Petroleum (Submerged Lands) Act 1982

Where an application for the grant of a licence has been made under section 40 and the applicant has furnished any further information required by the Minister under section 41(2), the Minister, by instrument in writing served on the applicant—

shall inform the applicant that the Minister is prepared to grant to the applicant a licence in respect of the blocks specified in the application; and

may inform the applicant that the applicant will be required to lodge a security for compliance with the conditions to which the licence, if granted, will from time to time be subject and with the provisions of this part and of the regulations.

An instrument under subsection (1) shall—

contain a summary of the conditions subject to which the licence is to be granted; and

if the instrument relates to an application for a secondary licence—specify the rate of royalty determined by the Minister in pursuance of section 42(1); and

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; or

in a case where the Minister informs the applicant that the applicant will be required to lodge a security as mentioned in subsection (1)(b)—if the applicant does not lodge that security with the Minister.