142Grant of petroleum retention lease—offer document

#### 142 Grant of petroleum retention lease—offer document If: (a) an application for a petroleum retention lease has been made under section 141; and (b) the Joint Authority is satisfied that: (i) the area comprised in the block, or any one or more of the blocks, specified in the application contains petroleum; and (ii) the recovery of petroleum from that area is not, at the time of the application, commercially viable; and (iii) the recovery of petroleum from that area is likely to become commercially viable within 15 years after that time; and (c) 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 lease; and (ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the lease; and (d) 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 grant the applicant a petroleum retention lease over the block or blocks as to which the Joint Authority is satisfied as mentioned in paragraph (b). > Note 1: Section 259 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions). > Note 2: If the applicant breaches a requirement under section 258 to provide further information, the Joint Authority may refuse to give the applicant an offer document—see subsection 258(3).