39. The holder of an exploration licence who makes a commercial discovery of petroleum must so notify the Minister, the local municipalities whose territories are covered by the licence and the regional county municipality in the manner the Government determines by regulation.
The exploration licence holder must, within eight years after the discovery, submit a petroleum production project to the Régie de l’énergie (the Board) in accordance with section 41 and apply to the Minister for a production licence. Failing that, the Minister may partially or completely revoke the exploration licence, without compensation, and award a production licence for the territory affected by the revocation in accordance with section 49.
In the case of a partial revocation, the minimum amount of the exploration work to be performed in a year on that territory is proportionately reduced.