Petroleum Act 1936

When an application for a license to prospect is approved, notice thereof shall be given to the applicant, and, upon payment of the fee for the same as hereinafter prescribed, the license to prospect shall be granted to the applicant.

Every license to prospect shall be in the prescribed form, signed by the Minister or the authorised officer granting the same, and shall state therein the date and place of the granting thereof, the oil province within which and the area of land for which it is granted.

Every license to prospect granted before the 1^st day of January 1955 shall remain in force for 4 years from the date of issued thereof, but the holder may apply to the Minister for, and the Minister may grant, 2 renewals thereof for a further period of one year each.

A license to prospect granted on or after the 1^st day of January 1955 shall remain in force for a period of 2 years from the date it is issued, but the holder may apply to the Minister for, and the Minister may grant, 3 renewals of the license for a further period of 1 year each.

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