Dangar, I'm not sure how relinquishment works when there is...

Dangar, I'm not sure how relinquishment works when there is appraisal underway. Surely there has to be some linkage between acreage available for relinquishment and potential size of a discovery. For instance, what if any final mining licence area was to be greater than 25% of the original licence area?

Here's an interesting piece in the regulations:

(1) The Regulations require permit holders to notify NZP&M as soon as a practicable and not later than 20 working days after the date of a discovery.

(2) A petroleum discovery is considered to be established when there are significant moveable hydrocarbons in the drilling column as a result of exploration and/or appraisal well drilling operations, or well stimulation operations. Moveable hydrocarbons can be related to a sub-surface deposit which can be established through testing, sampling, and/or logging. Significant moveable hydrocarbons are considered to exist if there is evidence of a sufficient quantity of petroleum to justify further appraisal activities.