OFFSHORE MINERALS ACT 1994 - SECT 128 Automatic expiry of exploration licence when retention licence takes effect

OFFSHORE MINERALS ACT 1994 - SECT 128

    If:

  (a)   an exploration licence is in force under this Act; and

  (b)   the Joint Authority provisionally grants a retention licence over all or some of the blocks in the exploration licence area; and

  (c)   the provisional grant of the retention licence is properly accepted; and

  (d)   the retention licence comes into force;

the exploration licence expires in relation to the blocks covered by the retention licence.