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OFFSHORE MINERALS ACT 1994 - SECT 88 Initial term of exploration licence

OFFSHORE MINERALS ACT 1994 - SECT 88

Initial term of exploration licence

  (1)   An exploration licence comes into force on:

  (a)   the day on which the grant of the licence is registered; or

  (b)   if a day later than the day on which the grant of the licence is registered is specified in the licence as its commencement day--that specified day.

  (2)   The initial term of an exploration licence ends 4 years after:

  (a)   the day on which the licence is provisionally granted; or

  (b)   if a day later than the day on which the licence is provisionally granted is specified in the licence as its commencement day--that specified day.

Note:   The licence may be surrendered at any time (see section   127).