Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) an applicant has been given an offer document under section 112, 112A or 112B; and
(b) the applicant has made a request under section 260 in relation to the offer document within the period applicable under that section; and
(c) the applicant has, within the applicable period under section 260, paid to the Titles Administrator, on behalf of the Commonwealth, the amount specified in the offer document as the balance of the permit price;
the Joint Authority must grant the applicant a petroleum exploration permit over the block or blocks specified in the offer document.
Note 1: If the applicant does not make a request under section 260 within the period applicable under that section, the application lapses at the end of that period--see subsection 260(4).
Note 2: If the applicant has not paid the specified amount within the period applicable under section 261, the application lapses at the end of that period--see subsection 261(1).
(2) If the Joint Authority grants a petroleum exploration permit to an applicant under subsection (1):
(a) the Joint Authority must reject all other applications for the permit (other than those that have already been rejected, or have lapsed), by written notice to each of those applicants (each rejected applicant ); and
(b) the Titles Administrator, on behalf of the Commonwealth, must refund to each rejected applicant an amount equal to the rejected applicant's deposit under section 111.
Note 1: An application may have already been rejected under section 111 (if the applicant is not invited to make a cash bid) or 112 (if the applicant's cash bid is less than the reserve price).
Note 2: An application may have already lapsed under section 111 (if the applicant fails to respond to a cash - bid invitation) or 260A (if the applicant fails to respond to an offer).