255Effect of repeal on existing leases

255 Effect of repeal on existing leases (1) In this section ***petroleum lease*** means any petroleum lease that was in force under the **Petroleum Act 1958** immediately before this section came into operation. (2) Every petroleum lease is deemed to be a production licence— (a) that is subject to all the conditions and restrictions that applied to the petroleum lease immediately before this section came into operation (including the restrictions imposed directly by the **Petroleum Act 1958** that were current at that time); and (b) that continues in force until it is surrendered or cancelled under this Act, irrespective of the date on which it would have expired if the **Petroleum Act 1958** had not been repealed. (3) Any right to renew a petroleum lease is extinguished. (4) The conditions and restrictions that apply to a deemed production licence may be varied or suspended in accordance with this Act. (5) For the purposes of subsection (4), a restriction is to be treated as if it was a condition. (6) Despite anything to the contrary in this Act, the holder of a deemed production licence is only required to comply with the following provisions on and from the second anniversary of the commencement of this section or such other time as may be agreed between the holder and the Minister— (a) Division 6 of Part 5; (b) Division 7 of Part 5; (c) sections 161 to 163.