38Right to apply for lease

38 Right to apply for lease (1) The holder of an exploration permit may apply to the Minister for the grant of a retention lease in respect of any part of the permit area on which the holder has discovered petroleum. S. 38(2) inserted by No. 25/2008 s. 21. (2) An application for a retention lease must be made at least 90 days before the applicant's exploration permit is due to expire. S. 38(3) inserted by No. 25/2008 s. 21. (3) Despite subsection (2), the Minister may on the payment of any late fee required by the regulations consider an application for a retention lease that does not comply with that subsection.