81Approval of dealings relating to existing titles

81 Approval of dealings relating to 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 or 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);

Petroleum (Submerged Lands) Act 1981 80 (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); and (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 or effect 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 (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 title, 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 title to which the dealing relates. (4) An application under subsection (3) for approval of a dealing: (a) shall be accompanied by the instrument evidencing the dealing or, if that instrument has already been lodged with the Minister for the purposes of another application, a copy of that instrument; and (b) may be accompanied by an instrument setting out such particulars (if any) as are prescribed for the purposes of an application for approval of a dealing of that kind. (4A) An application under subsection (3) for approval of a dealing shall be accompanied by 2 copies of: (a) the application; (b) the instrument referred to in subsection (4)(a); and