Queensland Numbered Acts Queensland Numbered ActsPart 6N—
omit, insert—
'In this part—
assessable transfer see section 80H(2).
non-assessable transfer see section 80H(1).
'(1) Each of the following is a dealing with a 1923 Act petroleum tenure—
(a) a transfer of the 1923 Act petroleum tenure or of a share in the 1923 Act petroleum tenure;
(b) a mortgage over the 1923 Act petroleum tenure or over a share in the 1923 Act petroleum tenure;
(c) a release, transfer or surrender of a mortgage mentioned in paragraph (b);
(d) a change to the 1923 Act petroleum tenure holder's name even if the holder continues to be the same person after the change;
(e) if the 1923 Act petroleum tenure is a lease—
(i) a sublease of the lease; or
(ii) a transfer of a sublease of the lease or of a share in a sublease of the lease.
'(2) To remove any doubt, it is declared that any transaction or commercial agreement not mentioned in subsection (1) is not a dealing with a 1923 Act petroleum tenure.
'A dealing with a 1923 Act petroleum tenure, other than a dealing mentioned in section 80F(1)(e), that has the effect of transferring a divided part of the area of the 1923 Act petroleum tenure is prohibited.
Examples of a divided part of the area of a 1923 Act petroleum tenure—
a particular part of the surface of the area
a particular strata beneath the surface of the area
'(1) The following transfers (each a non-assessable transfer) do not require assessment before being registered—
(a) a transfer of a 1923 Act petroleum tenure or of a share in a 1923 Act petroleum tenure if—
(i) the transferee is an entity having the same Australian Business Number as the entity comprising all or part of the transferor; or
(ii) part of one holder's share in the 1923 Act petroleum tenure will be transferred to another holder of the 1923 Act petroleum tenure;
(b) a transmission by death of a 1923 Act petroleum tenure or of a share in a 1923 Act petroleum tenure;
(c) a transfer of a 1923 Act petroleum tenure or of a share in a 1923 Act petroleum tenure by operation of law;
(d) a transfer of a mortgage over a 1923 Act petroleum tenure or of a share in a 1923 Act petroleum tenure;
(e) a transfer of a sublease of a lease or of a share in a sublease of a lease.
'(2) A transfer of a 1923 Act petroleum tenure or of a share in a 1923 Act petroleum tenure not mentioned in subsection (1) is an assessable transfer and must be approved by the Minister under division 3 before it can be registered.
'(1) A dealing with a 1923 Act petroleum tenure has no effect until it is registered.
'(2) A registered dealing takes effect on—
(a) for a dealing that is an assessable transfer—the day the transfer was approved under division 3; or
(b) for any other dealing—the day notice of the dealing was given to the chief executive under section 80J.
'(1) Registration of a dealing with a 1923 Act petroleum tenure, other than an assessable transfer, may be sought by giving the chief executive a notice of the dealing in the approved form.
'(2) However, a dealing with a 1923 Act petroleum tenure prohibited under section 80G can not be registered and is of no effect.
'(3) The approved form must be accompanied by the fee prescribed under a regulation.
'(4) Registration of an assessable transfer must be carried out by the chief executive.
'The registration of a dealing with a 1923 Act petroleum tenure, or an approval of an assessable transfer under division 3, allows the dealing or transfer to have effect according to its terms but does not of itself give the dealing any more effect or validity than it would otherwise have.
'(1) The holder of a 1923 Act petroleum tenure may, before applying for approval of an assessable transfer relating to the tenure, apply to the Minister—
(a) for an indication whether the Minister is likely to approve the transfer (an indicative approval); and
(b) if the Minister is likely to impose conditions on the giving of the approval—for an indication what the conditions are likely to be.
'(2) The application must be made to the Minister in the approved form and be accompanied by—
(a) the information the Minister requires to make a decision; and
(b) the fee prescribed under a regulation.
'(3) In deciding whether or not to give the indicative approval, the Minister must consider the matters mentioned in section 80KC(2) as if the request were an application for approval of an assessable transfer.
'(4) The Minister must decide whether or not to give the indicative approval and give the applicant notice of the decision.
'(1) The holder of a 1923 Act petroleum tenure may apply for approval of an assessable transfer relating to the 1923 Act petroleum tenure.
'(2) The application must be made to the Minister in the approved form and be accompanied by—
(a) a written consent to the transfer by the proposed transferee; and
(b) if the 1923 Act petroleum tenure or a share in the 1923 Act petroleum tenure is subject to a mortgage—a written consent to the transfer by the mortgagee; and
(c) for a transfer of a share in the 1923 Act petroleum tenure—a written consent to the transfer by each person, other than the transferor, who holds a share in the tenure; and
(d) the fee prescribed under a regulation.
'(1) The Minister must decide whether or not to give the approval of the assessable transfer.
'(2) In deciding whether or not to give the approval, the Minister must consider—
(a) the application and any additional information accompanying the application; and
(b) the capability criteria for the tenure; and
(c) the public interest.
'(3) However, subsection (2) does not apply if, under subsection (6) or (7), the approval is taken to have been given.
'(4) The approval may be given only if—
(a) the proposed transferee is a registered suitable operator under the Environmental Protection Act; and
(b) no petroleum royalty payable by the holder of the 1923 Act petroleum tenure remains unpaid.
'(5) Also, the Minister may refuse to give the approval if the Minister is not satisfied the transferor has substantially complied with the conditions of the 1923 Act petroleum tenure.
'(6) The approval is taken to have been given if—
(a) under section 80KA, an indicative approval has been given for the proposed dealing; and
(b) subsection (4) does not prevent the giving of the approval; and
(c) within 3 months after the giving of the indicative approval—
(i) an application for approval of the assessable transfer is made; and
(ii) if, under section 80KA, an indication of likely conditions was given—the conditions are complied with.
'(7) The approval is also taken to have been given if—
(a) subsection (6)(a) and (b) is satisfied; and
(b) within 10 business days before the expiration of 3 months after the giving of the indicative approval, the applicant gives the chief executive—
(i) notice in the approved form that a proposed transferee has given a notice under the Foreign Acquisitions and Takeovers Act 1975 (Cwlth) about a proposal that relates to the assessable transfer; and
(ii) evidence that the proposed transferee has given the notice under that Act; and
(iii) a statement from the proposed transferee that the proposed transferee has not received notice about an order or decision made under that Act about the proposal; and
(c) within 6 months after the giving of the indicative approval, subsection (6)(c)(i) and (ii) is satisfied.
'(8) Despite subsections (6) and (7), the approval of the assessable transfer is taken not to have been given if—
(a) the request for indicative approval contained incorrect material information or omitted material information; and
(b) had the Minister been aware of the discrepancy, the Minister would not have given the indicative approval.
'(1) The Minister may, as a condition of deciding to give the approval, require the proposed transferee to give, under section 78D, security for the 1923 Act petroleum tenure the subject of the transfer as if the proposed transferee were an applicant for the 1923 Act petroleum tenure.
'(2) If the proposed transferee does not comply with the requirement, the application may be refused.
'(3) When the transfer of the 1923 Act petroleum tenure is complete, section 78D applies to the transferee of the 1923 Act petroleum tenure as holder.
'(1) If the Minister decides to give the approval, the Minister must give the applicant notice of the decision.
'(2) If the Minister decides not to give the approval, the Minister must give the applicant an information notice for the decision.
'In this part—
associated agreement, for a 1923 Act petroleum tenure, means an agreement relating to the 1923 Act petroleum tenure, other than the following—
(a) a dealing with the 1923 Act petroleum tenure;
(b) a dealing with the 1923 Act petroleum tenure that is prohibited under section 80G;
(c) another agreement prescribed under a regulation as unsuitable to be recorded in the petroleum register.
'(1) An associated agreement for a 1923 Act petroleum tenure may be recorded in the petroleum register against the 1923 Act petroleum tenure.
'(2) Registration of an associated agreement may be sought by giving the chief executive a notice of the agreement in the approved form.
'(3) An approved form given to the chief executive under this section must be accompanied by the fee prescribed under a regulation.
'(4) The chief executive is not required to examine, or to determine the validity of, an associated agreement recorded in the petroleum register under this section.
'The recording of an associated agreement under this part does not of itself—
(a) give the agreement any more effect or validity than it would otherwise have; or
(b) create an interest in the 1923 Act petroleum tenure against which it is recorded.
'(1) A caveat must—
(a) be lodged in the approved form; and
(b) be signed by the caveator, the caveator's solicitor or another person authorised in writing by the caveator; and
(c) state the name and address for service of 1 person upon whom any notice may be served in order to serve the caveator; and
(d) identify the 1923 Act petroleum tenure the subject of the caveat; and
(e) state the nature of the right or interest claimed by the caveator; and
(f) state the period for which the caveat is to continue in force; and
(g) if a person consents to the lodging of the caveat, be endorsed with the person's consent; and
(h) be accompanied by the lodgement fee prescribed under a regulation.
'(2) A caveat that does not comply with subsection (1) is of no effect.
'(1) A caveat may be lodged by any of the following—
(a) a person claiming an interest in a 1923 Act petroleum tenure;
(b) the registered holder of a 1923 Act petroleum tenure;
(c) a person to whom an Australian court has ordered that an interest in a 1923 Act petroleum tenure be transferred;
(d) a person who has the benefit of a subsisting order of an Australian court in restraining a registered holder of a 1923 Act petroleum tenure from dealing with the 1923 Act petroleum tenure.
'(2) A caveat lodged under this section can not be registered if it applies to any of the following—
(a) an application for indicative approval;
(b) an indicative approval given by the Minister;
(c) an application for approval of an assessable transfer;
(d) a notice to register a dealing given to the chief executive under section 80J.
'(1) On receipt of a caveat complying with section 80KI(1), the chief executive must—
(a) notify each holder of the affected 1923 Act petroleum tenure of the receipt of the caveat; and
(b) notify all other persons who have an interest in the 1923 Act petroleum tenure as recorded in the petroleum register, including any subsisting prior caveator, of the receipt of the caveat; and
(c) record the existence of the caveat in the petroleum register.
'(2) For subsection (1)(b), a person does not have an interest in the 1923 Act petroleum tenure only because the person is a party to an associated agreement recorded in the petroleum register against the 1923 Act petroleum tenure.
'(1) Until a caveat lapses, or is removed or withdrawn, the caveat prevents registration of a dealing with a 1923 Act petroleum tenure over which the caveat is lodged from the date and time endorsed by the chief executive on the caveat as the caveat's date and time of lodgement.
'(2) However, lodgement of a caveat does not prevent registration of the following—
(a) an instrument stated in the caveat as an instrument to which the caveat does not apply;
(b) an instrument if the caveator consents, in the approved form, to its registration and the consent is lodged with the chief executive;
(c) an instrument executed by a mortgagee whose interest was registered before lodgement of the caveat if—
(i) the mortgagee has power under the mortgage to execute the instrument; and
(ii) the caveator claims an interest in the 1923 Act petroleum tenure as security for the payment of money or money's worth;
(d) an instrument of transfer of mortgage executed by a mortgagee whose interest was registered before lodgement of the caveat;
(e) another interest that, if registered, will not affect the interest claimed by the caveator.
'(3) The exception in subsection (2)(d) does not apply to a caveat lodged by the 1923 Act petroleum tenure holder.
'(4) Lodgement of a caveat does not create in the caveator an interest in the 1923 Act petroleum tenure affected by the caveat.
'(1) An agreed caveat lapses at the expiration of the term stated in the caveat but, if no term is stated, the caveat continues until it is withdrawn or removed.
'(2) A caveat that is not an agreed caveat lapses—
(a) if an order of the Land Court is in force in relation to the caveat—at the expiration of the order; or
(b) otherwise—at the expiration of 3 months after the date of lodgement of the caveat or a shorter term stated in the caveat.
'(3) A caveator may withdraw the caveat by notifying the chief executive in writing.
'(4) An affected person for a caveat may apply to the Land Court for an order that the caveat be removed.
'(5) The Land Court may make the order whether or not the caveator has been served with the application, and may make the order on the terms it considers appropriate.
'(6) If a caveat is withdrawn, lapses or is ordered to be removed, the chief executive must record the withdrawal, lapse or removal in the petroleum register.
'(7) In this section—
affected person, for a caveat, means a person—
(a) who has a right or interest (present or prospective) in the 1923 Act petroleum tenure the subject of the caveat; or
(b) whose right (present or prospective) to deal with the 1923 Act petroleum tenure the subject of the caveat is affected by the caveat.
agreed caveat means a caveat to which each holder of the 1923 Act petroleum tenure the subject of the caveat has consented, if the consent has been lodged with the caveat.
'(1) This section applies if a caveat (the original caveat) is lodged in relation to an interest.
'(2) A further caveat with the same caveator can never be lodged in relation to the interest on the same, or substantially the same, grounds as the grounds stated in the original caveat unless—
(a) the consent of each holder of the 1923 Act petroleum tenure the subject of the caveat has been lodged with the caveat; or
(b) the leave of a court of competent jurisdiction to lodge the further caveat has been granted.
'A person who lodges a caveat in relation to a 1923 Act petroleum tenure without reasonable cause is liable to compensate anyone else who suffers loss or damage because of the caveat.'.