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OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 140

Extension of petroleum retention lease if lessee applies for petroleum production licence

  (1)   If:

  (a)   a petroleum retention lease is in force over a block or blocks; and

  (b)   before the time when the lease would, apart from this subsection, expire, the lessee applies to the Titles Administrator for the grant by the Joint Authority of a petroleum production licence over the block or one or more of the blocks;

the table has effect:

 

Extension of lease

Item

In this case...

the lease continues in force over the block or blocks covered by the application until...

1

the Joint Authority gives the lessee an offer document relating to a petroleum production licence over the block or one or more of the blocks

the licence is granted, the lessee withdraws the application or the application lapses.

2

the Joint Authority decides not to grant a petroleum production licence to the lessee

notice of the decision is given to the lessee.

  (2)   Subsection   (1) has effect subject to this Chapter but despite section   139.

Note:   See the notes at the end of section   139.


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