Document ID: chunk:federal_register_of_legislation:C2024C00828:section:112
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 112
Character Range: 286161–287919

112  Cash‑bid petroleum exploration permit—cash bids less than the reserve price

Scope
 (1) This section applies to an eligible applicant for the grant of a cash‑bid petroleum exploration whose cash bid under section 111 is less than the reserve price determined under section 110 for the grant of the permit.
Note: The reserve price may be specified in the notice under subsection 110(1) in relation to the grant of the permit, but it need not be (see subsection 110(3B)).

Rejection of applications generally
 (2) The Joint Authority must reject the application by written notice to the applicant unless:
 (a) the reserve price is not specified in the notice under subsection 110(1); and
 (b) the applicant's cash bid is:
 (i) the only cash bid, or the highest cash bid, for the grant of the permit that is less than the reserve price; or
 (ii) equal to one or more other cash bids which are the only cash bids, or the highest cash bids, for the grant of the permit that are less than the reserve price.
Note: Applications to which paragraphs (a) and (b) apply may be rejected under subsection (3) of this section, or following the grant of the permit to another applicant under section 113. They may also lapse under section 260A if the applicant fails to respond to an offer made under subsection (3) of this section.

Offer of grant of permit at reserve price
 (3) The following table applies if:
 (a) the reserve price is not specified in the notice under subsection 110(1); and
 (b) the only cash bids for the grant of the permit made under section 111 are less than the reserve price.

Offer of grant of permit at reserve price
Item                                       If …                                                                   then …