142Application for renewal of petroleum retention lease

142 Application for renewal of petroleum retention lease

(1) A petroleum retention lessee may apply to the Minister for the renewal by the Minister of the lease.

(2) An application to renew a petroleum retention lease must be made—

(a) not more than 12 months before the expiry date of the lease; and

(b) at least 180 days before the expiry date of the lease.

(3) Despite subsection (2), the Minister may accept an application to renew a petroleum retention lease if the application is made—

(a) later than 180 days before the expiry date of the lease; and

(b) before the expiry date of the lease.

(4) An application to renew a petroleum retention lease must be accompanied by details of—

(a) the lessee's proposals for work and expenditure in relation to the lease area; and

(b) the current commercial viability of recovery of petroleum from the lease area; and

(c) the possible future commercial viability of recovery of petroleum from the lease area.

(a) a petroleum retention lessee makes an application to renew the lease; and

(b) the lease would, apart from this subsection, expire—

(i) before the Minister grants, or refuses to grant, the renewal of the lease; or

(ii) before the application lapses as provided by section 256—

the lease continues in force—

(c) until the Minister grants, or refuses to grant, the renewal of the lease; or

(6) Subsection (5) has effect subject to this Chapter but despite section 128.