In line with the provisions of the Petroleum Profits Tax Act Cap P13 LFN 2004 (as amended), the accounting period of a petroleum exploration company refers to:

1. A calendar year ending December 31.
2. For a newly incorporated company or where the company ceases to exist, the accounting period is:
   • From the date of incorporation to the end of its first year of operations, or
   • From the start of its final year of operations to its cessation date.