Victorian Current Acts Victorian Current Acts(1) If a petroleum exploration permit is in force over a block that constitutes, or the blocks that constitute, a location, the permittee may, within the application period, apply to the Minister for the grant by the Minister of a petroleum retention lease over that block or over one or more of those blocks.
Note
For "application period", see subsection (3).
(2) An application under this section must be accompanied by details of—
(a) the applicant's proposals for work and expenditure in relation to the area comprised in the block or blocks specified in the application; and
(b) the current commercial viability of the recovery of petroleum from that area; and
(c) the possible future commercial viability of the recovery of petroleum from that area.
Notes
1 Part 2.10 contains additional provisions about application procedures.
2 Section 252 requires the application to be accompanied by an application fee.
3 Section 254 enables the Minister to require the applicant to give further information.
(3) The application period for an application under this section is—
(a) the period of 2 years after the day (the declaration day ) on which the block that constitutes the location concerned was, or the blocks that constitute the location concerned were, declared to be a location; or
(b) such longer period, not more than 4 years after the declaration day, as the Minister allows.
(4) The Minister may allow a longer period under subsection (3)(b) only on written application made by the permittee within the period of 2 years mentioned in subsection (3)(a).