OT14010 | PRT: non-field expenditure: exploration and appraisal expenditure: licence payments

OTA75\S5A(2)(d)

A payment (other than a royalty or other periodic payment) made to the Secretary of State under, or for the purpose of obtaining a licence, is allowable only if at the time of the claim

• the licence has expired or has been determined or revoked, OTA75\S5A(3)(a)

• or part of the licensed area has been surrendered, OTA75\S5A(3)(b).

In the latter instance only such proportion of the expenditure is allowable as corresponds to the area surrendered.