Where a person on whom an instrument has been served under section 24 –

(a) has made a request under section 25 (1) ; and

(b) has paid the balance of the amount to be paid in respect of the grant of a permit to him or has entered into an agreement under section 109 in respect of that balance; and

(c) has lodged with the Minister the security referred to in the instrument –

within the period applicable under section 25 (1) , the Minister shall grant to that person an exploration permit for petroleum in respect of the block or blocks specified in the instrument.