'Readers digest' condensed version:

Term of exploration permit

(1) An exploration permit remains in force for 5 years commencing on the day on which it was granted or last renewed.

(2) The Minister may not renew an exploration permit more than twice.


Rights conferred by exploration permit

- Carry out the technical works programme and other exploration for petroleum in the exploration permit area;

- Extract, remove or allow the release from the exploration permit area for sampling and testing, an amount of material reasonably necessary for the purpose of establishing the presence of petroleum, or such greater amount as is approved

Where a permittee has discovered a commercially exploitable accumulation of petroleum within the permittee's exploration permit area the Minister shall grant to him a production licence

Retention licences

Where a permittee has by drilling operations in the permittee's exploration permit area, established the presence of petroleum, but believes that an appraisal of the application area cannot be carried out during the unexpired term of the exploration permit, the permittee may apply for one or more retention licences in relation to the whole or part of the permit area

A retention licence remains in force for a period of 5 years commencing on the date on which it was granted or last renewed.

Production licences

A production licence remains in force for either 21 or 25 years as determined by the Minister commencing on the date on which it was granted