70Acceptance of grant of exploration licence for standard block

#### 70 Acceptance of grant of exploration licence for standard block (1) The provisional grant of the exploration licence is properly accepted by the provisional holder if, before the end of the primary payment period, the provisional holder: (a) gives the Designated Authority a written acceptance of the grant; and (b) lodges any security required by the Joint Authority under section 399; and (c) pays the fees that must be paid for the licence under the Exploration Licence Fees Act. (2) The provisional grant of the exploration licence is properly accepted by the provisional holder if the provisional holder: (a) has been granted an extension of the primary payment period under section 69; and (b) before the end of the secondary payment period: (i) gives the Designated Authority a written acceptance of the grant; and (ii) lodges any security required by the Joint Authority under section 399; and (iii) pays the fees that must be paid for the licence under the Exploration Licence Fees Act. > Note: Under section 88, the grant of the licence cannot be effective before it is registered (see section 333 for registration).