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PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 48H

PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 48H

48H .         Conditions of lease

        (1)         A lease may be granted subject to such conditions as the Minister thinks fit and are specified in the lease.

        (1A)         Subsection (1) does not apply to a petroleum retention lease granted under section 48CD.

        (2)         The conditions referred to in subsection (1) may include conditions with respect to work to be carried out by the lessee in or in relation to the lease area during the term of the lease, or amounts to be expended by the lessee in the carrying out of such work, or conditions with respect to both of those matters, including conditions requiring the lessee to comply with directions given in accordance with the lease concerning those matters.

        (3)         A lease shall be deemed to contain a condition that the lessee will, within the period of 3 months after the receipt of a written notice from the Minister requesting the lessee to do so or within such further period as the Minister, on application in writing served on the Minister before the end of the first-mentioned period, allows, re-evaluate the commercial viability of, as the case requires, the recovery of petroleum from the petroleum lease area or geothermal energy from the geothermal lease area (otherwise than by drilling of wells) and inform the Minister in writing of the results of the re-evaluation.

        (4)         Where a lessee has complied with 2 notices of the kind referred to in subsection (3) during the term of the lease, the Minister shall not give to the lessee during that term a further notice of that kind.

        (5)         The Minister may, by written notice given to the lessee, vary a petroleum retention lease granted under section 48CD by imposing one or more conditions to which the lease is subject.

        (6)         A notice under subsection (5) may only be given within 14 days after the grant of the petroleum retention lease.

        (7)         A variation under subsection (5) takes effect on the day on which notice of the variation is given to the lessee.

        [Section 48H inserted: No. 12 of 1990 s. 34; amended: No. 35 of 2007 s. 41; No. 7 of 2017 s. 17.]