Paragraph 3 I1

(1)

Section 337 (initial licensee to hold a field allowance) is amended as follows.

(2)

In subsection (1)—

(a)

for “an initial licensee in a new oil field” substitute “ a licensee in an additionally-developed oil field or a new oil field (an “eligible oil field”) on the authorisation day ”, and

(b)

at the end insert “ (and accordingly may hold more than one field allowance for the field at the same time) ”.

(3)

In subsection (2), omit “initial”.

(4)

The heading of that section becomes “ Licensee to hold field allowance ”.

Annotations

Commencement

I1: Sch. 22 para. 3 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2