SCHEDULE 1U.K.MODEL CLAUSES FOR EXPLORATION LICENCES

Payment of consideration for licenceU.K.

6.—(1) The Licensee shall pay to the Minister during the term of this licence the consideration for the grant of this licence specified in Schedule 1 to this licence at the times and in the manner so specified.

(2) The Licensee shall not by reason of determination of this licence or of any reduction in the Exploration Area be entitled to be repaid or allowed any part of any sum payable to the Minister pursuant to this licence.

Commencement Information

I1Sch. 1 clause 6 in force at 5.3.2004, see reg. 1