174Deposit

174 Deposit

(1) An application for a cash-bid petroleum production licence under section 173 must be accompanied by a deposit of 10% of—

(a) the amount that the applicant has specified under section 173(4)(b)(i) as the amount that the applicant would be prepared to pay for the grant of the licence; or

(b) the amount specified by the Minister under section 173(3) in a notice under section 173(1) as the amount that applicant must be required to pay for the grant of the licence.

(2) If the petroleum production licence is not granted, a deposit under subsection (1) must be refunded to the applicant.

(3) Subsection (2) does not apply if—

(a) the applicant has been given an offer document under section 175(2) or 176(3) in relation to the application; and

(b) the applicant does not, under section 256, request the grant of the petroleum production licence.