PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 49
PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 49
49—Grant of licence on request
Where an applicant on whom there has been served an instrument under
section 48—
(a) has
made a request under section 48(6); and
(b) if
the instrument contains a statement of the balance of an amount that the
applicant will be required to pay in respect of the grant of a licence to
him—has paid that balance or entered into an agreement under
section 108 in respect of that balance,
within the period applicable under section 48(6), the Minister shall
grant to him a production licence for petroleum in respect of the block
specified in the instrument.