38BGrant or refusal of lease in relation to application

38B Grant or refusal of lease in relation to application (a) an application has been made under section 38A; (b) the applicant has furnished any further information as and when required by the Minister under section 38A(3); and (c) the Minister is satisfied that recovery of petroleum from the area comprised in the blocks specified in the application: (i) is not, at the time of the application, commercially viable; and (ii) is likely to become commercially viable within 15 years after that time, the Minister shall, by instrument in writing served on the applicant, inform him: (d) that he is prepared to grant to him a lease in respect of the block or blocks specified in the application. (2) Where an application has been made under section 38A and: (a) the applicant has not furnished any further information as and when required by the Minister under section 38A(3); or (b) the Minister is not satisfied as to the matters referred to in subsection (1)(c) in relation to the blocks specified in the application,

Petroleum (Submerged Lands) Act 1981 35 the Minister shall, by instrument in writing served on the applicant, refuse to grant a lease to him. (3) An instrument under subsection (1) shall contain: (a) a summary of the conditions subject to which the lease is to applicant does not make a request under subsection (4) in respect of the grant of the lease. (4) An applicant on whom there has been served an instrument under service of the instrument, or within such further period, not exceeding one month, as the Minister, on application in writing served on him before the end of the first-mentioned period of one month, allows, by instrument in writing served on the Minister request the Minister to grant the lease to the applicant. (5) Where an applicant on whom there has been served an instrument under subsection (1) has made a request under subsection (4) within the period applicable under subsection (4), the Minister shall grant to him a retention lease in respect of the block or blocks specified in the instrument. (6) Where an applicant on whom there has been served an instrument under subsection (1) has not made a request under subsection (4) within the period applicable under subsection (4), the application (7) On the day on which a lease granted under this section in respect of a block or blocks comes into force, the permit in respect of the block or blocks ceases to be in force in respect of those blocks. 38BA Application of sections 38A and 38B where permit transferred (a) after an application has been made under section 38A(1) in relation to a block or blocks in respect of which a permit is in force; and (b) before a decision has been made by the Minister under section 38B(1) or (2) in relation to the application, a transfer of the permit is registered under section 78, sections 38A and 38B have effect, after the time of the transfer, as if a reference in those sections to the applicant were a reference to the transferee.