123Standard halving rules

123 Standard halving rules

(1) This section sets out the standard halving rules. Scope (2) This section applies to: (a) an application for renewal of a cash‑bid petroleum exploration permit that is capable of being renewed; and (b) an application for renewal that is covered by item 1, 2 or 4 of the table in subsection 122(2); and (c) an application for renewal that is covered by paragraph 122A(1)(c). (2A) Subsection (2) has effect subject to subsection 122(3). Basic rule (3) The maximum number of blocks in relation to which an application for a renewal of a permit may be made is worked out using the table:

<table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Maximum number of blocks</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:187.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">In this case...</span></p></td><td style="width:110.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">the maximum number of blocks is...</span></p></td></tr></thead><tbody><tr><td style="width:24.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:187.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the number of non</span><span>‑</span><span>location blocks in relation to which the permit is in force is a number (the</span><span style="font-weight:bold; font-style:italic"> divisible number</span><span>) that is divisible by 2 without remainder</span></p></td><td style="width:110.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>one</span><span>‑</span><span>half of the divisible number.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:187.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the number of non</span><span>‑</span><span>location blocks in relation to which the permit is in force is a number that is one less or one more than a number (the </span><span style="font-weight:bold; font-style:italic">divisible number</span><span>) that is divisible by 4 without remainder</span></p></td><td style="width:110.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>one</span><span>‑</span><span>half of the divisible number.</span></p></td></tr></tbody></table>