PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 171 Applying to divide

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 171

171 Applying to divide

(1) The holder of a petroleum lease (the
"original lease" ) may apply to divide it into 2 or more petroleum leases (the
"new leases" ).

(2) However, the holder may apply for a new lease 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 lease;

(b) a civil penalty under section 156 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 lease, as required under section 488 .