Petroleum (Submerged Lands) Act 1982

Where a licence (the original licence) is in force in respect of 2 or more blocks (not being blocks that form, or form part of, a location), the licensee may make an application to the Minister for the grant to the licensee of 2 or more licences in respect of the blocks the subject of the original licence in exchange for the original licence.

An application under subsection (1)—

shall be in accordance with an approved form; and

shall be made in an approved manner; and

shall specify the number of licences required; and

shall specify the block or blocks the subject of the original licence in respect of which each licence is sought; and

shall be accompanied by a fee of $300.

The Minister may, by instrument in writing served on a licensee who has made an application under this section, require the licensee to lodge, in respect of a licence to be granted to the licensee under this section, a security for compliance with the conditions to which the licence is from time to time subject and with the provisions of this part and the regulations.

Where a licensee—

has made an application under this section; and

if the Minister has required the licensee to lodge a security as mentioned in the subsection (3)—has lodged that security with the Minister;

A licence granted on an application under this section—

remains in force, subject to this part, but notwithstanding section 53, for the remainder of the term of the original licence; and

shall be granted subject to conditions corresponding as nearly as may be to the conditions to which the original licence was subject.

Where licences are granted on an application under this section—

the original licence is, by force of this subsection, determined; and

the determination has effect from and including the day on which those licences have effect.