References to initial term, second and subsequent terms (Schedule 1)
39 References to initial term, second and subsequent terms (Schedule 1)
(Former clause 22D of 2007 Reg)
In Schedule 1, a reference to the initial term of a petroleum title is a reference to the initial term for which the petroleum title is granted.
The initial term of a petroleum title does not include any period starting when the title, as granted, would have expired, but for section 20 of the Act, and during which the title continues in force under that section.
In Schedule 1, a reference to the second term of a petroleum title is a reference to—
any part of the term of the petroleum title that starts when the initial term ends and during which the title continues in force under section 20 of the Act, and
the term (if any) for which the title is first renewed.
The second term of a petroleum title does not include the period starting when the title, as renewed, would have expired, but for section 20 of the Act, and during which the title continues in force under that section.
In Schedule 1, a reference to a subsequent term of a petroleum title is a reference to—
any part of the term of the petroleum title that starts when the previous term ends and during which the title continues in force under section 20 of the Act, and
the term (if any) for which the title is subsequently renewed.
A subsequent term of a petroleum title does not include the period starting when the title, as renewed, would have expired, but for section 20 of the Act, and during which the title continues in force under that section.
A term of a petroleum title is after another term, for the purposes of Schedule 1, if it starts when, or at any time after, the other term ends.
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