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OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE (RESOURCE MANAGEMENT AND ADMINISTRATION) REGULATIONS 2011 - REG 3.07

Information to be provided in annual title assessment report--petroleum retention lease

  (1)   For regulation   3.03, the required information from a petroleum retention lessee is:

  (a)   a description of work and expenditure commitments as detailed in the lease; and

  (b)   for all work, evaluations and studies carried out in relation to the lease:

  (i)   the total expenditure of the work, evaluation and studies; and

  (ii)   the results of the work, evaluation and studies, including details about any leads and prospects identified; and

  (c)   a list of the reports submitted to the Titles Administrator in accordance with these Regulations during the year; and

  (d)   details of the lessee's plans for further evaluation of discoveries, including work that is to be carried out in the lease area; and

  (e)   for the work, evaluations and studies expected to be carried out in relation to the lease during the next year of the lease:

  (i)   a description of work commitments and expenditure estimates; and

  (ii)   a description of the measures taken by the lessee to prepare for the work mentioned in subparagraph   (i); and

  (f)   for a year after the first year of the lease--the following information about each petroleum pool situated in the lease area:

  (i)   a description of the pool;

  (ii)   any new information relating to the evaluation of the pool;

  (iii)   an estimate of the quantity of petroleum in the pool at the end of the previous year;

  (iv)   an estimate of recoverable petroleum in the pool at the end of the previous year;

  (v)   any new or revised data upon which the estimates in subparagraphs   (iii) and (iv) are based, including a report of any study carried out that has resulted in a revised estimate;

  (vi)   a table summarising the resource and reserve quantities mentioned in subparagraphs   (iii) and   (iv); and

  (g)   any other information that is required to be included in the annual title assessment report by a condition of the lease.

  (2)   An annual title assessment report may include any other information that the lessee believes is relevant to the petroleum retention lease.


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