149Penalty for late payment

149 Penalty for late payment (1) Where a fee or an amount of royalty under this Act is not paid under this Division at or before the time when the fee or the amount of royalty is payable there is payable to the Minister by the permittee, lessee, licensee or pipeline licensee an additional amount calculated at the rate of one-third of 1% per day on the amount of the fee or royalty from time to time remaining unpaid to be computed from the time when the amount became payable until it is paid. (2) An additional amount in respect of royalty is not payable under subsection (1) or section 149B(2)(a) in respect of any period before the expiration of 7 days after the value of the petroleum was agreed or determined under section 146.