sec.84CWhat is a deferred farm-in agreement

### sec.84C What is a deferred farm-in agreement 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) . s 84C ins 2015 No. 4 s 15 (sec.84C-ssec.1) 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. (sec.84C-ssec.2) 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) . - (a) 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 - (b) the entitlement to each transfer arises only if the farmee spends a stated amount (an exploration amount ) on relevant exploration or development— (i) after the agreement is entered into; and (ii) on or before the expenditure completion date for the amount. - (i) after the agreement is entered into; and - (ii) on or before the expenditure completion date for the amount. - (i) after the agreement is entered into; and - (ii) on or before the expenditure completion date for the amount.