You may need this lease if you intend to explore for petroleum in Tasmanian coastal waters. Tasmanian coastal waters extend for three nautical miles from the coastline of Tasmania.
If you have an exploration permit authorising you to explore for petroleum in particular blocks, you may apply for the grant of a retention lease over those blocks. A lease authorises you to explore for petroleum, and carry on operations and execute works for that purpose, in the lease area.
A retention lease is a holding title. You may intend to apply for a retention licence if you have discovered a petroleum resource, but its extraction is not yet commercially viable. A retention lease will allow you more time in which to plan to develop the resource, and to obtain financing.