Yn ddilys o 28/07/2000
[F1837B Meaning of “oil and gas exploration and appraisal”.U.K.
(1)References in the Tax Acts to “oil and gas exploration and appraisal” are to activities carried out for the purpose of—
(a)searching for petroleum anywhere in an area, or
(b)ascertaining—
(i)the extent or characteristics of any petroleum-bearing area, or
(ii)what the reserves of petroleum of any such area are,
so that it may be determined whether the petroleum is suitable for commercial exploitation.
(2)For this purpose “petroleum” has the meaning given in section 1 of the M1Petroleum Act 1998.]
Textual Amendments
F1S. 837B inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 19 para. 2
Marginal Citations