84Acceptance of grant of exploration licence over tender blocks

84 Acceptance of grant of exploration licence over tender blocks

84 Acceptance of grant of exploration licence over tender blocks

The provisional grant of an exploration licence is properly accepted by the provisional holder if, within 30 days after the day on which the provisional holder is given notice under section 83, 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, and

(d) if the tender is determined on the basis of the amount of money offered for the licence, pays to the Minister the amount that the provisional holder offered for the licence under section 77 (1) (d).

Note—

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