sec.92Term of declaration

### sec.92 Term of declaration Subject to section 93 , a declaration of a potential commercial area continues in force for— 15 years from the making of the declaration; or if the declaration states a shorter period during which it is to be in force—the shorter period. The matters that must be considered in deciding the shorter period include— when any petroleum discovery was made; and any commercial viability report or independent viability assessment for, or that includes, the proposed potential commercial area. Despite subsection (1) , the declaration ceases if the authority to prospect holder lodges a notice that the holder no longer wishes the area to be a potential commercial area. See also section 102 (Effect of ending of declaration of potential commercial area). s 92 amd 2004 No. 26 s 69 (2) sch ; 2011 No. 2 ss 121 , 122 sch ; 2012 No. 20 s 281 sch 2 ; 2014 No. 47 s 608 (sec.92-ssec.1) Subject to section 93 , a declaration of a potential commercial area continues in force for— 15 years from the making of the declaration; or if the declaration states a shorter period during which it is to be in force—the shorter period. (sec.92-ssec.2) The matters that must be considered in deciding the shorter period include— when any petroleum discovery was made; and any commercial viability report or independent viability assessment for, or that includes, the proposed potential commercial area. (sec.92-ssec.3) Despite subsection (1) , the declaration ceases if the authority to prospect holder lodges a notice that the holder no longer wishes the area to be a potential commercial area. See also section 102 (Effect of ending of declaration of potential commercial area). - (a) 15 years from the making of the declaration; or - (b) if the declaration states a shorter period during which it is to be in force—the shorter period. - (a) when any petroleum discovery was made; and - (b) any commercial viability report or independent viability assessment for, or that includes, the proposed potential commercial area.