47Application for licence in respect of surrendered blocks, &c.

47 Application for licence in respect of surrendered blocks, &c. (a) a licence is surrendered or cancelled as to a block; or (b) a permit or lease is surrendered, cancelled or determined as to a block: (i) that, at the time of the surrender, cancellation or determination was, or was included in, a location; and (ii) in which, in the opinion of the Minister, there is petroleum,

Petroleum (Submerged Lands) Act 1981 51 the Minister may, at any subsequent time, by notice in the Gazette: (c) invite applications for the grant of a licence in respect of that block; and (d) specify a period within which applications may be made. (2) The Minister shall, in a notice under subsection (1), state: (a) that an applicant is required to specify an amount that he would be prepared to pay in respect of the grant of a licence to him on his application; or (b) that an applicant is required to specify a rate of royalty that he would be prepared to pay, if the licence were granted to him on his application, in respect of petroleum recovered under the licence, being a rate that exceeds 10% of the value of that petroleum at the well-head. (3) Where the Minister, in a notice under subsection (1), states that an applicant is required to specify a rate of royalty as mentioned in subsection (2)(b), the Minister may, in that notice, state than an applicant on whose application he is prepared to grant a licence will also be required to pay to him, in respect of the grant of the licence, the amount specified in that behalf in that notice. (6) An application made under this section: (c) shall be accompanied by the particulars referred to in section 41(1)(c); (d) in the case of an application under subsection (1), shall specify, in accordance with the requirement in the notice by which applications were invited, the amount or the rate of royalty, that the applicant would be prepared to pay; and (f) may set out any other matters that the applicant wishes the (7) The Minister may, at any time, by notice in writing served on the applicant, require him to furnish, within the period specified in the notice, further information in connection with his application.

Petroleum (Submerged Lands) Act 1981 52