Existing compensation agreements relating to 1923 Act petroleum tenure
163 Existing compensation agreements relating to 1923 Act petroleum tenure
This section applies to an agreement as mentioned in section 98(1) of this Act, as it was in force immediately before 31 December 2004, for compensation relating to a 1923 Act petroleum tenure.
Note—
For accrued compensation rights relating to a converted petroleum authority, see the 2004 Act, section 922.
On 31 December 2004, the agreement is taken to be a compensation agreement made under part 6K.
The agreement may be enforced, and may be the subject of an application under section 79S, as if it were a compensation agreement under part 6K.
Subsection (3) applies even if the agreement was not valid because section 98(2), as it was in force immediately before 31 December 2004, had not been complied with.
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