40Grant anniversary date occurring during period in which petroleum title is automatically extended

40 Grant anniversary date occurring during period in which petroleum title is automatically extended

40 Grant anniversary date occurring during period in which petroleum title is automatically extended

(Former clause 22F of 2007 Reg)

(1) The amount of the annual rental fee payable under Part 7A of the Act in respect of a grant anniversary date that occurs during a period in which a petroleum title is taken to continue in force under section 20 of the Act is to be reassessed if the Minister finally disposes of an application for renewal of the petroleum title by refusing it.

(2) In such a case, the annual rental fee payable in respect of the most recent grant anniversary date to have occurred is taken to be the relevant proportion of the annual rental fee that, but for this clause, would be payable.

(3) The relevant proportion is the proportion that the number of days in the period from (and including) that most recent grant anniversary date to (but not including) the date the application is refused bears to 366 days.

(4) A refund is to be provided, as necessary, in accordance with the reassessment.