Paragraph 7 Payment of consideration for licenceI1

United Kingdom

(1)

The Licensee shall pay to the F1OGA during the term of this licence, and in accordance with paragraph (2), consideration for the grant of the rights mentioned in clause 2(1).

(2)

That consideration is to be paid—

(a)

in the amounts specified in Schedule 3; and

(b)

at the times and in the manner so specified.

(3)

The Licensee shall not by reason of determination of this licence or of any reduction in the Exploration Area be entitled to be repaid or allowed any part of any sum payable to the OGA pursuant to this licence.

Annotations

Textual amendments

F1: Word in Sch. substituted (1.10.2016) by The Energy (Transfer of Functions, Consequential Amendments and Revocation) Regulations 2016 (S.I. 2016/912), regs. 1(1), 15(11)

Commencement

I1: Sch. clause 7 in force at 13.11.2009, see reg. 1