Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if the Joint Authority, under section 112A, makes a tie - breaking invitation to 2 or more tied applicants for the grant of a cash - bid petroleum exploration permit.
Responses to the tie - breaking invitation
(2) Before the end of the period stated in the tie - breaking invitation, a tied applicant may, by written notice to the Joint Authority, make a further cash bid (a tie - breaking cash bid ) higher than the applicant's previous cash bid.
Note: A tie - breaking cash bid must be made in an approved manner (see section 255).
(3) The following table sets out the process for dealing with responses (if any) to the tie - breaking invitation.
Responses to the tie - breaking invitation | ||
Item | If ... | then ... |
1 | a tied applicant makes a tie - breaking cash bid within the period stated in the tie - breaking invitation that is: (a) the only tie - breaking cash bid; or (b) the single highest tie - breaking cash bid | the Joint Authority must give a written notice (called an offer document ) to that tied applicant telling the applicant that the Joint Authority is prepared to grant the permit to the applicant. |
2 | there are 2 or more tie - breaking cash bids by applicants ( further - tie applicants ) made within the period stated in the tie - breaking invitation that are: (a) equal to each other; and (b) either the only tie - breaking cash bids, or higher than all the other tie - breaking cash bids | the Joint Authority must give an offer document to the further - tie applicant whose tie - breaking cash bid was received earliest. |
3 | none of the tied applicants makes a tie - breaking cash bid within the period stated in the tie - breaking invitation | the Joint Authority must give an offer document to the tied applicant whose cash bid under section 111 was received earliest. |
Note 1: Section 259 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
Note 2: If an applicant breaches a requirement under section 258 to provide further information, the Joint Authority may refuse to give the applicant an offer document.