s. 35 commercially viable to develop under an extraction licence at the time the lease is granted, but which might become viable to develop within 15 years. 33 Rights conferred by lease A retention lease authorises the holder of the lease, subject to and in accordance with the conditions of the lease— (a) to carry out geothermal energy exploration in the lease area; and (b) to do any thing in the lease area that is necessary for, or incidental to, that purpose; and (c) to retain a right to apply for an extraction licence in respect of the lease area under section 43 without complying with any requirement that there might otherwise be under this Act to carry out a work program in respect of the area. 34 Right to apply for lease S. 34 amended by No. 25/2008 (1) The holder of an exploration permit may apply to s. 11 (ILA the Minister for the grant of a retention lease in s. 39B(1)). respect of any part of the permit area on which the holder has discovered geothermal energy or geothermal energy resources. (2) An application for a retention lease must be made S. 34(2) inserted by at least 90 days before the applicant's exploration No. 25/2008 permit is due to expire. s. 11. (3) Despite subsection (2), the Minister may on the S. 34(3) inserted by payment of any late fee required by the No. 25/2008 regulations consider an application for a retention s. 11. lease that does not comply with that subsection. 35 Details to be supplied with application
commercially viable to develop under an extraction licence at the time the lease is granted, but which might become viable to develop within 15 years. 33 Rights conferred by lease A retention lease authorises the holder of the lease, subject to and in accordance with the conditions of the lease— (a) to carry out geothermal energy exploration in the lease area; and (b) to do any thing in the lease area that is necessary for, or incidental to, that purpose; and (c) to retain a right to apply for an extraction licence in respect of the lease area under section 43 without complying with any requirement that there might otherwise be under this Act to carry out a work program in respect of the area. S. 34 amended by No. 25/2008 s. 11 (ILA s. 39B(1)). 34 Right to apply for lease (1) The holder of an exploration permit may apply to the Minister for the grant of a retention lease in respect of any part of the permit area on which the holder has discovered geothermal energy or geothermal energy resources. S. 34(2) inserted by No. 25/2008 s. 11. (2) An application for a retention lease must be made at least 90 days before the applicant's exploration permit is due to expire. S. 34(3) inserted by No. 25/2008 s. 11. (3) Despite subsection (2), the Minister may on the payment of any late fee required by the regulations consider an application for a retention lease that does not comply with that subsection. 35 Details to be supplied with application s. 35
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