Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf:
(a) an application for a petroleum retention lease has been made under section 147; and
(b) the Joint Authority is satisfied that recovery of petroleum from the unused area:
(i) is not, at the time of the application, commercially viable; and
(ii) is likely to become commercially viable within the period of 15 years after that time; and
(c) the Joint Authority is satisfied that the technical advice and financial resources available to the applicant are sufficient to:
(i) carry out the operations and works that will be authorised by the lease; and
(ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the lease; and
(d) the Joint Authority is satisfied of the matters (if any) prescribed by the regulations;
the Joint Authority must give the applicant a written notice (called an offer document ) telling the applicant that the Joint Authority is prepared to grant the applicant a petroleum retention lease over the unused area.
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 the applicant breaches a requirement under section 258 to provide further information, the Joint Authority may refuse to give the applicant an offer document--see subsection 258(3).