158Revocation of petroleum retention lease

#### 158 Revocation of petroleum retention lease (1) If: (a) a notice under subsection 157(2) is given to: (i) the lessee of a petroleum retention lease; or (ii) the lessee of a petroleum retention lease and one or more other persons; and (b) either: (i) the lessee does not make a submission in accordance with the notice; or (ii) the Joint Authority, after consideration of any submissions made in accordance with the notice, determines that the lease should be revoked; the Joint Authority must, by written notice given to the lessee, revoke the lease. When revocation takes effect (2) If: (a) a petroleum retention lease is revoked under subsection (1); and (b) the lessee applies for a petroleum production licence in relation to one or more of the blocks comprised in the lease within the period of 12 months beginning on the day on which the notice of revocation was given; the revocation of the lease takes effect: (c) when the Joint Authority grants, or refuses to grant, the petroleum production licence; or (d) when the application lapses; whichever happens first. (3) If: (a) a petroleum retention lease is revoked under subsection (1); and (b) the lessee does not apply for a petroleum production licence in relation to one or more of the blocks comprised in the lease within the period of 12 months beginning on the day on which the notice of revocation was given; the revocation of the lease takes effect at the end of that 12‑month period. (4) If a petroleum retention lease is revoked under subsection (1), the lease continues in force until the revocation takes effect in accordance with subsection (2) or (3).