Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if:
(a) a petroleum retention lessee has been given a notice under subsection 136(5) during the term of the lease; and
(b) the lessee has carried out, and has informed the Titles Administrator of the results of, the re - evaluation required by the notice; and
(c) the lessee has not made an application to renew the lease; and
(d) after consideration of:
(i) the results of the re - evaluation referred to in paragraph (b); and
(ii) such other matters as the Joint Authority thinks fit;
the Joint Authority is of the opinion that recovery of petroleum from the lease area is commercially viable.
Note: Subsection 136(5) deals with re - evaluation of the commercial viability of petroleum production in the lease area.
Notice of proposal to revoke lease
(2) The Joint Authority may give the lessee, and such other persons (if any) as the Joint Authority thinks appropriate, a written notice:
(a) telling the recipient of the notice that the Joint Authority:
(i) has formed the opinion that recovery of petroleum from the lease area is commercially viable; and
(ii) proposes to revoke the lease; and
(b) inviting the recipient of the notice to make a written submission to the Joint Authority about the proposal to revoke the lease; and
(c) specifying a time limit for making that submission.
Note: All communications to the Joint Authority are to be made through the Titles Administrator--see section 63.
(3) The time limit must be at least 30 days after the notice is given.