56Annual fees for exploration permit, retention lease or production licence

56 Annual fees for exploration permit, retention lease or production licence

(1) The annual fee for an exploration permit is—

(a) in the case of an exploration permit granted before 1 July 2025, 2094 fee units; or

(b) in the case of an exploration permit granted on or after 1 July 2025, 2789 fee units.

(2) The annual fee for a retention lease is—

(a) in the case of a retention lease granted before 1 July 2025, 2932 fee units; or

(b) in the case of a retention lease granted on or after 1 July 2025, 3905 fee units.

(3) The annual fee for a production licence is—

(a) in the case of a production licence granted before 1 July 2025, 2932 fee units; or

(b) in the case of a production licence granted on or after 1 July 2025, 3905 fee units.

(4) The annual fee payable in respect of the first year after the grant of an exploration permit, retention lease or production licence must be paid within 7 days after the permit, lease or licence is granted.

Example

For an exploration permit granted on 1 August 2025—

(a) the annual fee for the first year must be paid on or before 8 August 2025; and

(b) the period for which the first annual fee applies is 1 August 2025 to 31 July 2026.

(5) The annual fee payable in respect of the second year and each subsequent year of an exploration permit, retention lease or production licence must be paid before the anniversary of the grant of the permit, lease or licence.

Example

For an exploration permit granted on 1 August 2025, the annual fee for the second year and each subsequent year must be paid before 1 August of that year.

Reg. 57 substituted by S.R. No. 64/2024 reg. 4.