Mineral Resources Act 1989

This division applies for the application only if the Minister is satisfied of each of the following—

there is a resource or reserve (the deposit) of petroleum in the land;

the deposit has been identified under the relevant codes;

there is the level of knowledge about the deposit, as prescribed under a regulation;

the location, quantity, quality, geological characteristics and continuity of the deposit are known, or have been estimated or interpreted, from specific geological evidence and knowledge;

there are reasonable prospects for the eventual economic production of the deposit.

However, this division does not apply if—

the authority to prospect holder has not complied with section 318AW(a); or

the authority to prospect holder has, under section 318AX, lodged a submission stating that the holder does not wish any petroleum development preference for the land; or

the authority to prospect holder has not lodged any submission under section 318AX within the submission period.

If the Minister decides that the Minister is not satisfied as mentioned in subsection (1), the authority holder must be given notice of the decision.

In this section—

the following documents published by the Society of Petroleum Engineers (SPE), as amended and published from time to time—

the document called ‘Petroleum Resources Classification System and Definitions’;

the documents called ‘Petroleum Reserves Definitions’ and ‘Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserve Information’;

another document (however called) published by SPE that amends or replaces the documents mentioned in paragraph (a);

if a document mentioned in paragraph (a) or (b) stops being published—another similar document prescribed under a regulation.