PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 65 Standard relinquishment condition

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 65

65 Standard relinquishment condition

(1) It is a condition (the
"relinquishment condition" ) of each authority to prospect that its holder must relinquish part of its area, as provided for under this subdivision—

(a) on or before the relinquishment day for the authority; and

(b) if section 68 (3) applies—on the day provided for under that subsection; and

(c) if, under division 3 , subdivision 6 , the period of the work program for the authority has been extended—the day on which the extended period ends.

(2) However, if, under section 62 (4) , the relinquishment day for the authority (the
"original day" ) is deferred for a stated period, for the relinquishment condition, the relinquishment that was required on or before the original day is taken to have been deferred until the end of the stated period.

(3) A relinquishment required under the relinquishment condition—

(a) must be made by a lodged notice (
"relinquishment notice" ); and

(b) takes effect on the day after lodgement under paragraph (a) .

(4) This section does not prevent the holder from relinquishing, by relinquishment notice, more than the part provided for under this subdivision.