340Petroleum retention lease fee

340 Petroleum retention lease fee

For the purposes of section 685(1) of the Act, the fee for a petroleum retention lease for a year of the term of the lease is—

(a) in the case of a fee for a year beginning before 1 July 2025, 1797 fee units for each block to which the lease relates at the beginning of the year; or

(b) in the case of a fee for a year beginning on or after 1 July 2025, 2393 fee units for each block to which the lease relates at the beginning of the year.

Reg. 341 substituted by S.R. No. 65/2024 reg. 7.