In this Act:

year, in relation to the term of a retention licence, means:

(a) the period of 12 months commencing on (and including) the day on which the provisional grant of the licence is properly accepted; or

(b) a period of 12 months commencing on (and including) an anniversary of that day; or

(c) a period of less than 12 months that:

(i) commences on (and includes):

(A) the day on which the provisional grant of the licence is properly accepted; or

(B) an anniversary of that day; and

(ii) ends at the end of the term of the licence.

(2) Expressions used in the Offshore Minerals Act 1994 have the same meaning in this Act unless the contrary intention appears.

A retention licence holder must pay a fee to the Designated Authority for each year of the licence’s term.

Subject to subsection (3), the amount of the fee is to be calculated in accordance with the regulations.

The amount of the fee for a licence for a year is not to exceed the amount obtained by multiplying $1,000 by the number of blocks covered by the licence at the beginning of the year.

The licence holder is liable to pay the fee.

If the licence has 2 or more holders, the holders are jointly and severally liable to pay the fee.

If the fee for a retention licence is not paid when it becomes payable, the licence holder must pay a penalty to the Designated Authority.

If the licence has 2 or more holders, the holders are jointly and severally liable to pay the penalty.

The penalty is to be calculated:

(a) on the amount of the fee that remains unpaid; and

(b) at the rate of 0.33% for each day during which the fee is unpaid.

The Commonwealth may recover the following amounts in a court of competent jurisdiction as debts due to the Commonwealth:

(a) a fee under section 4;

(b) an amount of unpaid section 6 penalty.

The Designated Authority receives retention licence fees under section 4 and any section 7 penalty on behalf of the Commonwealth.