(1) Where on any application for an exploration licence, an order has been made for the grant of such licence, a deed granting such licence shall be executed within ninety days of the date of the communication of the order or such further period as the administering authority may allow in this behalf, and if no such deed is executed within the said period due to any default on the part of the applicant, the administering authority may revoke the order granting the licence and in that event the exploration charges paid shall be forfeited to the administering authority.
(2) The deed referred to in sub-rule (1) shall be in Form K, or in a form as near thereto as circumstances of each case may require.
(3) The date of the commencement of the period, for which an exploration licence is granted shall commence on the date on which the deed is executed after all necessary clearances have been obtained.