PETROLEUM ACT 1998 - SECT 159 Penalty for late payment

PETROLEUM ACT 1998 - SECT 159

    (1)     If an amount of royalty payable under this Act is not paid by the date it is due, an additional amount of one-third of 1% of that amount is payable for each day that the amount remains unpaid.

    (2)     The additional amount accrues from the day after the due date for the payment of the royalty.