125Renewal of petroleum exploration permit—offer document

#### 125 Renewal of petroleum exploration permit—offer document Scope (1) This section applies if an application to renew a petroleum exploration permit has been made under section 119. Offer document—compliance with conditions etc. (2) If: (a) each of the following has been complied with: (i) the conditions to which the petroleum exploration permit is, or has from time to time been, subject; (ii) the provisions of this Chapter, Chapter 4, Chapter 5A, Chapter 6 and Part 7.1; (iii) the regulations; and (b) the Joint Authority is satisfied that the technical advice and financial resources available to the applicant are sufficient to: (i) carry out the operations and works that will be authorised by the permit; and (ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the permit; and (c) the Joint Authority is satisfied of the matters (if any) prescribed by the regulations; the Joint Authority must give the applicant a written notice (called an offer document) telling the applicant that the Joint Authority is prepared to renew the permit. > Note: Section 259 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions). Offer document—non‑compliance with conditions etc. (3) If: (a) any of: (i) the conditions to which the petroleum exploration permit is, or has from time to time been, subject; or (ii) the provisions of this Chapter, Chapter 4, Chapter 5A, Chapter 6 and Part 7.1; or (iii) the provisions of the regulations; have not been complied with; and (b) the Joint Authority is satisfied that there are sufficient grounds to warrant the granting of the renewal of the permit; the Joint Authority may give the applicant a written notice (called an offer document) telling the applicant that the Joint Authority is prepared to renew the permit. > Note: Section 259 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions). (4) Without limiting paragraph (3)(b), in deciding whether to be satisfied that there are sufficient grounds to warrant the granting of the renewal of the permit, the Joint Authority must have regard to: (a) whether the technical advice and financial resources available to the applicant are sufficient to: (i) carry out the operations and works that will be authorised by the permit; and (ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the permit; and (b) any other matters prescribed by the regulations.