5(1)A company that is an initial licensee in a new oil field is to hold a field allowance for that field as from the beginning of the authorisation day.U.K.
(2)The amount of the field allowance which the licensee is to hold at that time is—
where—
T is the amount of the total field allowance for the field (see paragraph 24), and
S is the share of the equity in the field which the initial licensee has at the beginning of the authorisation day.