150Grant of petroleum retention lease

150 Grant of petroleum retention lease

If: (a) an applicant has been given an offer document under section 148; and (b) the applicant has made a request under section 260 in relation to the offer document within the period applicable under that section; the Joint Authority must grant the applicant a petroleum retention lease over the unused area.

Note: If the applicant does not make a request under section 260 within the period applicable under that section, the application lapses at the end of that period—see subsection 260(4).