50. After the fifth renewal, the Minister renews the exploration licence for a period of 8 years, provided that the holder
(1) applies for the renewal before the end of the previous term;
(2) pays the annual fee payable under section 42 for the first year of renewal;
(3) has a notice of commercial discovery registered in the public register of real and immovable petroleum rights before the end of the previous term;
(4) has complied with the Act and its regulations during the previous term; and
(5) sends a summary of the work planned for the following term specifying its objective, nature and scope, signed and sealed by an engineer.
On the expiry of the 8-year period, the Minister may authorize the extension of the licence for the period necessary for receiving the decision and authorizations provided for in the first paragraph of section 48 of the Act and the issuance of the production or storage licence.