Common use of ROYALTY RETURN Clause in Contracts

ROYALTY RETURN. (a) The Lessee shall, within three months after the expiration of a royalty year or such longer period as the Minister in writing allows, deliver to the Minister or to such other person as the Minister may direct a detailed statement relating to the production unit, containing or indicating — (i) the name and description of the production unit; (ii) the name and address, of each Lessee in respect of the production unit; (iii) the quantity of a petroleum commodity sold or removed without sale from the production unit during the royalty year; (iv) the name and address of the refinery or person to which a petroleum commodity recovered was sent; (v) the name and address of any person with an interest in the production unit; (vi) the value and the basis of valuation of a petroleum commodity sold or removed without sale from the production unit; (vii) details of all sales or shipments of a petroleum commodity from the production unit; (viii) details of all contracts and sale or exchange agreements relating to a petroleum commodity obtained from the production unit; and (ix) such other relevant information as the Minister requires. (b) A statement referred to in paragraph (a) of this subclause 2(5) shall, in addition to the matters required under that paragraph to be contained or indicated, contain — (i) details of all expenditure claimed as eligible deductions in calculating nett value; (ii) by way of summary, a calculation of nett value; (iii) by way of summary, a calculation of accumulated nett value; and (iv) an estimate of the royalty payable. (c) The statement required under paragraph (a) of this subclause 2(5) shall — (i) be in an approved form and signed by the Lessee or a person given full representative authority by the Lessee; and (ii) be supported by statutory declaration given by a duly authorised officer of the Lessee and accompanied by written advice by an auditor approved by the Minister certifying that in his opinion, the statement has been correctly completed in accordance with the provisions of this lease, and expressing an opinion, on grounds to be stated by him, as to whether all expenditures have been reasonably and properly paid for the purposes mentioned in this lease, and stating all interpretations of the provisions of this lease by the Lessee that materially affect the amount of royalty payable. (d) If a statement is delivered after the date provided in paragraph (a) of this subclause 2(5), the Lessee shall be liable to pay an amount of royalty additional to that specified in a notice of assessment under subclause 2(15) with such additional amount to be calculated by applying an annual rate of interest equal to the accumulation rate to the amount specified in such notice as being the balance of royalty due to the State for the period for which the statement is overdue. (e) The provisions of paragraphs (g) and (gb) of clause 21 of the ▇▇▇▇▇▇ Island Lease shall not apply to any dispute arising out of the exercise of any discretion, whether express or implied, conferred upon the Minister pursuant to this subclause 2(5), but this paragraph shall not limit the other rights and remedies of the parties.

ROYALTY RETURN. (a) The Lessee shall, within three months after the expiration of a royalty year or such longer period as the Minister in writing allows, deliver to the Minister or to such other person as the Minister may direct a detailed statement relating to the production unit, containing or indicating — (i) the name and description of the production unit; (ii) the name and address, of each Lessee in respect of the production unit; (iii) the quantity of a petroleum commodity sold or removed without sale from the production unit during the royalty year; (iv) the name and address of the refinery or person to which a petroleum commodity recovered was sent;; page 22 Compare 03 Jan 2003 [01-a0-05] / 21 Dec 2007 [01-b0-02] (v) the name and address of any person with an interest in the production unit; (vi) the value and the basis of valuation of a petroleum commodity sold or removed without sale from the production unit; (vii) details of all sales or shipments of a petroleum commodity from the production unit; (viii) details of all contracts and sale or exchange agreements relating to a petroleum commodity obtained from the production unit; and (ix) such other relevant information as the Minister requires. (b) A statement referred to in paragraph (a) of this subclause 2(5) shall, in addition to the matters required under that paragraph to be contained or indicated, contain — (i) details of all expenditure claimed as eligible deductions in calculating nett value; (ii) by way of summary, a calculation of nett value; (iii) by way of summary, a calculation of accumulated nett value; and (iv) an estimate of the royalty payable. (c) The statement required under paragraph (a) of this subclause 2(5) shall — (i) be in an approved form and signed by the Lessee or a person given full representative authority by the Lessee; and (ii) be supported by statutory declaration given by a duly authorised officer of the Lessee and accompanied by written advice by an auditor approved by the Minister certifying that in his opinion, the statement has been correctly completed in accordance with the provisions of this lease, and expressing an opinion, on grounds to be stated by him, as to whether all expenditures have been reasonably and properly paid for the purposes mentioned in this lease, and stating all interpretations of the provisions of this lease by the Lessee that materially affect the amount of royalty payable. (d) If a statement is delivered after the date provided in paragraph (a) of this subclause 2(5), the Lessee shall be liable to pay an amount of royalty additional to that specified in a notice of assessment under subclause 2(15) with such additional amount to be calculated by applying an annual rate of interest equal to the accumulation rate to the amount specified in such notice as being the balance of royalty due to the State for the period for which the statement is overdue. (e) The provisions of paragraphs (g) and (gb) of clause Compare 03 Jan 2003 [01-a0-05] / 21 of the ▇▇▇▇▇▇ Island Lease shall not apply to any dispute arising out of the exercise of any discretion, whether express or implied, conferred upon the Minister pursuant to this subclause 2(5), but this paragraph shall not limit the other rights and remedies of the parties.Dec 2007 [01-b0-02] page 23