(1)Subject to the provisions of this section, the Secretary of State may, if he thinks fit, grant a licence authorising any person to carry on such prospecting activities as may be described in the licence (in this section referred to as “the authorised activities”).
(2)An application for a licence shall be accompanied by such fee (if any) as may be prescribed.
(3)The Secretary of State shall not grant a licence to any person unless he is satisfied that the carrying on by that person of the authorised activities will be consistent with the international obligations of the United Kingdom.
(4)A licence shall be granted for such period, and subject to such conditions, as the Secretary of State thinks fit.
(5)Without prejudice to the generality of subsection (4) above, a licence may include conditions—
(a)requiring the licensee to pay to the Secretary of State such sums as may with the consent of the Treasury be determined by or under the licence at such times as may be so determined;
(b)requiring the licensee, to such extent as may be determined by or under the licence, to insure himself against any liability incurred in respect of such loss or damage arising out of the carrying on by him of authorised activities as may be so determined; and
(c)providing for the termination of the licence on an event specified in the licence.
(6)In this Act—
“licence” means a licence under this section and “licensee” shall be construed accordingly;
“prescribed” means prescribed by regulations made under section 6 below.