This Part applies to a company in respect of a new oil field and an accounting period if the following conditions are met.

Condition A is that the company is a licensee in the field for the whole, or for part, of the accounting period.

Condition B is that the company’s share of the equity in the field is different at different times during the accounting period.

Condition C is that the company holds an unactivated amount of field allowance for the field at any time during the accounting period.

Condition D is that the company has relevant income from the field in the accounting period.

In a case where a company has three or more different shares of the equity in a new oil field during a particular day, this Part (in particular provisions relating to the beginning or end of a day) has effect subject to the necessary modifications.