PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987

PART II - INTERPRETATION  

SECTION 4   RELATIONSHIP BETWEEN LICENCES, PERMITS AND LEASES ETC.  

4(1)  
For the purposes of this Act:


(a) a production licence shall be taken to be related to an exploration permit if:


(i) because of the grant of the production licence, the exploration permit ceased to be in force in respect of the block or blocks in respect of which the production licence was granted; or

(ii) because of the grant of the production licence, a retention lease that was related to the exploration permit ceased to be in force in respect of the block or blocks in respect of which the production licence was granted;


(b) a retention lease shall be taken to be related to an exploration permit if, because of the grant of the retention lease, the exploration permit ceased to be in force in respect of the block or blocks in respect of which the retention lease was granted;


(c) a production licence shall be taken to be related to a retention lease if, because of the grant of the production licence, the retention lease ceased to be in force in respect of the block or blocks in respect of which the production licence was granted; and


(d) where an exploration permit, retention lease or production licence (which permit, lease or licence is in this paragraph referred to as the original authority ) is or was renewed, the renewed permit, lease or licence shall be taken to be a continuation of the original authority notwithstanding that the renewal may not have been granted in respect of all of the blocks in respect of which the original authority was granted.

4(2)  
For the purposes of this Act:


(a) a production licence is derived from an exploration permit if the licence is related to the permit because of subparagraph (1)(a)(i); and


(b) a production licence is derived from a retention lease if the licence is related to the lease.




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