Surrender and determination of lease
52 Surrender and determination of lease
The lessee may, with the consent of the Minister in writing, surrender and terminate the lease upon the payment of all rents royalties and other obligations due and payable to the Crown and upon payment of all wages and moneys due and payable to the workers employed by the lessee and upon proof satisfactory to the Minister that the public interest will not be impaired, but in no case shall such surrender be effective until the lessee has made full provision for conservation and protection of the property.
The consent may be given only on the application of the lessee.
The application must be—
in the approved form; and
be accompanied by—
the fee prescribed under a regulation; and
a report by the applicant about the activities carried out on the area the subject of the application, and the results of the activities.
Note—For the later grant of a petroleum tenure under the 2004 Act replacing an equivalent petroleum tenure under this Act, see the 2004 Act, chapter 15, part 3, division 7.
Upon the acceptance of such surrender by the Minister the lessee shall be relieved of all future obligations under the lease.
The lessee may with the like consent surrender to the Crown any legal subdivision of the area comprised within the lease.
This provision refers to the regulations (a regulation
). Made under this Act:
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