Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_13
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 13
Character Range: 70998–72031

13  The market value of a starting base asset
 (1) If, under Part 2, the market value approach is the valuation approach for an interest in an onshore petroleum project or the North West Shelf project, the market value of a starting base asset relating to the interest is the market value of the asset on 1 May 2010.
 (2) However, if the asset is a right or interest constituting the interest in the project, in working out its market value for the purposes of this section, disregard any liability of the person to make any payments, of a kind known as private override royalty payments, relating to:
 (a) petroleum recovered from:
 (i) the production licence area in relation to the project; or
 (ii) an exploration permit area for an exploration permit from which the production licence to which the project relates is derived; or
 (iii) a retention lease area for a retention lease from which the production licence to which the project relates is derived; or
 (b) marketable petroleum commodities produced from such petroleum.