Term of lease
59 Term of lease
Subject to the provisions of this Act and the regulations —
a petroleum lease shall be for a term of 21 years;
on the expiration of that term the lessee of a petroleum lease shall be entitled to a renewal of the lease for any further period during which petroleum in payable quantities is produced from at least one well on the land if —
at any time during the last 6 months of the term referred to in paragraph (a) of this subsection, he make application in the prescribed manner to the Minister for the renewal and pays the prescribed fees; and
he has, during that term, observed the provisions of this Act and the regulations and the lease.
The term of a petroleum lease shall commence on the date of notification of the approval of the application for such lease in the Government Gazette.
[Section 59 amended: No. 8 of 1940 s. 28; No. 25 of 1949 s. 4.]
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