PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 78A Penalty relinquishment if work program not completed within extended period

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 78A

78A Penalty relinquishment if work program not completed within extended period

(1) If—

(a) under division 3 , subdivision 6 , the period of the work program for an authority to prospect has been extended; and

(b) the work program is not completed on or before the day on which the extended period ends;

its holder must relinquish a part of the original notional sub-blocks of the authority that the Minister is satisfied corresponds to the amount of the work under the work program that was not completed.

(2) The holder must give the chief executive written notice of the relinquishment within 20 business days after the end of the extended period.

Note—

For other relevant provisions about giving a document to the chief executive, see section 851AA .

(3) If the holder does not comply with subsection (2) , the Minister may take action under section 790 (1) (b) .