199. The term of a lease is 20 years.
The Minister shall renew the lease for a term of 10 years, not more than three times, provided the lessee
(1) applies therefor before the expiry of the lease;
(2) has paid the annual rental prescribed by regulation;
(3) has complied with this Act and the regulations throughout the previous term of his lease;
(4) has met any other renewal requirement prescribed by regulation.
Notwithstanding the foregoing, after the third renewal of the lease, the Minister may grant an extension thereof on the conditions, for the rental and for the term he determines where the deposit or underground reservoir, as the case may be, is still economically workable or operable.