- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (05/03/2009)
- Gwreiddiol (a wnaed Fel)
The Petroleum Licensing (Production) (Seaward Areas) Regulations 2008
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Rhagor o Adnoddau
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Point in time view as at 05/03/2009.
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Option to continue licence into a Second TermU.K.
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adran has no associated
Memorandwm Esboniadol
6.—(1) At any time not later than one month before the expiry of the Initial Term the Licensee may—
(a)subject to payment of the sums specified in Schedule 2 and to performance of the terms and conditions contained in this licence including, without limitation, those conditions set out in paragraph (3) of this clause; and
(b)conditional upon due performance by the Licensee of the Work Programme before the expiry of the Initial Term,
give notice in writing to the Minister in the manner hereinafter provided that he desires this licence to continue in force in relation to part of the Licensed Area (“the Continuing Part”).
(2) Where the Licensee gives notice to the Minister in accordance with paragraph (1) of this clause such notice must indicate that he will determine this licence in relation to such part of the Licensed Area as shall be described by the Licensee in the notice (“the Surrendered Part”) in accordance with the requirements of paragraph (3) of this clause.
(3) Subject to paragraph (4) of this clause, the Surrendered Part must consist in an area which, when taken together with any one or more areas previously surrendered, is no less than the Mandatory Surrender Area.
(4) The Licensee shall not be obliged to surrender so much of the Licensed Area that following such surrender the Licensed Area comprises less than thirty Sections.
(5) Any notice served in accordance with paragraph (1) of this clause shall specify a date not later than the expiry of the Initial Term on which the Surrendered Part is to be surrendered.
(6) This licence shall upon the option conferred by this clause being duly exercised but subject to the provisions of clause 3 of this licence continue in respect of the Continuing Part for the Second Term.
Commencement Information
I1Sch. clause 6 in force at 6.4.2008, see reg. 1(1)
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