199Information to be provided in annual title assessment report—petroleum retention lease

199 Information to be provided in annual title assessment report—petroleum retention lease

(1) For the purposes of regulation 195, the required information from a petroleum retention lessee is—

(a) a description of work and expenditure commitments as detailed in the lease; and

(b) in relation to all work, evaluations and studies carried out in relation to the lease—

(d) details of the lessee's plans for further evaluation of discoveries, including work that is to be carried out in the lease area; and

(e) in relation to the work, evaluations and studies expected to be carried out in relation to the lease during the next year of the lease—

(ii) a description of the measures taken by the lessee to prepare for the work mentioned in subparagraph (i); and

(f) in the case of a report for a year after the first year of the lease—the following information about each petroleum pool situated in the lease area—

(i) a description of the pool;

(ii) any new information relating to the evaluation of the pool;

(iii) an estimate of the quantity of petroleum in the pool at the end of the previous year;

(iv) an estimate of recoverable petroleum in the pool at the end of the previous year;

(v) any new or revised data upon which the estimates in subparagraphs (iii) and (iv) are based, including a report of any study carried out that has resulted in a revised estimate;

(vi) a table summarising the resource and reserve quantities mentioned in subparagraphs (iii) and (iv); and

(g) any other information that is required to be included in the annual title assessment report by a condition of the lease.

(2) An annual title assessment report may include any other information that the lessee believes is relevant to the petroleum retention lease.