106I   Forfeiture of security

(1)  All or such part of any security deposit in relation to a petroleum title as the Minister may determine is to be forfeited to the Crown if the holder of the title fails to fulfil the obligations under this Act in relation to the title or, in the case of a group security deposit, any of the titles in respect of which the security is given.

(2)  Forfeiture is effected by the service of a written notice on the holder of the relevant petroleum title.

(3)  Money realised from the forfeiture of any such security deposit is to be applied for the purpose of fulfilling the obligations under this Act in relation to the petroleum title concerned.