Part 16

Income Tax Acts definitions etc
Chapter 1

Definitions

Meaning of “oil and gas exploration and appraisal”
1003
1
In the Income Tax Acts “oil and gas exploration and appraisal” means activities carried out for the purpose of—
a
searching for petroleum anywhere in an area,
b
ascertaining a petroleum-bearing area's extent or characteristics, or
c
ascertaining its reserves of petroleum,
so that it may be determined whether the petroleum is suitable for commercial exploitation.
2
In this section “petroleum” has the meaning given by section 1 of the Petroleum Act 1998 (c. 17).