(1)Where royalties are received by the Ministry in respect of a petroleum well or where the Ministry makes any profit from working a petroleum well and the appointed area of that well contains land under which there is situate petroleum which vested in the Ministry under section 6 of, and Schedule 1 to, the Act of 1959, the Ministry shall pay to the former vendors of that land such proportion of one-quarter of those royalties or profits as the area of that land bears to the appointed area and such payment shall be in lieu of, and shall operate to discharge all liability of the Ministry on foot of, the percentage required by section 13(3) of the Irish Land Act 1903 [1903 c.37] to be paid to the former vendors in respect of that petroleum.
(2)In this section “former vendors” in relation to any land means the persons for the time being entitled under section 13(3) of the Irish Land Act 1903 to receive in respect of petroleum underlying that land the percentage provided for in that subsection.
(3)In section 8(4) of the Act of 1959 the words from “and upon registration” to the end of the subsection shall be deemed not to have effect in relation to petroleum.