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Gold/Mining/Energy : Scimitar Hydrocarbons, SIY:ASE -- Ignore unavailable to you. Want to Upgrade?

To: Blaumax who wrote (821)	8/4/2000 11:14:52 PM
From: Blaumax	Read Replies (1) \| Respond to of 864

Just following up on Vanguard's Concession Agreement. You can find this on pg 11 of VA's Annual Information Form For The Year Ended December 21, 1999. Whoever negotiated Scimitar's Concession Agreement (25:75 in favor of Scimitar)did an outstanding job! Thank you! Vanguard "Terms of the Concession Agreement and Related Matters in Egypt Under the term of the Concession Agreement, production is split with EGPC according to the production levels on the block. Up to a production level of 25,000 bopd, the split is 76:24 in the favour of EGPC. In addition, the contractor is able to recover current and past costs to a 30% level. As the cost pool on the WEEM block is currently over $US 20 million from the past exploration history, full cost recovery is currently available. Additional discoveries may ultimately have an effect on the cost recovery stream. As all taxes are paid from the EGPC portion of the split, the Contractor take is on an after tax basis."