sec.894Conversion on 2004 Act start day

### sec.894 Conversion on 2004 Act start day On 31 December 2004— the 1923 Act lease ceases to be a 1923 Act lease and becomes a petroleum lease under this Act (a converted lease ); and the holder of the 1923 Act lease is the holder of the converted lease; and the current program for development and production for the 1923 Act lease is taken to be the development plan for the converted lease; and any condition of the 1923 Act lease ceases to be a condition of the converted lease if the condition is the same, or substantially the same as any relevant environmental condition for the converted lease; and the converted lease continues, subject to this Act, for the balance of the 1923 Act lease’s term; and the converted lease is held subject to this Act and the conditions of the 1923 Act lease, other than any condition mentioned in paragraph (d); and the area of the 1923 Act lease becomes the area of the converted lease. s 894 ins 2004 No. 26 s 247 amd 2007 No. 46 s 241 sch - (a) the 1923 Act lease ceases to be a 1923 Act lease and becomes a petroleum lease under this Act (a converted lease ); and - (b) the holder of the 1923 Act lease is the holder of the converted lease; and - (c) the current program for development and production for the 1923 Act lease is taken to be the development plan for the converted lease; and - (d) any condition of the 1923 Act lease ceases to be a condition of the converted lease if the condition is the same, or substantially the same as any relevant environmental condition for the converted lease; and - (e) the converted lease continues, subject to this Act, for the balance of the 1923 Act lease’s term; and - (f) the converted lease is held subject to this Act and the conditions of the 1923 Act lease, other than any condition mentioned in paragraph (d); and - (g) the area of the 1923 Act lease becomes the area of the converted lease.