Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The rate of royalty on petroleum recovered under a petroleum retention lease is 10% of the value at the wellhead of the petroleum.
Royalty at the prescribed rate
(2) A reference in a petroleum retention lease (whether granted before or after the commencement of this subsection) to:
(a) royalty at the prescribed rate; or
(b) royalty at the rate that is for the time being the prescribed rate;
is to be read as a reference to royalty at the rate that is or was the rate of royalty applicable in accordance with the provisions of this Act, as in force from time to time.