OT20252 - CORPORATION TAX GENERAL

Small quantity of oil

Where a small quantity of oil, produced as a by-product of an unsuccessful exploration is sold, OTO does not accept that such a sale represents the commencement of trading. Similarly, OTO does not accept that the sale by licence holders of seismic data etc. establishes a petroliferous trade, although such sales may constitute a separate, non- petroliferous, trade.