(a) an application for a greenhouse gas holding lease has been made under section 342; and
(b) the Minister is satisfied that the applicant is not, at the time of the application, in a position to—
(i) inject a greenhouse gas substance into the identified greenhouse gas storage formation, or at least one of the identified greenhouse gas storage formations, concerned; and
(ii) store the greenhouse gas substance in the identified greenhouse gas storage formation, or at least one of the identified greenhouse gas storage formations, concerned—
but is likely to be in such a position within 15 years—
the Minister must give the applicant a written notice (called an offer document ) telling the applicant that the Minister is prepared to grant the applicant a greenhouse gas holding lease over the block or blocks specified in the application.
1 Section 462 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
2 If the applicant breaches a requirement under section 461 to provide further information, the Minister may refuse to give the applicant an offer document—see section 461(3).