156Renewal of petroleum retention lease

156 Renewal of petroleum retention lease

If: (a) an applicant has been given an offer document under section 154; 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 renew the petroleum retention lease.

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).