Paragraph 6 Payment of consideration for licence

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.5, model clause 12(3) substituted by Petroleum (Production) (Seaward Areas) 1995 reg.9(2)
Sch.5, model clause 13(4) added by Petroleum (Production) (Seaward Areas) 1995 reg.9(3)
Sch.5, model clause 15(iv) substituted by Petroleum (Production) (Seaward Areas) 1995 reg.9(4)
Sch.5, model clause 21(2)(f) substituted by Petroleum (Production) (Seaward Areas) 1995 reg.9(5)
Sch. 5 incorporated in part (with modifications) (temp.) by Petroleum Act 1998 s. 5 Sch. 1 para. 18-24
Schs.4, 5 amended by Offshore Safety Act 1992 s. 3(1)(e)

(1)

The Licensee shall pay to the Minister during the term of this licence the consideration for the grant of this licence specified in Schedule 1 to this licence at the times and in the manner so specified.

(2)

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 Minister pursuant to this licence.