I posted this, and am still wondering, is December 12 the DATE?

30.08.2007
Libyaninvestment.com

Report on the fourth round of Exploration and Production Sharing Agreement (EPSA) announcement of the fourth round was on program to be as follows:-

• First technical and legal offer in Tripoli on 8/8/2007.

• Second technical offer in London on 15/8/2007.

• Submission of applications from 8/7/2007 to 22/8/2007.

• Opening of technical information room from 9/9/2007 to 23/9/2007.

• Receipt of enquiries from 10/9/2007 to 3/10/2007.

• Sending the final clauses of the agreement including NOC replies to queries on 22/10/2007.

• Opening of envelopes and announcing winners on 9/12/2007.

• Date of signing contracts will be on the second half of December 2007.

• The first offer started in Tripoli on 8/8/2007. It was attended by 60 companies from 25 different nationalities, advisory and legal offices and news agencies. Replies on enquiries were submitted regarding contracting procedures of the round and to concentrate on the following issues:-

• The possibility for participation of national oil companies in this round individually or with others.

• Method of pricing of gas which will be sold locally.

• Percentage of stamp tax and value which will be levied.

The second offer was submitted in London on 15/8/2007 and attended a bigger number of specialized international oil companies in field of exploration and development 67 companies from 28 different nationalities and in addition to advisory and legal offices, news agencies and international newspapers.

The new style for selling information electronically and trial of operation for arrangements of buying information of the round, method of continuing electronical sale after issue of NOC secretariat decision No.(100) for 2007 concerning demonstration of technical information for general sale was demonstrated in the meeting.

General manager of taxation department attended the meeting and replied on queries of companies on applying of stamp tax on EPSA which he clarified that it is paid on minimum value of exploration work program which is executed by the company and on value of signature grant which is granted by investor for signing agreement to be stated also that the best one is considered refundable expenses and he clarified that payment due date is after 60 days from approval of agreement.

The meeting ended after replying on companies, enquires for more details on the same points in Tripoli meeting in addition to some enquiries concerning purchase of electronic technical information and allowing all to purchase either qualified operator or continuing or others and to give priority to fourth round companies as it have limited periods for submission of offers.

It was pointed that during the two offers minor changes were made on agreement forms for clarification purpose, as follows:-

• To ascertain states property of hydrocarbon materials in underground and the main purpose of this agreement is searching for new explorations.

• To appoint Libyan deputy general manager from the beginning of exploration activity to be proposed by the company and NOC to agree on the appointment.

• To clarify duties of the operator and to prepare regulation and system for contract arrangements and appointment of officials, training, etc… for approval by administration committee.

• Mechanism for agreement of both parties on production shares and oil sharing profit (a) and (b) in case of oil exploration in commercial quantities.

• To apply stamp tax on EPSA according law No.(12) for 2005 and according recommendations of GPC accordingly receipt of companies applications for participations in this round was continued and offers will be evaluated and a list for qualified companies as operator or investor will be issued on 30/8/2007.

[NOC Libya ]

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Where was Foley on these specific Dates? I think you know, and we will all know in the next 5-7 days (IMO)

Gumby1116(george)