Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies in relation to a cash bid (a qualifying cash bid ) under section 111 by an eligible applicant for the grant of a cash - bid petroleum exploration permit that is equal to or higher than the reserve price determined under section 110.
Issue of offer documents etc.
(2) The following table sets out the circumstances in which the Joint Authority must give an offer document, or an invitation to make a tie - breaking cash bid, to an eligible applicant who makes a qualifying cash bid.
Issue of offer documents or tie - breaking invitations | ||
Item | If ... | the Joint Authority must ... |
1 | the applicant's cash bid is: (a) the only qualifying cash bid; or (b) the single highest qualifying cash bid | give a written notice (called an offer document ) to the applicant telling the applicant that the Joint Authority is prepared to grant the permit to the applicant. |
2 | 2 or more eligible applicants ( tied applicants ) make qualifying cash bids that are: (a) equal to each other's cash bids; and (b) either the only qualifying cash bids, or higher than all the other qualifying cash bids | invite each tied applicant, by written notice (a tie - breaking invitation ), to make a higher cash bid within a period stated in the tie - breaking invitation. |
Note 1: Section 259 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
Note 2: If an applicant breaches a requirement under section 258 to provide further information, the Joint Authority may refuse to give the applicant an offer document.