Petroleum Act 1923

If the authority requires its area to be reduced to a stated number of blocks on or before stated days—

the relinquishment condition for the authority is the relinquishment condition under section 74A, subject to the change that the required percentage is the required reduction instead of 8.33%; and

part 6A, division 2, subdivision 1, applies to the authority, subject to the change under paragraph (a).

However, the relinquishment condition is taken to include a requirement that, before the first renewal of the authority after 31 December 2004, at least 5% of the transitional notional sub-blocks for the authority must have been relinquished for each 12 month period of its current term.

Also, a relinquishment of a part of the area of the authority that overlaps with the area of a lease under this Act or a 2004 Act lease can not be counted as a relinquishment for the relinquishment condition.