Glossary
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Oil & Gas Drilling Glossary - IADCLexicon.org
1. any expense incurred in respect of an exploratory probe in the offshore area, and
2. any expense incurred in respect of a well in relation to a three dimensional seismic survey, an engineering study or an analytical study for the purpose of determining the location or extent of an accumulation of petroleum in the offshore area, and
3. all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows: “but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to a Canadian exploration expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”; frais d’exploration au Canada. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. Legislation