100Voluntary surrender of blocks if up to 3 discrete areas remain

100 Voluntary surrender of blocks if up to 3 discrete areas remain

100 Voluntary surrender of blocks if up to 3 discrete areas remain

(1) If:

(a) an exploration licence holder wants to surrender some of the blocks covered by the licence, and

(b) the blocks remaining in the licence area after the proposed surrender would form not more than 3 discrete areas,

the holder may apply to the Minister for approval of the proposed surrender.

(2) The application:

(a) must be in writing, and

(b) must include a surrender proposal that identifies the blocks in the licence area that the holder proposes to surrender, and

(c) may include any other information that the holder thinks is relevant.

(3) If the Minister agrees with the surrender proposal, the Minister may approve the surrender of the blocks specified in the proposal by giving the holder written notice of the approval.

Note—

The surrender takes effect when it is registered under section 337 (see section 337 (5)).

(4) If the Minister does not agree with the surrender proposal, the Minister may ask the holder to discuss the proposal.

(5) If the Minister and the holder agree, after discussions, on the blocks to be surrendered the Minister may approve the surrender of the blocks agreed on by giving the holder written confirmation of the agreement.

Note—

The surrender takes effect when it is registered under section 337 (see section 337 (5)).

(6) If, after discussions, the Minister and the holder do not agree on the surrender proposal, no blocks are surrendered.