOC & PetroSA), you will submit the signed SPA alongside with a letter to the ADNOC asking for "Authority to Load" (ATL). The authority to load is to allow the buyer's vessel to load the product.

7. Once the ATL is issued, PetroSA 's vessel will then load the product and a Q&Q test (Quantity & Quality) will be conducted by the PetroSA. This test is to confirm that the specification of the crude oil and the quantity is correct as contained in the SPA.

8. Once the Q&Q test comes out positive, PetroSA will immediately direct their bank to pay ADNOC for the crude oil.

This is where the job of the license operator ends. The ADNOC on receiving payment for the crude will calculate your commission and pay into your account which will be stated in the SPA. I will be assisting you step by step in signing the sales contracts and agreements. You will follow my lead until the sale is completed.

All this you can do via email communication as electronically transmitted documents are accepted in this venture. The ADNOC pays $5.00 commission per barrel. Our company PetroSA has the capacity to buy 800,000 barrels per transaction as we have such a capacity vessel. If we can make this venture possible, we will be earning a $4 million commission per transaction every month. 50% goes to me, while the other 50% goes to you. FYI, the only out-of-pocket expense we would be required to make in the course of this transaction would be the cost of procuring the license, which will be contributed equally by both parties. In other words, I will pay half while you pay the other half. I will be sending you the MOU as soon as I receive your response in regards to this email.

Kind Regards,

Mr. Johnson More
Group Supply Chain Manager
Petroleum Oil and Gas Corporation of South Africa (PetroSA