Commonwealth Consolidated Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 118

  (1)   If:

  (a)   an applicant has been given an offer document under section   116 or 117; 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 paid the specified balance within the period applicable under section   261;

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 balance within the period applicable under section   261, the application lapses at the end of that period--see subsection   261(2).

  (2)   For the purposes of this section, the specified balance is the balance specified in the offer document as the balance of the amount that the applicant must pay for the grant of the petroleum exploration permit.