Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) a petroleum retention lease is in force over a block or blocks; and
(b) before the time when the lease would, apart from this subsection, expire, the lessee applies to the Titles Administrator for the grant by the Joint Authority of a petroleum production licence over the block or one or more of the blocks;
the table has effect:
Extension of lease | ||
Item | In this case... | the lease continues in force over the block or blocks covered by the application until... |
1 | the Joint Authority gives the lessee an offer document relating to a petroleum production licence over the block or one or more of the blocks | the licence is granted, the lessee withdraws the application or the application lapses. |
2 | the Joint Authority decides not to grant a petroleum production licence to the lessee | notice of the decision is given to the lessee. |
(2) Subsection (1) has effect subject to this Chapter but despite section 139.
Note: See the notes at the end of section 139.