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PETROLEUM ACT 1923 - SECT 52
Surrender and determination of lease
52 Surrender and determination of lease
(1) The lessee may, with the consent of the Minister in writing, surrender and
terminate the lease upon the payment of all rents royalties and other
obligations due and payable to the Crown and upon payment of all wages and
moneys due and payable to the workers employed by the lessee and upon proof
satisfactory to the Minister that the public interest will not be impaired,
but in no case shall such surrender be effective until the lessee has made
full provision for conservation and protection of the property.
(1A) The
consent may be given only on the application of the lessee.
(1B) The
application must be— (a) in the approved form; and
(b) be accompanied by—
(i) the fee prescribed under a regulation; and
(ii) a report by the applicant
about the activities carried out on the area the subject of the application,
and the results of the activities.
Note— For the later grant of a
petroleum tenure under the 2004 Act replacing an equivalent petroleum tenure
under this Act, see the 2004 Act , chapter 15 , part 3 , division 7 .
(2)
Upon the acceptance of such surrender by the Minister the lessee shall be
relieved of all future obligations under the lease.
(3) The lessee may with
the like consent surrender to the Crown any legal subdivision of the area
comprised within the lease.
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