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The Petroleum (Production) (Landward Areas) Regulations 1995
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Term of Licence
3. This petroleum exploration and development licence unless sooner determined under any of the provisions hereof shall be and continue in force for the term of six years next after (hereinafter called “the initial term”); but if the terms and conditions of this licence are duly performed and observed and, in particular, if the work programme described in Schedule 4 to this licence has been duly performed, it may be continued for a further term of five years and, if the terms and conditions of this licence continue to be duly performed and observed, thereafter as provided by clause 5 (and subject to the provisions of clause 6 of this licence) for a further maximum period of twenty years.
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