Petroleum Act 1923

A commercial viability report must do all of the following—

identify each natural underground reservoir in the area the subject of the relevant report requirement;

give an estimate of the amount of petroleum in each reservoir;

state the standards and procedures used to make the estimate;

state whether, in the opinion of the relevant 1923 Act petroleum tenure holder, it is commercially viable to produce petroleum in the area;

if the holder’s opinion is that it is not commercially viable to produce petroleum in the area—state whether, in the holder’s opinion, it will, within the next 15 years, be commercially viable to produce petroleum in the area;

give data, and an analysis of the data, that supports each opinion.

The supporting data and analysis must include—

technical data relating to the geology of, and natural underground reservoirs in the area; and

market and financial data relevant to the opinions.