Section 26
Power of revocation
If any of the events specified in paragraph (2) shall occur then and in any such case the Petroleum Authority may revoke this licence and thereupon the same and all the rights hereby granted shall cease and determine but subject nevertheless and without prejudice to any obligation or liability incurred by the licensee or imposed upon him by or under the terms and conditions hereof.
Petroleum Mining 23
(2)
The events referred to in paragraph (1) are—
(a)
any consideration payable under the licence or any part thereof being in arrear or unpaid for two months next after any of the days whereon the same ought to have been paid;
(b)
any breach or non-observance by the licensee of any of the terms and conditions of this licence;
(c)
the bankruptcy of the licensee;
(d)
the making by the licensee of any arrangement or composition with his creditors;
(e)
if the licensee is a company, the appointment of a receiver or any liquidation whether compulsory or voluntary.