Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p7
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 15569–18137

is a qualifying interest in relation to a
cash bidding exploration permit (within the meaning of section
122BA); and
    (ii) immediately before the disposal, the transferor had an
entitlement to an eligible cash bidding amount (within the
meaning of that section) in relation to that permit;
the following were the case:
    (iii) an agreement under section 122BA in respect of the
acquisition of the property had been made by the transferor and
the transferee; and
    (iv) the amount specified in the agreement were equal to
the whole of the transferor's entitlement to the eligible cash
bidding amount; and".
7. Paragraphs 124ABA(5)(a) and (b):
Omit the paragraphs, substitute:
  "(a) a production licence is related to an exploration permit
if:
    (i) because of the grant of the production licence, the
exploration permit ceases to be in force in respect of:
      (A) in the case of a production licence under Part III of
the Petroleum Act - the block or blocks in respect of which the
production licence is granted; or
      (B) in any other case - the whole or part of the area in
respect of which the production licence is granted; or
    (ii) because of the grant of the production licence, a
retention lease that is related to the exploration permit
ceases to be in force in respect of:
      (A) in the case of a production licence under Part III of
the Petroleum Act - a block or blocks in respect of which a
production licence is granted; or
      (B) in any other case - the whole or part of the area in
respect of which the production licence is granted;
  (b) a retention lease is related to an exploration permit if,
because of the grant of the retention lease, the exploration
permit ceases to be in force in respect of:
    (i) in the case of a retention lease under Part III of the
Petroleum Act - the block or blocks in respect of which the
retention lease is granted; or
    (ii) in any other case - the whole or part of the area in
respect of which the retention lease is granted;".
8. Paragraph 124ABA(5)(c):
After "blocks", insert "or other area".
9. Subsection 124ABA(6) (definition of "licence cash bidding
payment"):
Add at the end:
  "; or (c) an amount paid for the grant of a production
licence (other than one granted under Part III of the Petroleum
Act), if:
    (i) the licence was auctioned or tendered for, or was
granted to a person who responded to a public invitation to
apply for it within a specified period or by a specified day;
and
    (ii) the amount is not an application fee or a deposit,
except to the extent that the