Document ID: chunk:federal_register_of_legislation:C2011C00549:clause:3_25:p2
Version: federal_register_of_legislation:C2011C00549
Segment Type: clause
Provision Reference: sch 3 cl 25 (pt 2/3)
Character Range: 45820–48499

the exploration permit area of the prior exploration permit, where the exploration or recovery occurred:
 (iii) before the prior retention lease came into force; and
 (iv) if, before the prior retention lease came into force, there came into force one or more other production licences, or one or more other retention leases, derived from the prior exploration permit—after whichever of those other retention leases or other production licences last came into force before the prior retention lease came into force; and
 (d) exploration for petroleum in, or recovery of petroleum from, the production licence area of the production licence, or the production licence areas of the production licences, in respect of the project.

 (7) If:
 (a) paragraph (6)(c) applies to a post‑30 June 2008 petroleum project; and
 (b) the prior retention lease mentioned in that paragraph is one of a set of 2 or more retention leases that:
 (i) came into force at the same time; and
 (ii) were derived from the prior exploration permit mentioned in that paragraph; and
 (c) the production licence, or the production licences, in relation to one or more other post‑30 June 2008 petroleum projects were derived from one or more of the retention leases included in the set mentioned in paragraph (b) of this subsection; and
 (d) exploration expenditure incurred in relation to the petroleum project mentioned in paragraph (a) of this subsection is attributable to exploration for petroleum in, or recovery of petroleum from, the exploration permit area of the prior exploration permit;
then, for the purposes of the application of this Act to the petroleum project mentioned in paragraph (a) of this subsection, the amount of the exploration expenditure mentioned in paragraph (d) of this subsection is taken to be the amount worked out using the following formula:
where:

number of retention leases relating to the petroleum project mentioned in paragraph (a) of this subsection means the number of retention leases:
 (a) from which the production licence, or the production licences, in relation to the petroleum project mentioned in paragraph (a) of this subsection were derived; and
 (b) that are included in the set mentioned in paragraph (b) of this subsection.

total number of retention leases means the number of retention leases that are included in the set mentioned in paragraph (b) of this subsection.

unadjusted amount of exploration expenditure means the amount that, apart from this subsection, is the amount of the exploration expenditure mentioned in paragraph (d) of this subsection.

Part 3—Processing of internal petroleum

Petroleum Resource Rent Tax Assessment Act 1987