PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 103 Applying to divide
PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 103
Applying to divide103 Applying to divide
(1) The holder of an authority to prospect (the
"original authority" ) may apply to divide it into 2 or more authorities to prospect (the
"new authorities" ).
(2) However, the holder may apply for a new authority to be granted to another person only if the other person—(a) agrees to the proposed grant; and(b) is an eligible person.
(3) Despite subsections (1) and (2) , the holder can not make the application if any of the following is outstanding—(a) annual rent for the original authority;(b) a civil penalty under section 76 for nonpayment of annual rent;(c) interest payable under section 588 on annual rent or a civil penalty;(d) a royalty-related amount payable by the holder;(e) security for the original authority, as required under section 488 .