s 31
In forceGeothermal, GHG and petroleum leases
Chapter 2Valuations
Part 2Valuation methodologies
Division 4Provisions for particular types of land or resources
Subdivision 1Leases under resource Acts
31 Geothermal, GHG and petroleum leases
(1)
The value of land in the area of a geothermal lease, GHG lease or petroleum lease is the lesser of the following—
(a)
the value of the surface area of the land;
(b)
6 times the yearly rent payable for the lease.
(2)
In this section—
yearly rent, for the lease, is the annual rent under the Act under which the lease is granted on the valuation day.
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