26Information to be provided in annual title assessment report—petroleum exploration permit

26  Information to be provided in annual title assessment report—petroleum exploration permit

 (1) For the purposes of paragraph 25(2)(a), this section sets out the requirements for a petroleum exploration permittee’s annual title assessment report, for a reporting period for the permit.

 (a) if the permit is subject to a condition requiring the permittee to carry out work in, or in relation to, the permit area:

 (iii) the total expenditure incurred for the work from the time the permit was granted until the end of the reporting period;

 (b) for each activity not covered by paragraph (a) that the permittee carried out in, or in relation to, the permit area during the reporting period:

 (iii) the total expenditure incurred for the activity from the time the permit was granted until the end of the reporting period;

 (c) a description of the results of the work and activities carried out in, or in relation to, the permit area, including:

 (i) details about any leads and prospects identified in the permit area; and

 (ii) estimates of the volume of petroleum in place for each identified lead and prospect; and

 (iii) estimates of the volume of recoverable petroleum for each identified lead and prospect; and

 (iv) the probability of geological success for each identified lead and prospect (if available);

 (d) details of any new information that the permittee became aware of during the reporting period in relation to the permittee’s understanding of any discovery of petroleum in the permit area;

 (e) a description of each activity, and the estimated expenditure for each activity, that the permittee intends to carry out in later reporting periods for the permit (or any other period during which the permit is in force);

 (f) a description of the measures taken by the permittee to prepare for the activities that the permittee intends to carry out in the next reporting period for the permit (if any);

 (g) details of the permittee’s future plans or proposals in relation to any wells that have been drilled in the permit area from the time the permit was granted until the end of the reporting period;

 (h) any other information that is required to be included in the annual title assessment report by a condition of the permit;

 (i) a list of the reports submitted to the Titles Administrator in accordance with this instrument during the reporting period.

Note: A form approved for the purposes of this section must be published on the Titles Administrator’s website: see section 32.