Victorian Current Acts Victorian Current Acts(1) A petroleum retention lessee may apply to the Minister for the renewal by the Minister of the lease.
(2) An application to renew a petroleum retention lease must be made—
(a) not more than 12 months before the expiry date of the lease; and
(b) at least 180 days before the expiry date of the lease.
(3) Despite subsection (2), the Minister may accept an application to renew a petroleum retention lease if the application is made—
(a) later than 180 days before the expiry date of the lease; and
(b) before the expiry date of the lease.
(4) An application to renew a petroleum retention lease must be accompanied by details of—
(a) the lessee's proposals for work and expenditure in relation to the lease area; and
(b) the current commercial viability of recovery of petroleum from the lease area; and
(c) the possible future commercial viability of recovery of petroleum from the lease 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.
(5) If—
(a) a petroleum retention lessee makes an application to renew the lease; and
(b) the lease would, apart from this subsection, expire—
(i) before the Minister grants, or refuses to grant, the renewal of the lease; or
(ii) before the application lapses as provided by section 256—
the lease continues in force—
(c) until the Minister grants, or refuses to grant, the renewal of the lease; or
(d) until the application so lapses—
whichever happens first.
(6) Subsection (5) has effect subject to this Chapter but despite section 128.
Note
See the notes at the end of section 128.