60Right to apply for lease

60 Right to apply for lease

(1) The holder of an exploration permit may apply to the Minister for the grant of a retention lease in respect of any part of the permit area on which the holder has discovered an underground geological storage formation that is likely to be geologically suitable for the permanent storage of a greenhouse gas substance but which was not commercially viable for that purpose on the day on which the application was made.

(2) An application for a retention lease must be made at least 90 days before the applicant's exploration permit is due to expire.

(3) On the payment of any late fee required by the regulations for the purposes of this section, the Minister may also consider any application for a retention lease that does not comply with subsection (2).

(4) However, the Minister must not consider any application for a retention lease that is made after the exploration permit has expired.