118Grant of special petroleum exploration permit

#### 118 Grant of special petroleum exploration permit (1) If: (a) an applicant has been given an offer document under section 116 or 117; and (b) the applicant has made a request under section 260 in relation to the offer document within the period applicable under that section; and (c) the applicant has paid the specified balance within the period applicable under section 261; the Joint Authority must grant the applicant a petroleum exploration permit over the block or blocks specified in the offer document. > Note 1: If the applicant does not make a request under section 260 within the period applicable under that section, the application lapses at the end of that period—see subsection 260(4). > Note 2: If the applicant has not paid the specified balance within the period applicable under section 261, the application lapses at the end of that period—see subsection 261(2). (2) For the purposes of this section, the specified balance is the balance specified in the offer document as the balance of the amount that the applicant must pay for the grant of the petroleum exploration permit.