I propose to take Questions Nos. 638 and 640 together.
The Corrib Gas Partners are in receipt of a Petroleum Lease issued on 15 November 2001 pursuant to section 13 of the Petroleum and other Minerals Development Act, 1960, as amended. The duration of the Lease is 25 years but this can be extended with the agreement of the Minister for Communications, Energy and Natural Resources subject to terms and conditions, for example in circumstances such as where this were required in order to maximise production of the gas reserves.
The most recent appraisal activity carried out in the geographical area of the Corrib Gas Field is an Ocean Bottom Cable Seismic Survey to further refine the understanding of the Corrib Gas reservoir.
Profits from production of gas under the Corrib Petroleum Lease will be subject to corporate tax at a rate of 25%.