(1) The holder of a 1923 Act ATP
(the
"existing tenure" ) may apply (the
"grant application" ) for an authority to prospect (the
"replacement tenure" ) under this Act for all or part of the area of the 1923
Act ATP.
(2) The holder of a 1923 Act lease (also the
"existing tenure" ) may apply (also the
"grant application" ) for a petroleum lease under this Act (also the
"replacement tenure" ) for all or part of the area of the 1923 Act lease.
(3)
The grant application can not be made before 31 December 2004.
(4) The grant
application may include a request that excluded land for the existing tenure
be declared to be excluded land for the replacement tenure.
(5) The chief
executive must record in the register against the replacement tenure all the
dealings, caveats and associated agreements recorded in the register against
the existing tenure at the time the replacement tenure is registered.
