11Payment of royalty

11 Payment of royalty

(1) Royalty under this Act in respect of petroleum recovered during a royalty period is payable not later than the last day of the next succeeding royalty period. (2) Where an amount of royalty under this Act is not paid as provided by the last preceding subsection, there is payable to the Commonwealth by the permittee, the lessee or licensee an additional amount calculated at the rate of one‑third of one per centum per day upon the amount of royalty from time to time remaining unpaid, to be computed from the time when the royalty became payable until it is paid. (3) An additional amount is not payable under subsection (2) or paragraph 11B(2)(a) in respect of any period before the expiration of seven days after the value of the petroleum was agreed or determined under section 9 of this Act.