50Request by applicant for grant of licence

50 Request by applicant for grant of licence

50 Request by applicant for grant of licence

(1) Where, at the expiration of the period specified in an instrument under section 48 (1), only 1 application has been made under that subsection in respect of the block specified in the instrument, the Minister may reject the application or may, by instrument in writing served on the applicant, inform the applicant that the Minister is prepared to grant to the applicant a licence in respect of that block.

(2) Where, at the expiration of the period specified in an instrument under section 48 (1), 2 or more applications have been made under that subsection in respect of the block specified in the instrument, the Minister may reject any or all of the applications and, if the Minister does not reject all of the applications, may—

(a) if only 1 application remains unrejected—by instrument in writing served on the applicant, or

(b) if 2 or more applications remain unrejected—by instrument in writing served on the applicant, or on 1 of the applicants, whose application has not been rejected and who has specified in the application an amount, or a rate of royalty, that the applicant would be prepared to pay that is not less than the amount, or the rate of royalty, specified in the application of any other applicant whose application has not been rejected,

inform the applicant—

(c) that the Minister is prepared to grant to the applicant a licence in respect of that block, and

(d) that the applicant will be required to pay—

(i) the amount specified in the application,

(ii) royalty at the rate specified in the application, or

(iii) royalty at the rate specified in the application and the amount specified in the instrument under section 48 (1),

as the case may be.

(3), (4) (Repealed)

(5) An instrument under any of the preceding provisions of this section shall contain—

(a) a summary of the conditions subject to which the licence is to be granted,

(b) a statement of the balance of the amount, if any, that the applicant will be required to pay in respect of the grant of the licence to the applicant, and