81Approval of dealings creating etc interests etc in existing titles

81 Approval of dealings creating etc interests etc in existing titles

81 Approval of dealings creating etc interests etc in existing titles

(1) This section applies to a dealing that would, but for subsection (2), have one or more of the following effects—

(a) the creation or assignment of an interest in an existing title,

(b) the creation or assignment of a right (conditional or otherwise) to the assignment of an interest in an existing title,

(c) the determining of the manner in which persons may exercise the rights conferred by, or comply with the obligations imposed by or the conditions of, an existing title (including the exercise of those rights or the compliance with those obligations or conditions under co-operative arrangements for the recovery of petroleum),

(d) the creation or assignment of—

(i) an interest in relation to an existing permit, lease or licence, being an interest known as an overriding royalty interest, a production payment, a net profits interest or a carried interest, or

(ii) any other interest that is similar to an interest referred to in subparagraph (i), being an interest relating to petroleum produced from operations authorized by an existing permit, lease or licence or relating to revenue derived as a result of the carrying out of operations of that kind,

(e) the creation or assignment of an option (conditional or otherwise) to enter into a dealing, being a dealing that has one or more of the effects referred to in paragraphs (a), (b), (c) and (d),

(f) the creation or assignment of a right (conditional or otherwise) to enter into a dealing, being a dealing that has one or more of the effects referred to in paragraphs (a), (b), (c) and (d),

(g) the alteration or termination of a dealing, being a dealing that has one or more of the effects referred to in paragraphs (a), (b), (c), (d), (e) and (f),

but this section does not apply to a transfer to which section 78 applies.

(2) A dealing to which this section applies is of no force in so far as the dealing would, but for this subsection, have an effect of a kind referred to in subsection (1) in relation to a particular title until—

(a) the dealing, in so far as it relates to that title, has been approved by the Minister, and