1 March 2004
United Kingdom: New exploration licence
THE DEPARTMENT of Trade and Industry (DTI) will introduce a new type of licence, as a move towards boosting exploration, it said last month. The new Frontier licence will allow firms to apply for relatively large amounts of territory 'at significantly reduced costs' and it will give them more time to carry out exploration and development. During the initial screening phase of the licence—of as-yet unspecified duration—normal rental fees will be discounted by 90%, the DTI said. After the screening phase, companies will be permitted to relinquish three-quarters of the acreage granted. The exploration and development phases of the new licence will be two-years longer than those of the existing
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