75Tender block licence notice—exploration licence

75 Tender 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 Minister 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 Minister.

(2) Without limiting subsection (1) (c), the Minister may for the purposes of that paragraph specify that the tender will be determined on the basis of either or both of the following:

(a) the nature and extent of the exploration activity proposed to be carried out,

(b) the amount of money offered for the licence.

(3) The tender block licence notice may specify not more than 500 blocks for the exploration licence.