Petroleum Act 1936

Upon approval of an application for a permit to explore, the applicant shall be notified, and shall, within 14 days after such notification, deposit with the Under Secretary for Mines, in the prescribed form, a bond of the amount of $2 000, executed by sureties of the prescribed number and who are approved by the Minister as security for the due compliance by the permittee with the conditions of the permit.

Upon lodgment and acceptance of such bond, a permit to explore in the prescribed form signed by the Minister or an officer authorised by the Minister in that behalf shall be issued to the applicant.

A permit to explore shall remain in force for 2 years from the date of the issue thereof, but the Minister, upon receipt of an application in writing from the holder, may grant renewals of a permit successively for further periods of 12 months each for the whole or part of the area the subject of the application.

The holder of a permit to explore shall be entitled thereunder to the exclusive right to explore for petroleum the area of land specified in the permit.

The holder of a permit to explore may at any time with the consent of the Minister surrender his permit to explore either in respect of the whole or of any part of the area of land mentioned in the permit.