Petroleum Act 1923

This section applies for security held, other than as money, in relation to a 1923 Act petroleum tenure.

On 31 December 2004, the security may continue to be used for any purpose for which it was given.

However, subsection (2) does not—

prevent the security being used after 31 December 2004 in relation to an act done or omission made before 31 December 2004 if it could have been used in relation to the act or omission immediately before 31 December 2004; or

affect the power under this Act to require replacement security or additional security for the tenure; or

affect any power under the Environmental Protection Act to require financial assurance for any relevant environmental authority for the tenure.

In this section—