90CProvisions relating to speculative prospectors

1. A non-exclusive petroleum prospecting permit holder may apply to the Minister for a determination that the holder is a speculative prospector and, if the Minister is satisfied that the holder is a speculative prospector, the Minister must confer that status on the permit holder effective from the date of conferral.

2. An applicant for a non-exclusive petroleum prospecting permit may, at the same time as applying for the permit, apply to the Minister for a determination that, if granted a permit, the applicant will be a speculative prospector and, if the Minister is satisfied that the applicant will be a speculative prospector, the Minister must confer that status on the applicant, effective from the date the permit is granted, if the Minister grants the permit application.

3. If a permit holder with speculative prospector status subsequently becomes aware that the holder no longer falls within the definition of a speculative prospector, the holder must notify the Minister as soon as practicable and in any case not later than 10 working days after the date on which the holder becomes aware of that fact.

4. If the Minister, having previously determined that a permit holder is a speculative prospector, subsequently considers that the permit holder's business activities are not consistent with those of a speculative prospector (for example, because the holder is providing or selling data on an exclusive basis to 1 petroleum explorer), the Minister may, by notice in writing to the permit holder, remove the permit holder's status as a speculative prospector.

5. Before removing a permit holder's status under subsection (4), the Minister must—

6. inform the permit holder of his or her intention and provide an opportunity for the permit holder to comment; and
7. consider any representations made by the permit holder.

8. If a permit holder notifies the Minister under subsection (3) or the Minister removes a permit holder's status as a speculative prospector under subsection (4), section 90(7) applies in relation to all records and reports provided by the permit holder to the chief executive, irrespective of whether the records and reports were obtained before or after the loss or removal of status.

9. In this Act, speculative prospector means a non-exclusive petroleum prospecting permit holder who carries out activities under the permit for the sole purpose of on-selling the information obtained on a non-exclusive basis to petroleum explorers and producers.