(1) On WA-315-P
renewal day the PSLA Minister is to grant an exploration permit for petroleum
to the holder of permit WA-315-P in respect of the WA-315-P adjacent area
blocks in the vicinity of Seringapatam Reef.
(2) The permit can be
granted subject to such conditions as the PSLA Minister thinks fit and
specifies in the permit, including conditions of the kind described in the
Petroleum (Submerged Lands) Act 1982 section 33(2).
(3) For the purposes
of the Petroleum (Submerged Lands) Act 1982 and any other written law,
the permit granted under subsection (1) is to be taken to be an
exploration permit for petroleum granted under Part III of that Act.
(4) On WA-398-P
renewal day the WA-398-P adjacent area block becomes the subject of the permit
granted under subsection (1) and part of its permit area for the purposes
of the Petroleum (Submerged Lands) Act 1982 .