(1) The holder of a petroleum title must prepare and lodge reports of all operations carried out under the petroleum title.Note : Clause 6 (2) (g) of Schedule 1B provides that reports may also be required by the conditions of a petroleum title.
(2) The regulations may make provision for or with respect to the following--(a) the content, form or lodgment of the reports,(b) the exemption of any person, class of persons, petroleum titles or class of petroleum titles from a requirement of this section or the regulations under this section.
(3) A person who fails, without reasonable excuse, to prepare or lodge a report in accordance with this section or the regulations is guilty of an offence.: Maximum penalty--(a) in the case of a corporation--10,000 penalty units, and, in the case of a continuing offence, a further penalty of 1,000 penalty units for each day that the offence continues, or(b) in the case of a natural person--2,000 penalty units, and, in the case of a continuing offence, a further penalty of 200 penalty units for each day that the offence continues.
(4) If there is an inconsistency between a condition of a petroleum title and a reporting requirement imposed under this section, the condition prevails to the extent of the inconsistency.