BRENT · LAST VERIFIED 14 AUG

$88.52

ICE reference+0.6%

CCI™ · DEMO

$89.74

Brent +1.22ASSESSED

NCI™ · DEMO

$89.31

Nigeria basketMODELED

WALSI™ · DEMO

$89.08

W. Africa L/SMODELED

CAWTHORNE PEAK OUTPUT

50K

bbl/day expectedSPG

LATEST TENDER SIZE

950K

barrels · FOBSEP 21–22

Cawthorne Market Terminal

Physical crude intelligence → price discovery → benchmark infrastructure → tradable market.

CCI™ LAB ACTIVEDATA COVERAGE 63%SOURCE QUALITY A–C

BENCHMARK FAMILY · PRICE DISCOVERYUSD / BBL · DEMO VALUES

CCI™ · CAWTHORNE CRUDE INDEX

89.74

▲ +1.22 vs Brent

STATUSDraft assessment

CONFIDENCE62 / 100

GRADE36.4° API · light sweet

BASISFOB Nigeria

NCI™ · NIGERIAN CRUDE INDEX

89.31

▲ +0.79 vs Brent

BASKETCawthorne + major NG grades

CONFIDENCE71 / 100

USENigeria export pulse

BASISNormalized FOB

WALSI™ · W. AFRICAN LIGHT SWEET

89.08

▲ +0.56 vs Brent

REGIONNigeria + Angola + peers

CONFIDENCE69 / 100

USERegional relative value

BASISBrent normalized

MARKET SIGNALSAI · DEMO

NOW

Cawthorne differential modeled above 30-day median. Watch buyer resistance at +$1.40/bbl.

12M

Europe vs India arb narrowing after freight adjustment; Northwest Europe remains competitive in demo model.

42M

Liquidity score improves on latest 950kb tender visibility, but transaction depth remains thin.

Benchmark readiness: more independent bids/offers and repeat buyer disclosures required for institutional assessment.

CAWTHORNE · FORWARD DIFFERENTIAL CURVEBRENT ± USD/BBL · ILLUSTRATIVE

CCI™ differential curveIllustrative model, not executable market quotes

BENCHMARK READINESS0–100

PHYSICAL REGULARITY

PRICE TRANSPARENCY

PARTICIPANT DEPTH

HEDGE READINESS

Goal: create enough repeatable, auditable market evidence to move from modeled fair value → independent assessment → OTC settlement → exchange-grade derivative.

LATEST PHYSICAL INTELLIGENCEVERIFIED FACTS + DEMO ENRICHMENT

GRADE	WINDOW	VOLUME	BASIS	DESTINATION / BUYER	API	INTEL TYPE	CONF.
CAWTHORNE	21–22 SEP 2026	950,000 bbl	FOB	Tender · buyer pending/publicly unconfirmed	36.4°	OBSERVED	96%
CAWTHORNE	MAR–APR 2026	950,000 bbl reports	FSO Cawthorne	Source conflict: S&P reported Sikka/India; NNPC later described Apr 5 MT Eburones cargo to Netherlands as maiden export	36.4°	CONFLICT FLAG	Review
CAWTHORNE	Q4 2026	~50kb/d peak	Production	OML 18	—	INDUSTRY EST.	78%

Benchmark Lab

Design the reference prices that could become settlement infrastructure for African crude markets.

DRAFT METHODOLOGYNOT A REGULATED BENCHMARK

INDEX FAMILYOBSERVED → ASSESSED → MODELED

CCI™

CAWTHORNE

Single-grade FOB Nigeria reference

PRIMARY INPUTBids/offers/trades

ANCHORDated Brent

FALLBACKComparable-grade model

TARGET USEPhysical + swaps

NCI™

NIGERIA

Normalized export-basket reference

BASKETMajor Nigerian grades

WEIGHTINGLiquidity + volume

NORMALIZATIONQuality + freight

TARGET USENational crude pulse

WALSI™

WEST AFRICA

Light-sweet regional relative-value index

REGIONWest African exporters

FILTERLight/sweet grades

ANCHORBrent complex

TARGET USERegional hedge / arb

NCI™ · DRAFT CONSTITUENTSILLUSTRATIVE WEIGHTS

GRADE	ROLE	DEMO WT.	LIQUIDITY	QUALITY GROUP
Cawthorne	New light sweet	10%	Emerging	Light sweet
Bonny Light	Core legacy grade	25%	High	Light sweet
Qua Iboe	Core export grade	20%	High	Light sweet
Forcados	Core export grade	20%	High	Medium sweet
Nembe	Newer grade	10%	Emerging	Light sweet
Other qualifying NG grades	Diversifier	15%	Mixed	Normalized

QUALITY CONTROLINDEX GOVERNANCE

Minimum contributor count
Target ≥5 independent market participants before publishing an assessed close.

Transaction hierarchy
Verified trades > executable bids/offers > indicative quotes > model-derived fallbacks.

Conflict controls
Benchmark administration structurally separate from proprietary trading.

PATH TO TRADABILITYPRODUCT DEVELOPMENT

Physical Data

Cargoes, bids, offers, trades, assays, freight.

CCI™ Assessment

Independent daily/weekly differential to Brent.

OTC Reference

Physical contracts and bilateral swaps reference the index.

Cleared Swap

Clearing house + brokers standardize settlement.

Exchange Futures

ICE/CME evaluates liquidity, governance and commercial demand.

Cargo Intelligence

One record per cargo. Every tender, lifting, vessel, buyer, destination, price signal and confidence score.

CAWTHORNE CARGO LEDGERVERIFIED + ENRICHED

ID	LOAD	VOLUME	VESSEL / FSO	DESTINATION	COMMERCIAL	PRICE DATA	SOURCE CONF.
CAW-2609-A	21–22 Sep 2026	950kb	FSO Cawthorne	TBD	NNPC tender · FOB	Bid data sought	96%
CAW-LAUNCH-01	Mar–Apr 2026	950kb public reports	FSO / MT Eburones	India vs Netherlands	SOURCE-CONFLICT CASE: S&P Mar 30 and NNPC Apr 8 describe the launch cargo differently; terminal preserves both claims pending reconciliation	Not publicly disclosed	Needs reconciliation

CARGO RECORD SCHEMADATA MOAT

FIELD

PUBLIC

CONTRIB.

AIS

MODEL

AUDIT

VALUE

Load window

✓

—

✓

High

Volume

✓

—

✓

High

Buyer / seller

Partial

✓

—

✓

Very High

Bid / offer

Rare

✓

—

✓

Critical

Vessel / destination

Partial

—

✓

—

✓

High

Refinery netback

—

Inputs

✓

High

DATA GAP WATCH

Winning bid differentials are the single most valuable missing data point.

Repeat buyer identity needed to measure participant depth and concentration.

Full assay dataset improves refinery netback precision.

Refinery Fit Engine

Turn crude quality into refinery-specific economic value. This is where intelligence becomes commercial leverage.

DEMO REFINERY COMPATIBILITYILLUSTRATIVE — REQUIRES ASSAY + REFINERY CONFIGURATION

REGION	REFINERY ARCHETYPE	CAWTHORNE FIT	MIDDLE DISTILLATE	NAPHTHA	FREIGHT	DEMO NETBACK SCORE
NW Europe	Complex coastal	Strong	High	High	Medium	87 / 100
India West Coast	Highly complex	Strong	High	High	Higher	84 / 100
Mediterranean	Medium-complexity	Strong	High	Medium	Medium	81 / 100
US Atlantic	Light-product oriented	Moderate	Medium	High	Higher	69 / 100

NETBACK ENGINE · DRAFT

REFINERY VALUE = PRODUCT YIELD VALUE − PROCESSING COST − FREIGHT − LOSSES − QUALITY PENALTIES

FAIR FOB CAWTHORNE = MAX(REFINERY NETBACKS) − BUYER MARGIN / RISK BUFFER

The platform's moat is not merely reporting a barrel price. It estimates who should pay the most for that barrel and why, creating buyer-targeting and negotiation intelligence.

INPUTS REQUIRED

Full crude assay / distillation curve

Sulfur, TAN, metals, pour point

Refinery configuration + yields

Product cracks + freight

Flows & Buyer Intelligence

Track where Nigerian barrels go, which buyers recur, and where the next cargo has the highest probability of clearing.

BUYER PROBABILITY ENGINE · DEMONOT A CLAIM OF CURRENT ORDERS

BUYER ARCHETYPE	REGION	WHY IT FITS	PROPENSITY	DATA NEEDED
Large complex refiner	India	Flexible slate + light sweet diversification	High	Procurement cycle
Atlantic Basin refiner	Netherlands	Established West African crude intake	High	Repeat buyer identity
Mediterranean refiner	Southern Europe	Brent-linked procurement + middle distillates	Medium	Netback / freight
Trading house	Global	Arbitrage + optional destination	High	Bid/offer behavior

FLOW SIGNALS

INDIA PULL

demo score

NW EUROPE PULL

demo score

MED PULL

demo score

COMMERCIAL RELATIONSHIP GRAPH

SOURCE

OML 18 / FSO

Physical supply and loading data.

MARKETER

NNPC / Seller

Tender and commercial terms.

TRADER

Physical House

Credit, optionality, logistics.

BUYER

Refinery

Assay value and procurement.

CI LAYER

Intelligence

Observe → score → benchmark → predict.

Signals & Alerts

Convert fragmented crude information into prioritized decisions.

SIGNAL STREAM

14:21

Benchmark alert: current contributor depth would not meet proposed high-confidence publication threshold. Seek ≥2 additional independent market indications.

13:44

Cargo alert: September 21–22 950kb Cawthorne loading window remains key upcoming observable physical event.

12:08

Pricing alert: demo CCI premium is above comparable modeled Nigerian basket average.

10:52

Data alert: official 36.4° API specification verified from NNPC launch statement.

ALERT TYPES

New tender	ON
New cargo / AIS	ON
Buyer identified	ON
CCI Δ > $0.25	ON
Freight arb flip	ON
Assay update	ON

Methodology & Governance

Credibility is the product. Every published number must have a source hierarchy, audit trail and conflicts policy.

DRAFT BENCHMARK STANDARDINSPIRED BY INSTITUTIONAL PRA / IOSCO PRINCIPLES

Market Contributor Network

The benchmark becomes credible only when independent physical-market participants contribute auditable information.

TARGET CONTRIBUTOR TYPES

TYPE	WHAT THEY CONTRIBUTE	VALUE	ONBOARDING
Producer / marketer	Offers, tenders, award levels	Critical	KYC + data agreement
Physical trader	Bids/offers/trades	Critical	KYC + contributor code
Refinery	Bids, assay valuation, demand	Critical	KYC + anonymity options
Shipbroker	Freight / vessel indications	High	Data license
Inspector / lab	Quality / quantity evidence	High	Verification protocol

TARGET STATE

INDEPENDENT CONTRIBUTORS

12+

target

DAILY MARKET INPUTS

25+

target

AUDITABLE OBSERVATIONS

90%

target

Data API & Institutional Products

Turn the intelligence moat into subscription, API and benchmark-licensing revenue.

PRODUCT LAYERS

PRODUCT	USER	DATA	COMMERCIAL MODEL
CI Terminal	Traders / refiners / banks	Full interactive intelligence	Annual seat subscription
CI Data Feed	Quants / trading systems	Prices, cargoes, flows, signals	API license
CCI™ Reference	Physical contracts / OTC	Assessment + history	Benchmark license
NCI™	Banks / sovereign / research	Nigerian basket analytics	Enterprise license
WALSI™	Global crude desks	West Africa relative value	Enterprise + derivative license

EXAMPLE API

GET /v1/benchmarks/cci/latest

GET /v1/cargoes?grade=CAWTHORNE

GET /v1/refinery-netbacks?grade=CAWTHORNE

GET /v1/signals/walsi

Prototype endpoints only.

REVENUE ARCHITECTURE · ILLUSTRATIVE

TERMINAL SEATS

$15K–$50K

annual target range / seat

ENTERPRISE API

$50K+

annual target

DATA / RESEARCH

Custom

institutional packages

BENCHMARK LICENSE

Negotiated

physical / derivatives

DATA INGESTION ARCHITECTUREWHAT MAKES THE TERMINAL SMART

Physical Market

Tenders, bids, offers, trades, lifting programs, assays.

Movement Data

AIS, vessel fixtures, freight, ports, destinations, storage.

Market Data

Brent complex, cracks, FX, rates, refinery outages, geopolitics.

CI Normalization

Entity resolution, confidence scoring, audit trail, quality controls.

Intelligence

CCI/NCI/WALSI, netbacks, buyer scores, alerts, forecasts, API.