You need to use an array formula, (array-enter using Ctrl-Shift-Enter instead of just enter) with this formula in AK11:
If you just want the count of minutes:
=IF(AND(COUNTIF(C7:C11,"<.05")=5,OR(C12>=0.05,C12="")),(ROW()-MAX(IF(C$7:C11>0.05,ROW(C$7:C11),7))+1),"")
If you want times instead, you could use this
=IF(AND(COUNTIF(C7:C11,"<.05")=5,OR(C12>=0.05,C12="")),(ROW()-MAX(IF(C$7:C11>0.05,ROW(C$7:C11),7))+1)/1440,"")
Format the cell for time, and change the /1440 if the actual time difference is not one minute (there are 1440 minutes in one day - so use the number of intervals per day) and copy down just like you did before.
Note that either of these will take a lot longer to calculate, since there is no upper limit on the amount of time that the instances lasted, so you will need to check thousands of values each time instead of just 5 for some of the cells, at least.
Alternatively, if you just need the total time spent below the threshold for any instance lasting longer than 5 minutes, this would be much faster:
=IF(COUNTIF(C7:C11,"<.05")=5,1,0)
Then just sum to get the total time