Section 9
Transitional
of Petroleum Development Act 1974
(1)
Any exploration licences issued and any petroleum agreements entered into pursuant to the Petroleum Mining Act 1966,
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and any licences, leases, and agreements issued or made under any written law in force relating to prospecting, exploration or mining for petroleum shall continue to be in force for a period of six months from the date of the coming into force of this Act or for such extended period as the Prime Minister may allow.
(2)
Where the six months’ period has elapsed and no extension under subsection (1) is allowed, the licences, leases or agreements mentioned in that subsection shall determine or cease to have effect and there shall be paid to the person whose rights under the licence, lease or agreement have been so determined, adequate compensation which may be in the form of a single sum or in the form of periodical payments of money or in such other form as may be determined by the Federal Government or under any arrangement agreed upon between such person and other person designated by the Federal
Government.