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.
This is 'common law.'. The U.S. is a common law country. In all states except Louisiana (which is based on the French civil code), the common law of England was adopted as the general law of the state, EXCEPT when a statute provides otherwise.hat which derives its force and authority from the universal consent and immemorial practice of the people. The system of jurisprudence that originated in England and which was latter adopted in the U.S. that is based on precedent instead of statutory laws. Traditional law of an area or region; also known as case law.