139Duration of petroleum retention lease

139 Duration of petroleum retention lease

(1) A petroleum retention lease (other than a lease granted under section 152A) remains in force for the period of 5 years beginning on: (a) the day on which the lease is granted; or (b) if a later day is specified in the lease as the day on which the lease is to come into force—that later day. (1A) A petroleum retention lease granted under section 152A remains in force for the period of 5 years beginning on the day on which the lease is granted. (2) Subsections (1) and (1A) have effect subject to this Chapter.

Note 1: For a special rule about the extension of the duration of a petroleum retention lease if the lessee applies for a petroleum production licence, see section 140.

Note 2: For a special rule about the extension of the duration of petroleum retention leases pending decisions on renewal applications, see subsection 153(5).

Note 3: For special rules about the duration of a petroleum retention lease once a decision has been made refusing to renew the lease, see subsections 155(6) and (7).

Note 4: For a special rule about the extension of the duration of a petroleum retention lease following a suspension decision, see sections 265 and 267.

Note 4A: For a special rule about the extension of the duration of a petroleum retention lease pending a suspension decision, see section 265A.

Note 5: For the revocation of a petroleum retention lease, see section 188 and clause 8 of Schedule 4.

Note 6: For a special rule about when a petroleum retention lease ceases to be in force following the grant of a petroleum production licence, see section 176.

Note 7: For the surrender of a petroleum retention lease, see Part 2.12.

Note 8: For the cancellation of a petroleum retention lease, see Part 2.13.