PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 43F

PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 43F

43F .         Extension of term of drilling reservation

        (1)         The holder of a drilling reservation may, before the expiry of the drilling reservation, apply to the Minister for the extension of the period for which the drilling reservation is effective.

        (2)         An extension of the period for which a drilling reservation is effective shall not be granted unless the holder of the drilling reservation has drilled or is in the course of drilling a well to the depth specified in the instrument issued under section 43C in relation to the grant of the drilling reservation and has submitted a report to the Minister in relation to the well.

        (2a)         An extension of the period for which a drilling reservation is effective shall not be granted if that period has previously been extended under this section.

        (3)         An application under subsection (1) shall be accompanied by —

        [(a)         deleted]

            (b)         a statement of each type of work carried out on the drilling reservation; and

            (c)         a statement of the reasons for the extension of the drilling reservation; and

            (d)         the prescribed fee.

        (4)         For the purposes of this section no account shall be taken of any delay arising from any assignment of interests in the drilling reservation.

        (5)         Subject to subsections (2) and (2a), where —

            (a)         an application has been made under subsection (1); and

            (b)         the conditions to which the drilling reservation is, or has from time to time been, subject, and the provisions of this Part and the regulations, have been complied with,

                the Minister shall grant an extension of a drilling reservation for a period of 12 months commencing from the expiration of the period for which the drilling reservation is effective.

        (6)         Where —

            (a)         under subsection (1) an application for an extension of the period for which a drilling reservation is effective has been made; and

            (b)         the period for which the drilling reservation is effective expires before the Minister grants, or refuses to grant, the extension referred to in paragraph (a),

                the drilling reservation shall be deemed to continue in force in all respects until the Minister grants, or refuses to grant, the extension applied for.

        [Section 43F inserted: No. 78 of 1990 s. 6; amended: No. 28 of 1994 s. 20; No. 17 of 1999 s. 26(1)-(4).]