(1)
The assessable tax for an accounting period of a company shall be an amount equal to 85% of its chargeable profits of that period.
(2)
Where a company has not commenced a sale or bulk disposal of chargeable oil under a programme of continuous production, its assessable tax for an accounting period during which it has not fully amortised all its pre-production capitalised expenditure, shall be 65.75% of the chargeable profits for that period :
Provided that —
(a)
the period of the tax rate under this subsection shall not be more than five years, commencing from the first accounting period of the company, notwithstanding any other incentive as may be granted to the company ; and
(b)
where a company is granted a licence or lease or acquires an interest in an oil and gas asset that has enjoyed the provision of this subsection, the company shall be subject to tax under the provision of subsection (1) of this section from its first accounting period.