(1) The application period for an application under section 164 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.
(2) The Minister may allow a longer period under subsection (1)(b) only on written application made by the permittee within the period of 2 years mentioned in subsection (1)(a).
(3) Despite subsection (1), if—
(a) a petroleum exploration permittee has applied for a petroleum retention lease under section 130 over a block or blocks; and
(b) a notice refusing to grant the petroleum retention lease has been given to the permittee under section 132—
the application period for an application made by the permittee under section 164 for the grant of a petroleum production licence over the block or blocks is whichever of the following periods ends last—
(c) the period that is applicable under subsection (1);
(d) the period of 12 months after the day on which the notice was given.
A failure to make an application within the application period results in revocation of the petroleum exploration permit to the extent to which it relates to the block concerned—see section 180.