260New work programs

260 New work programs (1) Despite anything to the contrary in this Act, the holder of an exploration permit or a retention lease in force immediately before the moratorium commencement must, before 1 January 2021, submit to the Minister a work program in relation to the permit or lease. (2) In the case of a holder of a retention lease who does not intend to carry out any petroleum operations under the lease, it is sufficient compliance with subsection (1) if the holder submits a document declaring that intention. (3) On receiving a work program under subsection (1), the Minister must approve or refuse to approve the work program. (4) Despite anything to the contrary in this Act, if the Minister approves a work program (the ***new work program***) under subsection (3)— (a) the new work program is taken to be the work program submitted in relation to the exploration permit or retention lease under section 96; and (b) in the case of a work program submitted in relation to an exploration permit, the Minister must declare in writing that certain specified elements of the new work program are the key objects of the new work program. S. 261 inserted by No. 20/2020 s. 29.