27Information to be provided in annual title assessment report—petroleum retention lease

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

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

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

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

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

 (iii) the total expenditure incurred for the activity from the time the lease 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 lease area, including:

 (i) a description of how carrying out those activities affected the likelihood and timing of the commercially viable recovery of petroleum from the lease area; and

 (ii) a description of the work completed in relation to each proposed development scenario for the anticipated commercially viable recovery of petroleum in the lease area, and the status, as at the end of the reporting period, of each of those development scenarios; and

 (iii) details about any leads and prospects identified in the lease area; and

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

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

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

 (i) each activity, and the estimated expenditure for each activity, that the lessee intends to carry out in later reporting periods for the lease (or any other period during which the lease is in force); and

 (ii) a description of how carrying out those activities will affect the likelihood and timing of the commercially viable recovery of petroleum from the lease area;

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

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

 (g) annual cash flow and capital expenditure forecasts for each proposed development scenario for the recovery of petroleum in the lease area;