Transitional

(1) Subject to subparagraph (2) below the Petroleum (Production) Oil Mining Regulations are hereby revoked. (2) Notwithstanding subparagraph (1) above where any person holds any licence granted or renewed under the Petroleum (Production) Act 1937 to the extent that there is an inconsistency between the provisions of the Petroleum (Production) Oil Mining Regulations and these Regulations, the provisions of the Petroleum (Production) Oil Mining Regulations shall prevail. 37 Petroleum MADE by the Minister of Natural Resources this 18th August, 1992. (HON.FLORENCIO MARIN) Minister of Natural Resources (Minister responsible for Petroleum Affairs) 38 Petroleum SCHEDULE [Regulations 29 and 30] FEES AND SURFACE RENTALS 1. Fees for inspection of the Register US$ - for general research and examination of the Register 5.00 - for the supply of a copy of an entry on the Register 10.00 2. Surface rental- - annual surface rentals for a contract area during the exploration period, per acreYears 1 and 2 $0.10 Years 3 and 4 0.15 Years 5 and 6 0.20 Years 7 and 8 0.40 - annual surface rentals for the surface area of a field, per acre$5.00 3. Administrative feesapplication fee $100.00 annual administration fee $10,000.00 39 Petroleum PART II Royalty or Production Payment 1. Crude OilAt a rate of not less than 7.5% (seven and one-half percent) of the wellhead value 2. Natural GasAt a rate of not less than 5% (five percent) of the wellhead value Note: “Wellhead value” for the purpose of this Part means the net realized price received by a contractor at the point of export or other agreed delivery point from the sale or other disposition of crude oil or natural gas, as the case may be, less such costs as the Minister may reasonably allow in respect of handling and transportation from wellhead to such point of export of other agreed point of delivery.