93Approval of transfers

93 Approval of transfers (1) This section applies to a person who: (a) has an interest in an exploration permit or licence as a permittee or licensee; and (b) is seeking to transfer the person's interest to another person. (2) The transfer has no effect unless it is approved by the Minister and any transfer takes effect subject to the operation of section 93A. (2A) An application for approval of the transfer by the Minister must: (b) be accompanied by an instrument of transfer that: (i) is signed or executed in the manner specified in the approved form; and (ii) complies with any other prescribed requirement; and (c) be accompanied by any information required by the Minister including information to establish that the proposed transferee, and any associated entity of the proposed transferee, is an appropriate person to hold the permit or licence; and (2B) If there are one or more permittees or licensees other than the transferor registered against the exploration permit or licence, the application must also be accompanied by: (a) the written consent of each of the other permittees or licensees; or (b) if consent was not obtained – a copy of each notice of intention served on those permittees or licensees under subsection (5). (3) The Minister must not accept an application under this section unless the application is made within 3 months after the date on

Petroleum Act 1984 114 which the party who last executed the instrument of transfer to which the application relates so executed it or within such extended period as the Minister, in special circumstances, allows. (4) If the Minister accepts an application under this section, the Minister must direct the Registrar to enter a memorial in the Register of the date on which the application was accepted and to make such other notation in the Register as the Minister thinks fit. (5) Where the written consent of other permittees or licensees registered against an exploration permit or licence has not been obtained by the transferor, the transferor shall, before making an application under this section, serve on each permittee or licensee who has not consented, a notice of his intention to apply to the Minister for approval to the proposed transfer and, in the notice: (a) specify the identity of the transferee and the interest to be transferred; and (b) specify a date, being not earlier than 30 days after the day on which the application will be lodged with the Minister, by which the person on whom the notice is served may, to the Minister in writing, object to the proposed transfer or make submissions in relation to it. (6) Where the Minister accepts an application under this section, the Minister shall: (a) if all consents are given or no consents are needed, as soon as practicable after accepting the application, determine the (b) if all consents are given before the date specified under subsection (5)(b), determine the application as soon as practicable after the last consent has been given; or (c) if no objection or submission in relation to the transfer has been received by the Minister before the date specified under subsection (5)(b), determine the application as soon as practicable after that date. (7) The Minister may, if a submission in relation to a transfer is received, or shall, if an objection to the transfer is received (in each case before the date specified under subsection (5)(b)), give the applicant a copy of the submission or objection and specify a date (being not earlier than 30 days after the date of the notice) by which the applicant may respond in writing to the Minister in relation to the submission or objection, and shall, as soon as practicable after that due date, determine the application.