96Approval of instruments relating to interests

96 Approval of instruments relating to interests (1) This section applies to an instrument by which a legal or equitable interest in or affecting an existing or future exploration permit or licence is or may be created, assigned, affected or dealt with, whether directly or indirectly, not being an instrument of transfer to which section 93 applies. (2) An instrument to which this section applies does not create, assign or deal with, whether directly or indirectly, a legal or equitable interest in an existing or future exploration permit or licence until: (a) it has been approved by the Minister; and (b) an entry has been made in the Register by the Registrar in accordance with subsection (7). Petroleum Act 1984 118 (3) A party to an instrument to which this section applies or a person having an interest in or in relation to an exploration permit or licence by reason of such an instrument may apply to the Minister for its approval. (4) An application for the approval of the Minister must: (b) be accompanied by the instrument; and (c) be accompanied by any information required by the Minister; and (5) On receipt of an application under this section, the Minister shall direct the Registrar to enter a memorial in the Register of the date on which the application was received by the Minister and to make such other notation in the Register as the Minister thinks fit. (6) The Minister may approve or refuse to approve an instrument lodged with him for approval. (7) If the Minister approves an instrument lodged with the Minister under this section, the Minister must: (a) record the approval by endorsing a memorial of approval on the instrument electronically or in such other manner as the Minister thinks appropriate; and (b) request the Registrar to enter in the Register a memorial relating to the approval. (8) A copy of an instrument endorsed with the memorial of approval shall be retained by the Registrar and is subject to inspection in accordance with this Part. (9) The instrument endorsed with the memorial of approval must be returned to the person who lodged the application for approval. (10) If the Minister refuses an application, the Minister must direct the Registrar to make a notation of the refusal in the Register. Petroleum Act 1984 119