47Approval of dealings creating etc. interests etc. in existing licences

47. Approval of dealings creating etc. interests etc. in existing licences

(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 licence;

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

(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 licence (including the exercise of those rights or the compliance with those obligations or conditions under cooperative arrangements for the recovery of petroleum);

(d) the creation or assignment of —

(i) an interest in relation to an existing 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 authorised by an existing 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 44 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 licence until —

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

(b) an entry has been made in the register in relation to the dealing by the Minister in accordance with subsection (12).

(3) A party to a dealing to which this section applies may lodge with the Minister —

(a) in a case where the dealing relates to only one licence, an application in writing for approval by the Minister of the dealing; or

(b) in any other case, a separate application in writing for approval by the Minister of the dealing in relation to each licence to which the dealing relates.