(1)  The Treasurer shall, not later than the last day of each month of the year, pay to the Commonwealth amounts ascertained in accordance with the formula –

where –

A is the amount of royalty payable under this Act, together with the amount, if any, payable under this Act by reason of late payment of that royalty, by a permittee, lessee, or licensee in respect of petroleum recovered in the adjacent area under the permit, lease, or licence and received by the Minister during the preceding month; and

B is the percentage rate at which royalty is payable under this Act by the permittee, lessee, or licensee in respect of that petroleum.

(2)  Amounts required to be paid under subsection (1) are a charge on the Public Account.