Governor may grant petroleum lease
55 Governor may grant petroleum lease
Subject to the provisions of this Act and the regulations, the Governor may grant to any person who has complied with the provisions of Divisions 1 and 2 of this Part of this Act a petroleum lease of land for the purpose of obtaining petroleum from the land.
Unless the Governor is satisfied, that exceptional circumstances justify the grant, transfer or assignment of it, a petroleum lease shall not be granted, transferred or assigned to any —
person not domiciled; or
company not formed,
within the Commonwealth.
A petroleum lease shall not be granted in respect of any area of land —
exceeding 100 square miles; or
unless approved by the Minister, of less than 4 square miles.
Where the holder of a license to prospect discovers petroleum in the area of land in respect of which the license is granted, if the license I granted on or before the 1st day of January 1955, he shall be entitled as a right by force of the provisions of this subsection, to select within 6 months of the discovery or within such further time as the Minister may in his discretion allow, so much of that area as he requires to holder under petroleum lease, and
upon making application in the manner and paying the fees prescribed,
to a grant of such number of petroleum leases of that land as shall be necessary to comply with that entitlement.
[Section 55 inserted: No. 25 of 1949 s. 3; amended: No. 12 of 1951 s. 10; No. 66 of 1954 s. 13.]
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