(1) This section applies if an application for a greenhouse gas holding lease has been made under section 334.
(2) The Minister must, by written notice given to the applicant, refuse to grant a greenhouse gas holding lease to the applicant if the Minister is not satisfied as to—
(a) in the case of an application made under section 334(2)—a matter referred to in section 337(1)(b); or
(b) in the case of an application made under section 334(3), (4) or (5)—a matter referred to in section 337(2)(b).