When looking at profits remember that the TPDC get a portion of...

When looking at profits remember that the TPDC get a portion of the profits from sales of oil or gas from the Nyuni Block as mentioned on page 75 of KEY's prospectus:

"In the event of production of oil from the Tanzanian Licence, Ndovu (and its assignees) may recover certain expenses from the oil produced (Cost Oil). Oil produced in excess of Cost Oil, Profit Oil, will be shared between Ndovu and its assignees and the TPDC on a sliding scale as follows:

TPDC share Ndovu and its
assignees share
0 – 12,500 bopd 50% 50%
12,501 – 25,000 bopd 55% 45%
25,001 – 50,000 bopd 60% 40%
50,001 – 100,000 bopd 65% 35%
Above 100,000 bopd 70% 30%

A similar arrangement will be entered into should gas be recovered from the Tanzanian Licence. Should natural gas be produced from the Tanzanian Licence, the Tanzanian Government has warranted that it will grant access to the Songo Songo pipeline (and any other pipeline reasonably required)."