Queensland Consolidated Acts

PETROLEUM ACT 1923 - SECT 74C

74C Part usually required to be relinquished

(1) This section is subject to section 74E .

(2) The relinquishment for each relinquishment day, and any other day mentioned in section 74A (1) (b) or (c) that applies to the authority, must be such that by that day at least 8.33% of the original notional sub-blocks of the authority to prospect have been relinquished for each year that has passed since the authority originally took effect.

(3) The sub-blocks required to be relinquished under this section is the
"usual relinquishment" .