(1) An exploration
licence expires if —
(a) the
term of the licence ends without the licence being renewed; or
(b) the
licence holder surrenders the licence; or
(c) a
retention licence is granted over the blocks in the licence area of the
exploration licence; or
(d) a
mining licence is granted over the blocks in the licence area of the
exploration licence; or
(e) the
licence is cancelled.
Note: For paragraph (a) see Division 6. For
paragraph (b) see section 127. For paragraph (c) see section 128. For
paragraph (d) see section 129. For paragraph (e) see section 130.
(2) In subsection
(1)(a) the reference to the term of the licence includes any period during
which the licence is in force under section 90, 91, 92 or 93.