77. The Minister awards a storage licence to the holder of an exploration or production licence where the holder sends to the Minister(1) the proof of solvency provided for in section 165;
(2) a copy of the authorizations obtained in accordance with section 48 of the Act;
(3) the payment of the annual fee payable under section 97 for the first year of the licence; and
(4) the payment of the licence awarding fee of $10,000.