127Property in petroleum

#### 127 Property in petroleum (1) Subject to this Act, if petroleum, other than petroleum from the Greater Sunrise unit reservoirs, is recovered by a permittee, lessee or licensee in the permit area, lease area or licence area: (a) the petroleum becomes the property of the permittee, lessee or licensee; and (b) it is not subject to any rights of other persons (other than any person to whom the permittee, lessee or licensee transfers, assigns or otherwise disposes of the petroleum or an interest in the petroleum). (2) Subject to this Act, if an amount of petroleum is recovered at a particular time from one of the Greater Sunrise unit reservoirs by a permittee, lessee or licensee in the permit area, lease area or licence area: (a) the current apportionment percentage of the amount of the petroleum becomes the property of the permittee, lessee or licensee; and (b) property in the remainder of the amount of petroleum is determined under the Timor Sea Treaty; and (c) the amount of petroleum is not subject to any rights of other persons (other than any person to whom the person whose property the petroleum becomes, under paragraph (a) or (b), assigns or otherwise disposes of the petroleum or an interest in the petroleum). (3) In this section: > current apportionment percentage, in relation to an amount of petroleum recovered at a particular time, means 79.9% unless, before that time, the Apportionment Ratio set out in article 7 of the Greater Sunrise unitisation agreement has changed, at least once, because it has been: (a) redetermined due to a technical redetermination undertaken in accordance with paragraph 8(1) of the agreement; or (b) altered due to an agreement in accordance with paragraph 8(2) of the Greater Sunrise unitisation agreement; in which case it means the percentage of the production of petroleum from the Greater Sunrise unit reservoirs that is apportioned to Australia under the Greater Sunrise unitisation agreement immediately after the most recent change to the Apportionment Ratio.