‘exploration’ means the acquisition, processing and analysis of geological and geophysical data or the undertaking of activities in verifying the presence or absence of hydrocarbons (up to and including the appraisal phase) conducted for the purpose of determining whether a reservoir is economically feasible to develop;

‘gas’ means any subsoil combustible gas, consisting primarily of hydrocarbons, other than hydrocarbons converted from bituminous shales or other stratified deposits of solid hydrocarbons;

‘oil’ means any subsoil combustible liquid consisting primarily of hydrocarbons, other than hydrocarbons converted from bituminous shales or other stratified deposits of solid hydrocarbons;

‘oil and gas company’ means any company that –

(i)      holds any oil and gas right; or

(ii)     engages in exploration or post-exploration in terms of any oil and gas right;

‘oil and gas right’ means-

(a)     any reconnaissance permit, technical co-operation permit, exploration right, or production right as defined in section 1 of the Mineral and Petroleum Resources Development Act or any interest therein;

(b)     any exploration right acquired by virtue of a conversion contemplated in item 4 of Schedule II to the Mineral and Petroleum Resources Development Act or any interest therein; or

(c)     any production right acquired by virtue of a conversion contemplated in item 5 of Schedule II to the Mineral and Petroleum Resources Development Act or any interest therein;

‘post-exploration’ means any activity carried out after the completion of the appraisal phase, including-

(a)     the separation of oil and gas condensates;

(b)     the drying of gas; and

(c)     the removal of non-hydrocarbon constituents, to the extent that these processes are preliminary to refining;