00                             HOUSE BILL NO. 307                                                                          
01 "An Act delaying to June 30, 2007, the last date by which hydrocarbon exploration                                       
02 geophysical work must be performed or drilling of a stratigraphic test well or                                          
03 exploratory well must be completed in order for a person to qualify for an exploration                                  
04 incentive credit."                                                                                                      
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
06    * Section 1.  AS 41.09.010(c) is amended to read:                                                                  
07            (c)  An exploration incentive credit may be extended under (a) of this section                               
08       to a qualified applicant if                                                                                       
09                 (1)  application for the exploration incentive credit is made by the                                    
10       qualified applicant to the commissioner and is approved before drilling or geophysical                            
11       work commences;                                                                                                   
12                 (2)  all geophysical work is performed, and all stratigraphic test wells                                
13       or exploratory wells are drilled, after August 7, 1994, and before July 1, 2007 [2004];                   
14       and                                                                                                               
01                 (3)  copies of all raw and processed data derived from drilling a                                       
02       stratigraphic test well or exploratory well or performing geophysical work are                                    
03       provided by the qualified applicant to the commissioner within 30 days after the                                  
04       completion, abandonment, or suspension of the well or completion of the geophysical                               
05       work.