Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) an exploration licence holder wants to surrender some of the blocks covered by the licence; and
(b) the blocks remaining in the licence area after the proposed surrender would form not more than 3 discrete areas;
the holder may apply to the Designated Authority for approval of the proposed surrender.
(2) The application:
(a) must be in writing; and
(b) must include a surrender proposal that identifies the blocks in the licence area that the holder proposes to surrender; and
(c) may include any other information that the holder thinks is relevant; and
(d) must be lodged with the Designated Authority.
(3) Subject to subsection (6), if the Designated Authority agrees with the surrender proposal the Designated Authority may approve the surrender of the blocks specified in the proposal by giving the holder written notice of the approval.
Note: The surrender takes effect when it is registered under section 337 (see subsection 337(5)).
(4) If the Designated Authority does not agree with the surrender proposal, the Designated Authority may ask the holder to discuss the proposal.
(5) Subject to subsection (6), if the Designated Authority and the holder agree, after discussions, on the blocks to be surrendered the Designated Authority may approve the surrender of the blocks agreed on by giving the holder written confirmation of the agreement.
Note: The surrender takes effect when it is registered under section 337 (see subsection 337(5)).
(6) The Designated Authority may give approval under subsection (3) or (5) only with the approval of the Joint Authority.
(7) Subsection (6) does not apply to a block in an external territory offshore area.
Note: The responsible Commonwealth Minister is both the Designated Authority (see subsection 29(3)) and the Joint Authority (see subsection 32(3)) for an external territory offshore area.
(8) If, after discussions, the Designated Authority and the holder do not agree on the surrender proposal, no blocks are surrendered.