sec.71Security for petroleum authorities

sec.71 Security for petroleum authorities

For the 2004 Act , section 488 (2) (a) and the 1923 Act , section 78E (2) (a) , the following forms of security are prescribed— cash; electronic transfer of funds; an unconditional security issued by a financial institution that— is in favour of the ‘State of Queensland’ and is payable on demand; and has no expiry day; and states the type and number of— the petroleum authority or 1923 petroleum tenure; or the proposed petroleum authority or proposed 1923 petroleum tenure; and states the address of the financial institution; and is signed for the financial institution by an officer who has authority to sign the security; a combination of the forms mentioned in paragraphs (a) to (c) . For the 2004 Act , section 488 (2) (b) and the 1923 Act , section 78E (2) (b) , the following amounts are prescribed— for an authority to prospect or proposed authority to prospect—$12,000; for a data acquisition authority or proposed data acquisition authority—$10,500; for a petroleum lease or proposed petroleum lease—$35,000; for a water monitoring authority or proposed water monitoring authority—$10,500. s 71 amd 2019 SL No. 53 s 21 (sec.71-ssec.1) For the 2004 Act , section 488 (2) (a) and the 1923 Act , section 78E (2) (a) , the following forms of security are prescribed— cash; electronic transfer of funds; an unconditional security issued by a financial institution that— is in favour of the ‘State of Queensland’ and is payable on demand; and has no expiry day; and states the type and number of— the petroleum authority or 1923 petroleum tenure; or the proposed petroleum authority or proposed 1923 petroleum tenure; and states the address of the financial institution; and is signed for the financial institution by an officer who has authority to sign the security; a combination of the forms mentioned in paragraphs (a) to (c) . (sec.71-ssec.2) For the 2004 Act , section 488 (2) (b) and the 1923 Act , section 78E (2) (b) , the following amounts are prescribed— for an authority to prospect or proposed authority to prospect—$12,000; for a data acquisition authority or proposed data acquisition authority—$10,500; for a petroleum lease or proposed petroleum lease—$35,000; for a water monitoring authority or proposed water monitoring authority—$10,500.

• (a) cash;
• (b) electronic transfer of funds;
• (c) an unconditional security issued by a financial institution that— (i) is in favour of the ‘State of Queensland’ and is payable on demand; and (ii) has no expiry day; and (iii) states the type and number of— (A) the petroleum authority or 1923 petroleum tenure; or (B) the proposed petroleum authority or proposed 1923 petroleum tenure; and (iv) states the address of the financial institution; and (v) is signed for the financial institution by an officer who has authority to sign the security;