I propose to take Questions Nos. 469 and 470 together.
The agreement between the Minister for Industry and Commerce and Ambassador Irish Oil Ltd. was made over half a century ago and gave the company an exploration licence for 20 years from 29th March 1960. The area licensed to the company was the whole onshore area of the Republic of Ireland and any seas under Irish jurisdiction. The licence was subject to the performance of a work programme and the surrender of 25% of the original acreage every five years. The extensive exploration rights conferred by that agreement have long since expired, with the only areas remaining under licence being the producing fields in the Kinsale area.
Prior to the enactment of the Petroleum and Other Minerals Development Act 1960, legislation applying to petroleum exploration was contained in the Petroleum (Production) Act, 1918 and the Minerals Development Act, 1940. Since the enactment of the 1960 Act, the terms applying to oil and gas exploration have been amended on a number of occasions, the most recent changes being in 2007.