8Assessment of risks etc.

8 Assessment of risks etc.

(1) An application under section 38 of the Act must contain the following information in relation to the proposed work program submitted with the application over the life of the lease—

(a) the likely regional economic, social and environmental risks and impacts of the program;

(b) the likely regional benefits of the program relative to its likely risks and impacts;

(c) the extent to which these risks and impacts can be managed at the regional level and how the applicant proposes to do this.

(2) An application under section 38 of the Act must contain the following—

(a) the certificate of any insurance policy maintained by the applicant in accordance with section 171 of the Act in respect of the exploration permit held by the applicant;

(b) the adequacy, as at the date of the application, of that insurance to cover any expenses or liabilities arising from a petroleum operation carried out under the exploration permit held by the applicant;

(c) the amount of the rehabilitation bond obtained by the applicant in accordance with section 173 of the Act in respect of a petroleum operation carried out under the exploration permit held by the applicant;

(d) the sufficiency of the amount secured by a rehabilitation bond described in paragraph (c), as at the date of the application, to cover any costs of rehabilitation work necessary as a result of the relevant petroleum operation.