Commonwealth Numbered Acts

PETROLEUM (SUBMERGED LANDS) AMENDMENT ACT 1980 No. 80, 1980 - SECT 24

24. Section 57 of the Principal Act is amended:

(a) by inserting in sub-sections (1) and (2) "or from" after "petroleum in"
(wherever occurring);

(b) by inserting in sub-section (2) "or in relation to" after "carry out in";

(c) by inserting in sub-section (3) "or in relation to" after "carry out in"
and after "carried out by the licensee in"; and

   (d)  by omitting sub-section (5) and substituting the following
        sub-section:



"(5) For the purposes of this section-

   (a)  the quantity of any petroleum recovered by a licensee from a well
        during a year shall be ascertained in accordance with section 10 of
        the Royalty Act; and

   (b)  the value of any petroleum is the value at the well-head of that
        petroleum ascertained in accordance with the Royalty Act.".