sec.212Application of div 3

### sec.212 Application of div 3 This division applies if— a petroleum lease (the old lease ) ends; and a natural underground reservoir in the area of the old lease is, under a storage agreement, being used to store petroleum or a prescribed storage gas. For subsection (1) (a) , if an application has been made to renew the old lease and the application is refused, the old lease does not end until the refusal takes effect. Subsection (1) applies even if the storage agreement has, under its own terms, ceased to have effect. s 212 amd 2011 No. 2 s 121 (sec.212-ssec.1) This division applies if— a petroleum lease (the old lease ) ends; and a natural underground reservoir in the area of the old lease is, under a storage agreement, being used to store petroleum or a prescribed storage gas. (sec.212-ssec.2) For subsection (1) (a) , if an application has been made to renew the old lease and the application is refused, the old lease does not end until the refusal takes effect. (sec.212-ssec.3) Subsection (1) applies even if the storage agreement has, under its own terms, ceased to have effect. - (a) a petroleum lease (the old lease ) ends; and - (b) a natural underground reservoir in the area of the old lease is, under a storage agreement, being used to store petroleum or a prescribed storage gas.