Northern Territory Consolidated Regulations

PETROLEUM (SUBMERGED LANDS) REGULATIONS - REG 4

    (1)     For the purposes of section 81(4)(b) of the Act, the following particulars are prescribed:

        (a)     the description and date of execution of the instrument evidencing the dealing referred to in section 81(4)(a) of the Act;

        (b)     details of the title (including the type and number of the title) to which the dealing relates;

        (c)     the full name and business address of each party to the dealing;

        (d)     details of the effect or effects, upon registration, of the dealing specified in terms of the relevant paragraph or paragraphs of section 81(1) of the Act;

        (e)     details of the interest or interests in the title of all parties to the dealing:

            (i)     before the registration of the dealing; and

            (ii)     in the event of approval of the dealing, after the registration of the dealing;

        (f)     in the case of a dealing to which section 92(5)(a) of the Act applies – the value of the consideration;

        (g)     in the case of a dealing relating to an interest in a licence or pipeline licence to which section 92(5)(b) of the Act applies – the value of the interest;

        (h)     whether or not the parties to the dealing have made or propose to make an application for the purposes of section 92(7) of the Act;

        (j)     in respect of any related dealing in relation to which an entry has been made in the Register or an application in writing for approval by the Minister has been lodged (whether before or after the commencement of the Petroleum (Submerged Lands) Amendment Act 1989 ):

            (i)     the description and date of execution of the instrument evidencing the dealing;

            (ii)     the date of approval by the Minister or Designated Authority (if appropriate); and

            (iii)     the registration number (if any).

    (2)     In subregulation (1), related dealing means a dealing executed before the execution of the instrument evidencing the dealing referred to in subregulation (1)(a), by some or all of the parties to that instrument:

        (a)     that affects the title which is the subject of the dealing to which the instrument referred to in subregulation (1)(a) relates; and

        (b)     that:

            (i)     creates or assigns an option to enter into the dealing referred to in subregulation (1)(a);

            (ii)     creates or assigns a right to enter into the dealing referred to in subregulation (1)(a); or

            (iii)     is altered or terminated by the dealing referred to in subregulation (1)(a),

and includes a transaction in respect of which an instrument was registered under section 81 of the Act before 3 September 1986.