H-4.2 - Petroleum Resources Act

Full text
40. The holder of a licence may, with the Minister’s authorization, surrender their exploration right in all or part of the territory subject to the licence. The Government determines, by regulation, the conditions for obtaining an authorization and the liability to be assumed by the holder following the surrender.
In the case of partial surrender, the residual area must be included within a single perimeter that must not be less than 2 km2.
Partial surrender reduces the minimum work required to be performed by the holder for the current year of the surrender proportionately to the surrendered area.
2016, c. 35, s. 232016, c. 35, s. 23.
Not in force
40. The holder of a licence may, with the Minister’s authorization, surrender their exploration right in all or part of the territory subject to the licence. The Government determines, by regulation, the conditions for obtaining an authorization and the liability to be assumed by the holder following the surrender.
In the case of partial surrender, the residual area must be included within a single perimeter that must not be less than 2 km2.
Partial surrender reduces the minimum work required to be performed by the holder for the current year of the surrender proportionately to the surrendered area.
2016, c. 35, s. 232016, c. 35, s. 23.