PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 894 Conversion on 2004 Act start day

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 894

894 Conversion on 2004 Act start day

On 31 December 2004—

(a) the 1923 Act lease ceases to be a 1923 Act lease and becomes a petroleum lease under this Act (a
"converted lease" ); and

(b) the holder of the 1923 Act lease is the holder of the converted lease; and

(c) the current program for development and production for the 1923 Act lease is taken to be the development plan for the converted lease; and

(d) any condition of the 1923 Act lease ceases to be a condition of the converted lease if the condition is the same, or substantially the same as any relevant environmental condition for the converted lease; and

(e) the converted lease continues, subject to this Act, for the balance of the 1923 Act lease’s term; and

(f) the converted lease is held subject to this Act and the conditions of the 1923 Act lease, other than any condition mentioned in paragraph (d); and

(g) the area of the 1923 Act lease becomes the area of the converted lease.