HB 372: "An Act delaying to June 30, 2010, the last date by which hydrocarbon exploration geophysical work must be performed or drilling of a stratigraphic test well or exploratory well must be completed in order for a person to qualify for an exploration incentive credit under the oil and gas exploration incentive credit that is not authorized by the Alaska Land Act."
00 HOUSE BILL NO. 372 01 "An Act delaying to June 30, 2010, 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 under the oil and gas exploration incentive credit that is not authorized 05 by the Alaska Land Act." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. AS 41.09.010(c) is amended to read: 08 (c) An exploration incentive credit may be extended under (a) of this section 09 to a qualified applicant if 10 (1) application for the exploration incentive credit is made by the 11 qualified applicant to the commissioner and is approved before drilling or geophysical 12 work commences; 13 (2) all geophysical work is performed, and all stratigraphic test wells
01 or exploratory wells are drilled, after August 7, 1994, and before July 1, 2010 [2007]; 02 and 03 (3) copies of all raw and processed data derived from drilling a 04 stratigraphic test well or exploratory well or performing geophysical work are 05 provided by the qualified applicant to the commissioner within 30 days after the 06 completion, abandonment, or suspension of the well or completion of the geophysical 07 work.