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(a) On or before the fourth anniversary of the effective date of the issuance of an oil and gas exploration license and on or before every anniversary thereafter, a licensee shall deliver to the department a description of
(1) the actual work completed, total cumulative direct exploration expenditure, and the percentage of the original work commitment completed; and
(2) a listing of lands selected for relinquishment, if the work completed exceeds 25 percent, but is less than 50 percent, with a map at a scale of 1:250,000 indicating lands to be relinquished.
(b) Relinquished lands, to the extent possible, must be comprised of full sections and described by section, township, range and meridian, or by other legal subdivision.
(c) After relinquishment, retained lands must be reasonably compact and contiguous.
(d) If a licensee subject to AS 38.05.132 (d)(2) fails to deliver to the department the information required in (a) of this section on or before the fourth anniversary of the effective date of the oil and gas license, and on or before each successive anniversary, the commissioner will designate the lands to be relinquished. The commissioner will notify the licensee in writing of the commissioner's decision.
(e) Relinquishment of lands under this section does not affect the work commitment on which the license was issued.
History: Eff. 9/22/95, Register 135
Authority: AS 38.05.131
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Last modified 7/05/2006