70Acceptance of grant of exploration licence for standard block

70 Acceptance 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 required time, the provisional holder:

(a) gives the Minister a written acceptance of the grant, and

(b) lodges any security required under section 399, and

(c) pays the fee that must be paid for the licence under section 425.

(2) The required time under subsection (1) is the end of the primary payment period or, if the provisional holder has been granted an extension of the primary payment period under section 69, the end of the secondary payment period.

Note—

Under section 88, the grant of the licence cannot be effective before it is registered (see section 333 for registration).