199. The holder of an exploration licence for underground reservoirs who discovers an underground reservoir or has terminated the development of such a reservoir shall be entitled to obtain a storage lease or a disposal licence for such underground reservoir provided that:
(a) he applies therefor in writing, showing the nature of the substances, products or residues to be stored or disposed of in the reservoir for which he requests a storage lease or a disposal licence;
(b) he has complied with the conditions of his licence;
(c) the location, area and shape of the lands designated comply with the regulations.