41AGNotification of change of control: certain permit participants

1. In the case of a prospecting permit for petroleum or a permit for minerals other than petroleum, a permit participant must notify the Minister in accordance with subsection (3) if—

2. either of the following applies:
   1. the permit participant of a Tier 1 permit who is not the permit operator is undergoing a change of control:
   2. the permit participant of a permit that is not a Tier 1 permit is undergoing a change of control; and
3. the permit participant is a body corporate; and
4. the permit participant knows, or ought reasonably to know, that it has undergone a change of control.

Guidance note

A contravention may constitute an offence under section 100(2B)(b).

5. However, this section does not apply to a change of control to which sections 41AB to 41AF apply.

6. The notification must be given within 3 months after the permit participant becomes aware, or ought reasonably to have become aware, of the matters referred to in subsection (1) and must be accompanied by—

7. a copy of any agreement or document that specifies the change of control; and
8. a statement from the permit participant that it has the financial capability to meet its obligations under the permit; and
9. in the case of a change of control of a permit participant that is a permit operator, a statement from the permit participant that it has the technical capability to meet its obligations under the permit.

10. A statement for the purposes of subsection (3)(b) or (c) must be signed,—

11. if the permit participant is a company, on behalf of all the directors by at least 2 directors of the company or, if the company has only 1 director, by that director; or
12. if the permit participant is not a company, by a person responsible for the management of the permit participant.

13. If the Minister so requires, a permit participant must provide to the Minister information or documents relevant to the financial capability of a person A concerned (as referred to in section 41AA(2)), which may be—

14. general information about that person’s financial capability; or
15. information specific to the matters referred to in subsection (3)(b) and (c).

16. In the case of a change of control of a permit participant who is a permit operator, and if the Minister so requires, a permit participant must provide to the Minister information or documents relevant to the technical capability of a person A concerned (as referred to in section 41AA(2)), which may be—

17. general information about that person’s technical capability; or
18. information specific to the matter referred to in subsection (3)(c).

19. However, the permit participant must comply with subsections (5) and (6) only if the Minister requests the information or documents no later than 3 months from the date on which the permit participant notifies the Minister of the change of control in accordance with this section.

20. The Minister may revoke the permit in accordance with the procedure set out in section 39 if—

21. subsection (1) is contravened; or
22. the Minister is not satisfied that, following the change of control, the permit holder has the financial capability to meet its obligations under the permit; or
23. in the case of a change of control of a permit participant that is a permit operator, the Minister is not satisfied that, following the change of control, the permit holder has the technical capability to meet its obligations under the permit.