Replies to post #10353 on Empire Energy Corporation Intl. (fka EEGC)

[wshaw14]

MINERAL RESOURCES DEVELOPMENT ACT 1995 - SECT 98
98. Term of renewed lease

(1) A lease is renewed for the period, not exceeding 20 years, the Minister determines.

(2) If an application to renew a lease is granted before the lease ceases to be in force, the period referred to in subsection (1) starts on the day the lease would have ceased to be in force if it was not renewed.

(3) A lease continues in force –

(a) if an application for renewal is made but not granted before it ceases to be in force, until the application is granted, refused or withdrawn, whichever occurs first; and

(b) if an application is granted before it ceases to be in force, from the date on which it ceases to be in force until the end of the period referred to in subsection (1).

[wshaw14]

_"Period or periods"_


MINERAL RESOURCES DEVELOPMENT ACT 1995 - SECT 59
59. Term of retention licence

(1) A licence, unless revoked earlier, is in force for a period, not exceeding 5 years, as the Minister determines.

(2) The Minister may extend the term of a licence for any period or periods each not exceeding 5 years.

[EarnestDD]

Unfortunately ... The Minister has already publicly stated that .... there will be NO Extension of the GSLM lease.

GLTYVI
jmo