Marginal note:Exploration licence ceases to have effect
75. (1) On the issuance of a significant discovery licence pursuant to subsection 73(1) with respect to a significant discovery area, any exploration licence ceases to have effect in relation to that significant discovery area.
Marginal note:Effective date of significant discovery licence
(2) The effective date of a significant discovery licence is the date of application for the licence.
Marginal note:Term of significant discovery licence
(3) Subject to subsection 85(1), a significant discovery licence continues in force, in relation to each portion of the offshore area to which the licence applies, during such period as the declaration of significant discovery on the basis of which the licence was issued remains in force in relation to that portion.
Marginal note:Crown reserve area on expiration of licence
(4) On the expiration of a significant discovery licence, any portion of the offshore area to which the significant discovery licence related and that is not subject to a production licence becomes a Crown reserve area.
Marginal note:Drilling orders
76. (1) Subject to subsections (2) to (4) and sections 31 to 40, the Board may, at any time after making a declaration of significant discovery, by order subject to section 124, require the interest owner of any interest in relation to any portion of the significant discovery area to drill a well on any portion of the significant discovery area that is subject to that interest, in accordance with such directions as may be set out in the order, and to commence the drilling within one year after the making of the order or within such longer period as the Board specifies in the order.
(2) No order may be made under subsection (1) with respect to any interest owner who has completed a well on the relevant portion of the offshore area within six months prior to the making of the order.
(3) No order may be made under subsection (1) within the three years immediately following the well termination date of the well indicating the relevant significant discovery.
(4) No order made under subsection (1) may require an interest owner to drill more than one well at a time on the relevant portion of the offshore area.
Marginal note:Definition of “well termination date”
(5) For the purposes of subsection (3), “well termination date” means the date on which a well has been abandoned, completed or suspended in accordance with any applicable drilling regulations.
Marginal note:Information may be disclosed
77. (1) The Board may, notwithstanding section 119, provide information or documentation relating to a significant discovery to any interest owner who requires such information or documentation to assist the interest owner in complying with an order made under subsection 76(1).
(2) An interest owner shall not disclose any information or documentation provided to that interest owner under subsection (1) except to the extent necessary to enable the interest owner to comply with an order made under subsection 76(1).
- Date modified: