Nothing in this Act affects the validity of the licence granted on 26th March 1923 under the [1918 c. 52.] Petroleum (Production) Act 1918 to the Duke of Devonshire relating to an area near Hardstoft in the county of Derbyshire.

Without prejudice to the generality of paragraph 1(2), that licence shall, if in force immediately before the commencement of this Act, have effect as if granted under this Act.

So long as that licence remains in force, section 2 shall not apply to petroleum which at the commencement of the Petroleum (Production) Act 1934 might lawfully be got under that licence.