(1)  A licensee or lessee whose licence or lease is invalidated because of native title being determined in respect of the licence area or lease area has exclusive right to apply for a new licence or lease in respect of that area.

(2)  An exclusive right to apply for a new licence or lease under subsection (1) is in force for a period of 12 months from the date on which the former licence or lease is invalidated or until an application has been made under this section, whichever is the earlier.