This Part applies to a dealing (other than a transfer of a title) that would have one or more of the effects set out in the table:
Effects of dealings | |
Item | Effect |
1 | The creation or assignment of an interest in an existing title. |
2 | The creation or assignment of a right (conditional or otherwise) to the assignment of an interest in an existing title. |
3 | The determination of the manner in which persons may: (a) exercise the rights conferred by an existing title; or (b) comply with the obligations imposed by an existing title; or (c) comply with the conditions of an existing title; (including the exercise of those rights, or the compliance with those obligations or conditions, under cooperative arrangements to recover petroleum). |
4 | The creation or assignment of an interest in relation to an existing petroleum exploration permit, petroleum retention lease or petroleum production licence, where the interest is known as: (a) an overriding royalty interest; or (b) a production payment; or (c) a net profits interest; or (d) a carried interest. |
5 | The creation or assignment of an interest that is similar to an interest covered by item 4, where the interest relates to: (a) petroleum produced from operations authorised by an existing petroleum exploration permit, petroleum retention lease or petroleum production licence; or (b) revenue derived as a result of the carrying out of operations authorised by an existing petroleum exploration permit, petroleum retention lease or petroleum production licence. |
6 | The creation or assignment of an option (conditional or otherwise) to enter into a dealing, where the dealing would have one or more of the effects referred to in items 1, 2, 3, 4 and 5. |
7 | The creation or assignment of a right (conditional or otherwise) to enter into a dealing, where the dealing would have one or more of the effects referred to in items 1, 2, 3, 4 and 5. |
8 | The alteration or termination of a dealing, where the dealing would have one or more of the effects referred to in items 1, 2, 3, 4, 5, 6 and 7. |