(1) This section applies if, under section 260, the Minister—
(a) suspends any of the conditions to which a petroleum exploration permit or petroleum retention lease is subject; or
(b) exempts a petroleum exploration permittee or petroleum retention lessee from compliance with any of the conditions to which the permit or lease is subject.
(2) Despite section 260(3), if the Minister considers that the circumstances make it reasonable to do so, the Minister may extend the term of the permit or lease by a period not more than the period of the suspension or exemption.
(3) The extension may be—
(a) in the notice of suspension or exemption; or
(b) by a later written notice given to the permittee or lessee.