75Tender block licence notice—exploration licence

75 Tender block licence notice—exploration licence

(1) A tender block licence notice for an exploration licence must: (a) specify the blocks to be covered by the licence; and (b) specify the period within which applications may be made; and (c) specify the procedure and criteria that the Joint Authority will adopt to allocate the licence; and (d) specify the amount of security that the successful applicant will be required to lodge; and (e) include a statement to the effect that information about: (i) the security that the successful applicant will be required to lodge; and (ii) the licence conditions; may be obtained from the Designated Authority. (2) The tender block notice may specify not more than 500 blocks for the exploration licence.