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 109 in respect of that balance; and

(c) if the Minister has informed him that he will be required to lodge a security as mentioned in section 49(4) , has lodged that security with the Minister –

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.