Petroleum Act 1923

It is a condition (the relinquishment condition) of each authority to prospect that its holder must relinquish part of its area, as provided for under this subdivision—

on or before each of its relinquishment days; and

if section 74E(3) applies—on the day provided for under that subsection; and

if, under part 4, division 2, subdivision 3, the period of the work program for the authority has been extended—the day on which the extended period ends.

However, if, under section 25J(4), a relinquishment day for the authority (the original day) is deferred for a stated period, for the relinquishment condition—

the relinquishment that was required on or before the original day is taken to have been deferred until the end of the stated period; but

the relinquishments required under the relinquishment condition on any later relinquishment days for the authority must be made as if the deferral has not been granted.

A relinquishment required under the relinquishment condition—

must be made by lodged notice (the relinquishment notice); and

takes effect on the day after lodgement under paragraph (a).

This section does not prevent the holder from relinquishing, by relinquishment notice, more than the part provided for under this subdivision.