Petroleum Act 1984

(1) A retention licence, while it remains in force, gives the retention licensee or, if there is more than one, the retention licensees jointly, subject to this Act and in accordance with the conditions to which the licence is subject and the directions, if any, lawfully given by the Minister, the exclusive right to carry on in the licence area such geological, geophysical and geochemical programmes and other operations and works, including appraisal drilling, as are reasonably necessary to evaluate the development potential of the petroleum believed to be present in the licence area.

(1A) A retention licence allows the recovery of petroleum on an appraisal basis if approved by the Minister.

(a) complied with the conditions of the retention licensee's licence, the lawful directions (if any) of the Minister and this Act;

(b) applied, in accordance with Division 4, for a production licence in relation to the whole or part of the licensee's retention licence area; and

(c) discovered a commercially exploitable accumulation of petroleum within the licensee's retention licence area,

the Minister shall, subject to Division 4 and to such conditions as the Minister thinks fit, grant to the licensee a production licence.