426Pre‑certificate notice—security etc.

426 Pre‑certificate notice—security etc.

(1) A pre‑certificate notice that relates to an application for a site closing certificate must—

(a) specify a program of operations proposed to be carried out by the Commonwealth for the purposes of monitoring the behaviour of a greenhouse gas substance stored in the identified greenhouse gas storage formation concerned; and

(b) set out an estimate of the total costs and expenses of carrying out the program; and

(c) specify the form and amount of a security to be lodged by the applicant in respect of the compliance, by the holder for the time being of the site closing certificate, with the holder's obligations under section 433 in relation to the costs and expenses of carrying out the program; and

(d) contain a statement to the effect that the application will lapse if the applicant does not lodge the security with the Minister within the period applicable under subsection (3).

(2) The amount of the security must equal the estimate referred to in subsection (1)(b).

(3) The period for lodging the security is—

(a) 60 days after the pre‑certificate notice was given to the applicant; or

(b) such longer period, not more than 180 days after the pre‑certificate notice was given to the applicant, as the Minister allows.

(4) If the applicant does not lodge the security with the Minister within the period applicable under subsection (3), the application lapses at the end of that period.

(5) The regulations may provide that an estimate referred to in subsection (1)(b) is to be made on the basis of—

(a) an assumption that costs and expenses will increase at an annual rate specified in the regulations; and

(b) such other assumptions (if any) as are specified in the regulations.

(6) Subsection (1) does not apply if the Minister is satisfied that there have not been any operations for the injection of a greenhouse gas substance into the identified greenhouse gas storage formation concerned.