15Requirement to provide discovery assessment report

15  Requirement to provide discovery assessment report

Requirement to provide discovery assessment report

 (a) the titleholder informs the Titles Administrator of a discovery of petroleum under section 284 of the Act; and

 (b) the titleholder does not give the Titles Administrator a report (a discovery assessment report) for the title area that includes the information specified in subsection (2) within:

 (i) 90 days after completion of the well that resulted in the discovery; or

 (ii) if the Titles Administrator agrees to another period—that other period.

 (2) For the purposes of subsection (1), a discovery assessment report must include the following information:

 (a) the title in which the discovery was made;

 (b) a preliminary estimate of the location and areal extent of the discovered petroleum pool;

 (c) details of the geological structure in which the petroleum is located;

 (d) the results of all assessments of the discovery;

 (e) a preliminary estimate of the quantity of petroleum in the petroleum pool;

 (f) the data used to estimate the quantity of petroleum in the petroleum pool;

 (g) a preliminary estimate of the quantity of recoverable petroleum in the petroleum pool;

 (h) details of the petroleum titleholder’s plans for further evaluation of the discovery, including the work that the titleholder proposes to carry out in the title area in the next 12 months from the date of the report;

 (i) if the Titles Administrator has, under section 14, requested specified information to be included in the report, and the request has not been withdrawn—the information specified in the request.

Note: This subsection is a continuing offence under section 4K of the Crimes Act 1914. See section 237 of this instrument for the maximum penalty for each day that an offence under this subsection continues.

Note: This subsection is a continuing civil penalty provision under section 93 of the Regulatory Powers Act. See section 237 of this instrument for the maximum civil penalty for each day that a contravention referred to in this subsection continues.