Section 77: Duration and Area of Petroleum Prospecting Licence.

1 A petroleum prospecting licence for onshore and shallow water acreages shall be for a duration of not more than six years, comprising of an initial exploration period of three years and an optional extension period of three years.

2 A petroleum prospecting licence for deep offshore and frontier acreages shall be for a duration of not more than 10 years, comprising of an initial exploration period of five years and an optional extension period of five years.

3 The area provided for in a petroleum prospecting licence shall not exceed—
a 350 square kilometres for any onshore or shallow water acreages;
b 1,000 square kilometres for any deep offshore acreages; and
c 1,500 square kilometres for any frontier acreages.