The offence you have comitted is 118km in a 100km zone. Due to the fact that you are P1 licence holder, you have also comitted another 2 offences, being breach speed limit by 10km/h and going faster than 100km/h.
The officer does not have discretion like he may have with fail to display P plates or fail to present licence when required. Because you have been done breaching the speed limit by 10km/h and going faster than 100km/h what happens is when the notice goes through the expiation notice branch they will forward it onto motor reg who will then send you out a letter informing you that you have lost your licence for a breach of condition. You can then appeal for a good behaviour bond if you have not lost your licence in the last 2 years. I think the form comes automatically. If you do this you will be unable to drive between midnight and 5am and only have 1pt, if you stuff up again, you lose your licence for longer.
However ENB and Motorreg are notorious for lack of communication and not forwarding these sorts of things onto each other, so the best you can hope for is to get lost in the system.