Licence assignments (transfers). A company that is party to a licence may wish to sell its interest, or a part of it, to another company. Any transaction in which one or more companies enters a licence, and/or one or more companies withdraws from it, is referred to in this guidance as a licence assignment.art I of the Petroleum Act 1998 (and before it, the 1934 Act) vests all rights to petroleum in the Crown, including the rights to search for, bore for and get it. It also empowers the Secretary of State to grant licences to search for and bore for and get petroleum to such persons as they see fit.
The common law can briefly be described as the part of English law that is derived from custom and judicial precedent, and is distinct from statutory law, equity law, and ecclesiastical law; or, in the U.S. jurisdiction, the body of English law as adopted and adapted by the different states.
Equity (law) In jurisdictions following the English common law system, equity refers to the body of law which was developed in the English Court of Chancery and which is now administered concurrently with the common law. For much of its history, the English common law was principally developed and administered in the central royal courts: the Court of King's Bench, the Court of Common Pleas, and the Exchequer. Equity was the name given to the law which was administered in the Court of Chancery. The Judicatur