PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 156 Civil penalty for nonpayment of annual rent
PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 156
Civil penalty for nonpayment of annual rent156 Civil penalty for nonpayment of annual rent
(1) If a petroleum lease holder does not pay the annual rent as required under section 155 , the holder must also pay the State a civil penalty.
(2) The amount of the penalty is 15% of the rent.
(3) The penalty—(a) must be paid on the day after the last day for payment of the rent; and(b) is still payable even if the holder later pays the rent.