Canada–Newfoundland and Labrador Atlantic Accord Implementation and Offshore Renewable Energy Management Act

Marginal note:Former leases

• 131 (1) Subject to sections 132 and 133, the interest owner of a former lease shall, on or before the first anniversary date of the former lease following March 5, 1982 or on or before six months following such date, whichever is the later, negotiate an exploration licence with the Board subject to sections 31 to 40.

• Marginal note:Surrender

  (2) Where an interest owner referred to in subsection (1) does not comply with that subsection, the portion of the offshore area under the former lease is deemed to be surrendered and becomes a Crown reserve area.

• Marginal note:Application

  (3) Subsection 130(3) applies, with such modifications as the circumstances require, to lands that may be included in an exploration licence under subsection (1).