181Grant of cash‑bid petroleum production licence

#### 181 Grant of cash‑bid petroleum production licence (1) If: (a) an applicant has been given an offer document under section 179 or 180; 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) in the case of an offer document under section 180—the applicant has paid the specified balance within the period applicable under section 261; the Joint Authority must grant the applicant a petroleum production licence over the block 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: In the case of an offer document under section 180, 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 production licence.