(1)The Ministry may grant to such persons as it thinks fit licences to search and bore for and get petroleum.
(2)Any such licence may be granted for such consideration, [F1 if any,] by way of royalties calculated in such manner, together with such other payments, if any, as the Ministry with the consent of the Ministry of Finance may prescribe and upon such other terms and conditions as the Ministry may specify in the licence, including conditions requiring the licensee to pay compensation to persons suffering any damage or injury resulting from or arising out of the exercise of any right authorised by the licence or of any ancillary right which the licensee is authorised to exercise by virtue of section 3 and conditions guaranteeing or securing the payment of such compensation.
(3)Notwithstanding anything in the Interpretation Act (Northern Ireland) 1954 [1954 c.33] a licence granted before the commencement of this Act by the Ministry under the Petroleum (Production) Act 1918 [1918 c.52] (in this Act called the “Act of 1918” ) shall not operate as a licence granted under this section but where the Ministry is satisfied that the licensee named in any such first-mentioned licence has duly complied with all the terms and conditions thereof, the Ministry may give reasonable preference to such licensee when granting licences under this Act in respect of any area for the time being included in the first-mentioned licence.
(4)Section 5 of the Stormont Regulation and Government Property Act (Northern Ireland) 1933 [1933 c.6] shall not apply to licences granted by the Ministry under this section.
(5)The Ministry shall as soon as may be after granting a licence under this section publish notice of such grant in the Belfast Gazette specifying the name of the licensee and the locality of the area in respect of which the licence was granted.