1Petroleum Search Subsidy Regulations

Statutory Rules 1964, No. 119.(b)

Image unavailable in extracted textImage unavailable in extracted textCitation.

1. These Regulations may be cited as the Petroleum Search Subsidy Regulations.

Repeal.

2. The Petroleum Search Subsidy Regulations (comprising Statutory Rules 1961, No. 140 and Statutory Rules 1964, No. 63) are repealed.

Definition.

3. In these Regulations, “the Act” means the Petroleum Search Subsidy Act 1959-1964.

Prescribed part of costs of prescribed operations.

4. For the purposes of section 9 of the Act—

(a) a class of operations specified in column 1 of the table in the First Schedule to these Regulations is a prescribed class of operations; and

(b) the part specified in column 2 of that table opposite to a prescribed class of operations in column 1 is prescribed in relation to that class.

Prescribed scales of rates of subsidy on footage basis.

5. For the purposes of section 9a of the Act—

(a) the scale of rates set out in the Second Schedule to these Regulations is the prescribed scale with respect to stratigraphic drilling; and

(b) the scale of rates set out in the Third Schedule to these Regulations is the prescribed scale with respect to test drilling.

Manner of application of the Second and Third Schedules.

6.—(1.) The amounts set out in the Second and Third Schedules to these Regulations under the heading “Drilled” are applicable in relation to a method of drilling not involving the extraction of a core, and the amounts set out in those Schedules under the heading “Drilled and Cored” are applicable in relation to a method of drilling involving the extraction of a core.

(2.) Each amount set out in the Second and Third Schedules to these Regulations is the amount of subsidy per foot that is applicable to so much of the footage of a hole in relation to which the relevant Schedule applies as—

(a) has been drilled by a method in relation to which that amount is applicable; and

(b) is included in the portion of the hole that commences at the depth specified in the first column of the relevant Schedule opposite to that amount and extends—

(i) to the depth specified in the second column of the relevant Schedule opposite to that amount; or

Image unavailable in extracted text(ii) where the depth of the hole is less than the depth so specified in that second column, or where no depth is so specified in that second column—to the depth to which the hole has been drilled.