The Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) Regulations 1987

Transaction base date

8.—(1) Subject to paragraph (2) below, the transaction base date for a proposed sale shall be the earlier of—

(a) the date on which there is an agreed price at which any oil which is to be delivered pursuant to the contract of sale will be sold, and

(b) the date, if any, on which there is an agreed formula under which, in accordance with the contract, the price for that oil is to be determined.

(2) If the date referred to in paragraph (1)(b) above is the earlier and that date is earlier than the first day of the month immediately preceding the proposed delivery month, the transaction base date shall be the earliest of—

(a) that first day;

(b) the date on which any invariable factor in an agreed formula is itself agreed where that factor is expressed as a price per barrel of an amount greater than 2 dollars in the currency of the United States of America;

(c) the last business day before the first day of any period referred to in an agreed formula for any purpose connected with the determination, in accordance with the formula, of the price at which the oil is to be sold; and

(d) the date referred to in paragraph (1)(a) above.