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EXHIBIT 10.27
COMMONWEALTH OF AUSTRALIA
Petroleum (Submerged Lands) Act 1967
RENEWAL OF EXPLORATION PERMIT FOR PETROLEUM NO. WA-199-P
I, GORDON LESLIE HILL, the Designated Authority in respect of the
area specified as being adjacent to the State of Western
Australia acting for and on behalf of the Commonwealth - Western
Australian Offshore Petroleum Joint Authority, hereby, subject to
the conditions set out hereunder, grant to
LASMO OIL (AUSTRALIA) LIMITED
of 4th Floor
40 Kings Park Road
WEST PERTH WA 6005
NORCEN INTERNATIONAL LIMITED
of Level 12
50 Berry Street
NORTH SYDNEY NSW 2060
BRIDGE OIL LIMITED
of Level 9
255 Elizabeth Street
SYDNEY NEW 2000
PETROZ NL
of GPO Box 1010
BRISBANE QLD 4001
a renewal of the exploration permit for petroleum -
(a) in respect of each of the blocks that is constituted by a
graticular section, or by part of the graticular section,
described hereunder; and
(b) where, at any time during the renewal term of this permit, a
graticular section, or part of a graticular section, so described
constitutes a block
in respect of each block so constituted.
This renewal of permit has effect for a period of five (5) years
from the date hereof.
INTERPRETATION
In this permit "the Act" means the Act under which the permit is
granted and includes any Act with which that Act is incorporated
and words used in this permit have the same respective meanings
as in the Act.
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DESCRIPTION
A. BLOCKS
(The reference hereunder are to the names of map sheets of the
1:1 000 000 series published by the Designated Authority and to
the numbers of graticular sections shown thereon).
KUPANG MAP SHEET
Block No. Block No. Block No. Block No.
2592 2663 B 2664 2735 A
2736 2806 B 2807 2808
2878 A 2879 2880 2949 B
2950 2951 2952 3021 A
3022 3023 3024 3093
3094 3095 3165 3166
3167 3168 3239 3240
3311 3312 3379 3450 A
3451
Assessed to contain 33 blocks
CONDITIONS
1. (1) Subject to sub-clause (2), during a year of the term of
the permit set out in the first column of the following table,
the permittee:
(a) shall carry out in or in relation to the permit area, to a
standard acceptable to the Designated Authority, the work
specified in the minimum work requirements set out opposite that
year in the second column of the table;
(b) may carry out in or in relation to the permit area, to a
standard acceptable to the Designated Authority, all or part of
the work specified in the minimum work requirements of a
subsequent year or years of that term set out opposite that year
or those years in the second column of the table; and
(c) may carry out in or in relation to the permit area, to a
standard acceptable to the Designated Authority, work in addition
to the work specified in the minimum work requirements set out
opposite that year and in the subsequent year or years, if any,
of that term in the second column of the table.
(2) The permittee shall not commence any works or petroleum
exploration operations in the permit area except with, and in
accordance with the approval in writing of the Designated
Authority or of a person authorised by the Designated Authority
to give that approval.
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(3) For the purposes of this clause, any work carried out in
accordance with paragraph (1) (b) shall, if the Designated
Authority in his discretion by instrument in writing so approves,
be treated as if it had been carried out in the subsequent year
or years of the term of the permit specified by the Designated
Authority in that instrument.
Year of Term Minimum Work Estimated Expenditure
of Permit Requirements in Constant Dollars
(indicative only)
First 500 km Reprocessing 428,000
Geological and Geophysical Studies
Second 200 km Seismic 500,000
Geological and Geophysical Studies
Third 300 km Seismic 650,000
Geological and Geophysical Studies
Fourth One Well 6,400,000
Geological and Geophysical Studies
Fifth One Well 6,400,000
Geological and Geophysical Studies
2. The permittee shall not recover any petroleum from the
permit area except as a result of production testing of a well.
3. The permittee shall -
(a) furnish to the Designated Authority, in such form as the
Designated Authority may from time to time require, full
particulars of the quantity of petroleum recovered by the
permittee; and
(b) permit a person authorised in writing for the purpose by the
Designated Authority, or an inspector, to test or examine any
measuring device installed that has been, is being or is to be
used by the permittee to measure the quantity of any petroleum
recovered in the permit area.
4. The permittee shall not construct any installation or
install any equipment in the permit area except with and in
accordance with the approval in writing of the Designated
Authority or a person authorised in writing by the Designated
Authority to give that approval.
5. The permittee shall not abandon, suspend or complete any
well except with and in accordance with the approval of the
Designated Authority or of a person authorised by the Designated
Authority to give that approval.
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6. The permittee shall at all times comply with -
(a) the provisions of the Act and of any regulations for the
time being in force under the Act; and
(b) all directions given to him under the Act or the regulations
for the time being in force under the Act; and
(c) the provisions of the "Schedule - Specific Requirements as
to Offshore Petroleum Exploration and Production - 1990".
7. In carrying out its operations in the permit area the
permittee shall take adequate measures for the protection of the
environment and shall comply with all Directions of the
Designated Authority in relation thereto.
8. The permittee shall, as required by, and within a time
specified by, the Designated Authority, submit to the Designated
Authority or such other person as the Designated Authority may
nominate, any data and field seismic magnetic tapes relating to
the relinquished part of the original permit area.
Dated at Perth this 16th day of April 1992
MADE under the Petroleum (Submerged Lands) Act, 1967 of the
Commonwealth of Australia on behalf of the Commonwealth - Western
Australian Offshore Petroleum Joint Authority.
/s/ Gordon Leslie Hill
DESIGNATED AUTHORITY
I certify this to be a true and correct copy of the original and
which has been sighted by me.
Margaret Beall
/s/ M. Beall
Petroleum Division, W.A. Dept. of Mines