(1) A petroleum titleholder commits an offence if:
(a) the titleholder has notified the Titles Administrator of a discovery of petroleum in accordance with section 284 of the Act; and
(b) the titleholder does not give the Titles Administrator a discovery assessment report for the title area within:
(i) 90 days after completion of the well that resulted in the discovery; or
(ii) if the Titles Administrator authorises the titleholder to give the report within another period--the other period.
Penalty: 60 penalty units.
(2) An offence against subregulation (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
(3) In this regulation:
"discovery assessment report" means a report that includes the following information:
(a) the title in which the discovery was made;
(b) a preliminary estimate of the location and areal extent of the petroleum pool;
(c) details of the geological structure in which the petroleum is located;
(d) the results of all assessments of the discovery;
(e) a preliminary estimate of the quantity of petroleum in the petroleum pool;
(f) the data used to estimate the quantity of petroleum in the petroleum pool;
(g) a preliminary estimate of the quantity of recoverable petroleum in the petroleum pool;
(h) details of the petroleum titleholder's plans for further evaluation of the discovery, including the work that the titleholder proposes to carry out in the title area in the next 12 months from the date of the report;
(i) if the Titles Administrator has issued a notice to the petroleum titleholder under regulation 2.03 and the notice has not been withdrawn--the information specified in the notice.