7Rate of royalty—petroleum exploration permit

7 Rate of royalty—petroleum exploration permit

(1) The rate of royalty on petroleum recovered under a petroleum exploration permit is 10% of the value at the wellhead of the petroleum. Royalty at the prescribed rate (2) A reference in a petroleum exploration permit (whether granted before or after the commencement of this subsection) to: (a) royalty at the prescribed rate; or (b) royalty at the rate that is for the time being the prescribed rate; is to be read as a reference to royalty at the rate that is or was the rate of royalty applicable in accordance with the provisions of this Act, as in force from time to time.