Commonwealth Consolidated Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 307

  (1)   If:

  (a)   an applicant has been given an offer document under section   305 or 306; and

  (b)   the applicant has made a request under section   431 in relation to the offer document within the period applicable under that section; and

  (c)   the applicant has paid the specified amount within the period applicable under section   432; and

  (d)   if the offer document specified the form and amount of a security to be lodged by the applicant--the applicant has lodged the security within the period applicable under section   433;

the responsible Commonwealth Minister must grant the applicant a greenhouse gas assessment permit over the block or blocks specified in the offer document.

Note 1:   If the applicant does not make a request under section   431 within the period applicable under that section, the application lapses at the end of that period--see subsection   431(4).

Note 2:   If the applicant has not paid the specified amount within the period applicable under section   432, the application lapses at the end of that period--see section   432.

Note 3:   If the applicant has not lodged the security within the period applicable under section   433, the application lapses at the end of that period--see section   433.

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