43Notification as to grant of licence

43 Notification as to grant of licence (1) Where an application for the grant of a licence has been made under section 40 or 40A and the applicant has furnished further information as and when required by the Minister under section 41(2), the Minister, by notice in writing served on the applicant, shall inform the applicant that he is prepared to grant to the applicant a licence in respect of the blocks specified in the

Petroleum (Submerged Lands) Act 1981 47 (2) A notice served under subsection (1) shall: (a) contain a summary of the conditions subject to which the licence is to be granted; (b) if the notice relates to an application for a secondary licence – specify the rate of royalty determined by the Minister in pursuance of section 42(1); and (c) contain a statement to the effect that the application will lapse if the applicant does not make a request under section 44(1) in respect of the grant of the licence.