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s 57AAB

Transfer of interest in application for petroleum interest

In force
Part IIExploring and mining for petroleum
Division 5ACommon and related provisions

57AAB Transfer of interest in application for petroleum interest

(1)

This section applies to a person who:

(a)

has applied for a petroleum interest; and

(b) is seeking to transfer the person's interest in the application to another person.

(2) The transfer has no effect unless it is approved by the Minister.

(3)

An application for the approval of the Minister must:

(a)

be in the approved form; and

(b) be accompanied by an instrument of transfer that is signed or executed in the manner specified in the approved form; and

(c) in the case of an application for a permit or licence – be accompanied by the information required by the Minister including information to establish that the proposed transferee, and any associated entity of the proposed transferee, is an appropriate person to hold the permit or licence; and

(d)

be accompanied by the prescribed fee; and

(e) comply with any other requirement determined by the Minister and published on the Agency's website.

(4) The Minister may, before determining an application under this section, request from the applicant or proposed transferee further information relating to the transfer to assist the Minister to determine the application.

(5) In determining an application under this section in relation to a permit or licence, the Minister must be satisfied that the proposed transferee, and any associated entity of the proposed transferee, is an appropriate person to hold the permit or licence as required by section 15A (and may take into account any other matter determined to be relevant by the Minister).

(6) If the Minister approves a transfer under this section, the Minister may:

(a) cause the transfer to be noted or given effect to in such manner as the Minister thinks appropriate; and

(b) require that any step taken in relation to the application to be repeated or varied in such manner as the Minister thinks appropriate.

(7) An approval under this section may be subject to any other condition or requirement determined by the Minister and recorded as part of the Minister's approval.

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