Duties Act 2001

A deferred farm-in agreement is a written agreement entered into by a farmor and another person (the farmee) in relation to an exploration authority, under which—

the farmee is entitled to 1 or more transfers from the farmor of a stated interest in the exploration authority, each interest being less than 100% of the total interest in the authority; and

the entitlement to each transfer arises only if the farmee spends a stated amount (an exploration amount) on relevant exploration or development—

after the agreement is entered into; and

on or before the expenditure completion date for the amount.

However, if the farm-in agreement is a 100% transfer farm-in agreement, the last interest in the exploration authority to be transferred under the agreement need not be subject to an obligation mentioned in subsection (1)(b).