South Australian Numbered Acts

PETROLEUM (MISCELLANEOUS) AMENDMENT ACT 2009 (NO 35 OF 2009) - SECT 19

19—Amendment of section 26—Term and renewal of exploration licence

        (1)         Section 26(2)—delete subsection (2) and substitute:

        (2)         An exploration licence may be granted on terms under which the licence is to be renewable for a further term or 2 further terms (as specified by the Minister at the time of the grant of the licence).

        (2)         Section 26(3)—delete "A" and substitute:

Subject to a succeeding subsection, a

        (3)         Section 26—after subsection (5) insert:

        (5a)         Subsections (3), (4) and (5) do not apply in relation to a gas storage exploration licence.

        (5b)         The area to be subject to an excision under subsection (3) will be reduced by an amount equal to the area of any production licence or retention licence granted during the immediately preceding term of the exploration licence.