If a well has been drilled which is or can be made capable of producing gas or oil in commercial quantities but for which there is a lack of either a market at the well or of an available pipeline outlet in the field, said well may be suspended or shut in while the drilling and production permit issued hereunder is still in effect, and the drilling and operation permit shall remain effective, and is automatically continued, during such period or periods of suspension or shut-in. The permittee shall give written notice to the City of his or her intent to suspend or to shut in the well which notice shall present the reasons therefore and indicate the good faith attempts that were made in securing a market or providing for the transportation of the oil or gas. Said suspension or shut-in will be effective for one (1) year from the date of the notice to the City and may be renewed for additional one (1) year intervals upon review and public resolution by the City Council. During the suspension or shut-in the well shall be secured by fence, locks, or other security devices as approved by the City Manager. (Ords. 508, 800)