Capital Allowances: Research and Development Allowances: Meaning of oil & gas exploration and appraisal
CTA10\S1134(1) defines oil and gas exploration and appraisal (E&A) as activities carried out for the purpose of-
- searching for petroleum anywhere in an area, or
- ascertaining a petroleum-bearing area’s extent or characteristics, or
- ascertaining its reserves of petroleum,
so that it may be determined whether the petroleum is suitable for commercial exploitation.
CTA10\S1134(2) defines petroleum as having the meaning given in section 1 of the Petroleum Act 1998.