Programme of prospecting operations

(1) If in addition to conditions included in an exclusive prospecting licence under section 28 (1), or on any extension of the licence under section 48, the licence is subject to the condition that not later than one month before the anniversary in any year of the grant of the licence, the holder of the licence shall submit to the Minister in detail an adequate programme with respect to work and expenditure to be carried out or made in the year of the licence immediately following, the programme so submitted is deemed to constitute a requirement of the licence with respect to prospecting operations and expenditure. (2) The requirement in sub-section (1), that the programme submitted shall be adequate, is deemed to have been met where the programme submitted satisfies the requirements, if any, with respect to work and expenditure contained in a relevant agreement of a kind referred to in section 9. 32