Document ID: chunk:federal_register_of_legislation:C2014C00672:clause:7_151
Version: federal_register_of_legislation:C2014C00672
Segment Type: clause
Provision Reference: sch 7 cl 151
Character Range: 126773–127981

151  Subclause 10(4) of Schedule 2
Repeal the subclause, substitute:
 (4) Despite subclause (1), something cannot become a starting base asset relating to an interest in a petroleum project that relates to a particular production licence if:
 (a) the production licence is derived from a particular retention lease or exploration permit; and
 (b) the thing has already become a starting base asset relating to an interest in another petroleum project; and
 (c) the production licence to which the other project relates:
 (i) came into force between 2 May 2010 and 30 June 2012; and
 (ii) is derived from that retention lease or exploration permit.
 (4A) Despite subclause (1), something cannot become a starting base asset relating to an interest in a petroleum project that relates to a particular production licence if:
 (a) the production licence is derived from a particular exploration permit; and
 (b) a retention lease that is related to the exploration permit came into force between 2 May 2010 and 30 June 2012; and
 (c) the production licence is not derived from the retention lease.
Note: For the relationship between production licences, exploration permits and retention leases, see section 4.