177Grant of cash‑bid petroleum production licence

177 Grant of cash‑bid petroleum production licence

(a) an applicant has been given an offer document under section 175 or 176; and

(b) the applicant has made a request under section 256 in relation to the offer document within the period applicable under that section; and

(c) in the case of an offer document under section 176—the applicant has paid the specified balance within the period applicable under section 257;

the Minister must grant the applicant a petroleum production licence over the block specified in the offer document.

1 If the applicant does not make a request under section 256 within the period applicable under that section, the application lapses at the end of that period—see section 256(4).

2 In the case of an offer document under section 176, if the applicant has not paid the specified balance within the period applicable under section 257, the application lapses at the end of that period—see section 257(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.

Division 4—Obtaining petroleum production licences over individual blocks