Document ID: chunk:federal_register_of_legislation:C2024C00828:section:111:p1
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 111 (pt 1/2)
Character Range: 283493–286130

111  Cash‑bid petroleum exploration permit—cash bids

Invitations to make a cash bid
 (1) For each application for a cash‑bid petroleum exploration permit in accordance with a notice under subsection 110(1), the Joint Authority must by written notice to each applicant:
 (a) invite the applicant (an eligible applicant) to make a cash bid for the grant of the permit within a period stated in the invitation; or
 (b) reject the application.
 (1A) In making a decision under subsection 111(1), the Joint Authority:
 (a) must take into account:
 (i) the matters specified in the notice under paragraph 110(3)(c); and
 (ii) the matters specified in subsection (1B); and
 (b) may take into account any other matters the Joint Authority considers relevant.
 (1B) The matters are as follows:
 (a) whether the technical advice and financial resources available to the applicant are sufficient to:
 (i) carry out the operations and works that will be authorised by the permit; and
 (ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the permit;
 (b) the matters specified in section 695YB as they apply to the applicant;
 (c) if the applicant is a body corporate—the matters specified in section 695YB as they apply to an officer of the body corporate;
 (d) any other matters prescribed by the regulations.

How to make a cash bid
 (2) An eligible applicant may make a single cash bid in response to the invitation under subsection (1) by written notice to the Joint Authority:
 (a) given within the period stated in the invitation; and
 (b) specifying an amount (the cash bid) the applicant would be prepared to pay for the grant of a permit; and
 (c) accompanied by a deposit of 10% of the cash bid.
Note 1: A cash bid must be made in an approved manner (see section 255).
Note 2: The Joint Authority can only make an offer of the grant of a permit to an applicant at a price that is equal to or higher than the reserve price (see sections 112 and 112A). The reserve price may be specified in the notice under subsection 110(1), but it need not be (see subsection 110(3B)).
 (3) A deposit accompanying a notice under subsection (2) is taken to be paid to the Titles Administrator on behalf of the Commonwealth.
 (3A) A notice under subsection (2) is taken to be accompanied by a deposit of 10% of the cash bid if the deposit is received by the Titles Administrator, on behalf of the Commonwealth, before the end of the period stated in the invitation.

Lapsed applications
 (4) If an eligible applicant does not respond to the invitation in accordance with subsection