This paragraph excludes an oil licence or an interest in an oil
licence from the intangible fixed assets to which Schedule 29
applies. An ‘oil licence’ is defined as a UK oil
licence or a foreign oil concession which are then the subject of
further definitions. There are similar definitions in TCGA92/S196
(which forms part of the Oil Taxation Acts).
Oil and gas exploration and development costs are themselves excluded from the scope of FRS10/IAS38.