Section 99: Power of Revocation of Participating or Shareholders Interest.

1 Where two or more persons are holders of a petroleum prospecting licence or petroleum mining lease and one or more of the grounds for revocation set forth in section 96 of this Act applies to not all of the holders, the Minister—
a may, in accordance with section 96 of this Act, revoke the participating or shareholders interest of the holder or holders to which the grounds apply; and
b shall not revoke the interests of the other holder or holders to which the grounds do not apply.

2 A holder to which the grounds apply under subsection (1) (a) is referred to as a “defaulting holder" and a holder to which the grounds do not apply under subsection (1) (b) is referred to as a “non-defaulting holder".

3 Upon a revocation of an interest under subsection (1) (a), the rights of the defaulting holder shall cease without prejudice to any obligation or liability incurred or imposed on the defaulting holder under the terms and conditions of the licence or lease prior to the time of the revocation.

4 The interests of each non-defaulting holder shall not be affected by a revocation of the interest under subsection (1)(b) and the non-defaulting holders shall take such measures as provided for under the joint operating agreement or shareholder agreement to redistribute the revoked participating or shareholder interest to the non-defaulting holders or third parties.

5 Where subsection (1) applies, an assignment to a third party may require the approvals stipulated under this Act and any replacement of the operator will require the approval of the Commission.

6 The Minister may revoke a licence or lease, where a non-defaulting holder under subsection (1) (b), fails to—
a take responsibility for the payment of rents, royalties, taxes, production shares, profit shares or other contractual payments to Government of the defaulting holder under the licence or lease; or
b comply with any other obligation under the licence or lease in a manner that may result in the revocation of the licence or lease under section 96 of this Act.