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This is a Bill, not an Act. For current law, see the Acts databases.


NATURAL GAS (CANNING BASIN JOINT VENTURE) AGREEMENT AMENDMENT BILL 2015

                   Western Australia


Natural Gas (Canning Basin Joint Venture)
    Agreement Amendment Bill 2015

                       Contents

 1.   Short title                              2
 2.   Commencement                             2
 3.   Act amended                              2
 4.   Section 3 amended                        2
 5.   Section 4 amended                        3
 6.   Section 6 amended                        3
 7.   Schedule 2 inserted                      3
      Schedule 2 -- 2015 variation agreement




                        144--1B                page i
                           Western Australia


                     LEGISLATIVE ASSEMBLY


   Natural Gas (Canning Basin Joint Venture)
       Agreement Amendment Bill 2015

                               A Bill for


An Act to amend the Natural Gas (Canning Basin Joint Venture)
Agreement Act 2013.



The Parliament of Western Australia enacts as follows:




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     Natural Gas (Canning Basin Joint Venture) Agreement Amendment Bill 2015



     s. 1




1    1.         Short title
2               This is the Natural Gas (Canning Basin Joint Venture)
3               Agreement Amendment Act 2015.

4    2.         Commencement
5               This Act comes into operation as follows --
6                (a) sections 1 and 2 -- on the day on which this Act
7                      receives the Royal Assent;
8                (b) the rest of the Act -- on the day after that day.

9    3.         Act amended
10              This Act amends the Natural Gas (Canning Basin Joint
11              Venture) Agreement Act 2013.

12   4.         Section 3 amended
13        (1)   In section 3 delete the definition of the Agreement.
14        (2)   In section 3 before the 1st alphabetical definition insert in
15              numerical order:
16

17                    2015 variation agreement means the agreement a copy
18                    of which is set out in Schedule 2;
19

20        (3)   In section 3 insert in alphabetical order:
21

22                    the Agreement means the scheduled agreement as
23                    varied from time to time in accordance with its terms
24                    and by the 2015 variation agreement.
25




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      Natural Gas (Canning Basin Joint Venture) Agreement Amendment Bill 2015



                                                                         s. 5



1    5.      Section 4 amended
2            After section 4(1) insert:
3

4          (2A)    The 2015 variation agreement is ratified.
5


6    6.      Section 6 amended
7            In section 6(2) after "agreement" insert:
8

9            or the 2015 variation agreement
10


11   7.      Schedule 2 inserted
12           After Schedule 1 insert:
13


14                Schedule 2 -- 2015 variation agreement
15                                                                      [s. 3]
16                                        2015
17

18                  THE STATE OF WESTERN AUSTRALIA
19

20                                        and
21

22                         BURU ENERGY LIMITED
23                            ACN 130 651 437
24                DIAMOND RESOURCES (FITZROY) PTY LTD
25                           ACN 145 113 177




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     Natural Gas (Canning Basin Joint Venture) Agreement Amendment Bill 2015



     s. 7



1               DIAMOND RESOURCES (CANNING) PTY LTD
2                          ACN 145 113 186
3

4                                      and
5

6                        MITSUBISHI CORPORATION

7

8             NATURAL GAS (CANNING BASIN JOINT VENTURE)
9                          AGREEMENT 2012
10                   RATIFIED VARIATION AGREEMENT
11

12

13

14

15

16                            State Solicitor's Office
17                           141 St George's Terrace
18                              Perth WA 6000
19                          Telephone: (08) 9264 1888




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      Natural Gas (Canning Basin Joint Venture) Agreement Amendment Bill 2015



                                                                                    s. 7



1    THIS AGREEMENT is made this             1st     day of     July      2015
2    BETWEEN
3    THE HONOURABLE COLIN JAMES BARNETT, MEc., M.L.A., Premier
4    of the State of Western Australia, acting for and on behalf of the said State and
5    its instrumentalities from time to time (hereinafter called the State) of the first
6    part
7    AND
8    BURU ENERGY LIMITED ACN 130 651 437 of Level 2, 88 William Street,
9    Perth, Western Australia, DIAMOND RESOURCES (FITZROY) PTY LTD
10   ACN 145 113 177 of Level 36, 120 Collins Street, Melbourne, Victoria and
11   DIAMOND RESOURCES (CANNING) PTY LTD ACN 145 113 186 of
12   Level 36, 120 Collins Street, Melbourne, Victoria (hereinafter collectively
13   called the Joint Venturers in which term shall be included their successors and
14   permitted assigns) of the second part
15   AND
16   MITSUBISHI CORPORATION of 3-1, Marunouchi 2-Chome, Chiyoda-Ku,
17   Tokyo, Japan (Guarantor) of the third part.
18   RECITALS:
19   A.         The State, the Joint Venturers and the Guarantor are parties to the
20              agreement ratified by the Natural Gas (Canning Basin Joint Venture)
21              Agreement Act 2013 (WA). This agreement is referred to in this
22              Agreement as the "Principal Agreement".
23   B.         The State, the Joint Venturers and the Guarantor wish to vary the
24              Principal Agreement on the terms set out in this Agreement.
25   THE PARTIES agree as follows:
26   1.         Ratification and operation
27        (1)   This Agreement, other than this clause, does not come into operation
28              except in accordance with subclause (2).
29        (2)   This Agreement, other than this clause, comes into operation on the
30              day on which it is ratified by an Act of the Parliament of Western
31              Australia ("Operative Date") unless, before that day, it terminates
32              under subclauses (4) or (5).

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     Natural Gas (Canning Basin Joint Venture) Agreement Amendment Bill 2015



     s. 7



1           (3)   The State must introduce in the Parliament of Western Australia
2                 before 30 September 2015 or a later date agreed between the parties to
3                 this Agreement, a Bill to ratify this Agreement and must endeavour to
4                 secure its passage as an Act.
5           (4)   If by 31 March 2016 this Agreement has not been ratified by an Act
6                 of the Parliament of Western Australia then, unless the parties to this
7                 Agreement otherwise agree, this Agreement terminates on that day
8                 and no party hereto will have any claim against any other party hereto
9                 with respect to any matter or thing arising out of, done, performed, or
10                omitted to be done or performed under this Agreement.
11          (5)   The parties agree that if the Principal Agreement is otherwise
12                determined in accordance with its provisions on a day prior to the
13                Operative Date, then this Agreement shall also terminate on and from
14                that day and no party hereto will have any claim against any other
15                party hereto with respect to any matter or thing arising out of, done,
16                performed, or omitted to be done or performed under this Agreement.
17   2.           Variations of Principal Agreement
18                The Principal Agreement is hereby varied as follows:
19          (1)   in clause 1 in the definition of "Suspension Period" by deleting
20                "2020" and substituting "2022";
21          (2)   in subclause (2) of clause 8 by deleting "2016" and substituting
22                "2018";
23          (3)   in subclause (1) of clause 10 by deleting "2014" and substituting
24                "2016";
25          (4)   in subclause (1) of clause 11 by deleting "2016" and substituting
26                "2018";
27          (5)   in subclause (6) of clause 12 by deleting "2018" and substituting
28                "2020";
29          (6)   in subclause (1) of clause 20 by deleting "2014" and substituting
30                "2016"; and




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     Natural Gas (Canning Basin Joint Venture) Agreement Amendment Bill 2015



                                                                                  s. 7



1     (7)   in subclause (4) of clause 35 by:
2           (a)      deleting "2015" and substituting "2017"; and
3           (b)      deleting "2016" and substituting "2018".
4
5
6    EXECUTED as a deed.
7
8
9
      SIGNED by THE HONOURABLE COLIN                     )
      JAMES BARNETT in the presence of:                  )       [Signature]
                                                         )
10
11   [Signature]
12   Witness:
13   Full Name of Witness: NICOLE JANE HENDERSON
14
15
16
17
18
      EXECUTED by BURU ENERGY LIMITED                        )
      ACN 130 651 437 in accordance with                     )
      section 127 of the Corporations Act 2001               )
      (Commonwealth):

19
20
      [Signature]                               [Signature]
      Signature of director:                    Signature of company
      Name of director: Eric Streitberg         secretary:
                                                Name of company secretary:
                                                Shane McDermott



21
22
23



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    Natural Gas (Canning Basin Joint Venture) Agreement Amendment Bill 2015



    s. 7



       EXECUTED by DIAMOND RESOURCES                 )
       (FITZROY) PTY LTD ACN 145 113 177 in          )
       accordance    with   section 127 of the       )
       Corporations Act 2001 (Commonwealth):

1
2
       [Signature]                        [Signature]
       Signature of director:             Signature of director:
       Name of director: Masaki           Name of director: Masayuki
       Fujiwara                           Moroi




3
       EXECUTED by DIAMOND RESOURCES                 )
       (CANNING) PTY LTD ACN 145 113 186 in          )
       accordance    with   section 127 of the       )
       Corporations Act 2001 (Commonwealth):

4
5
       [Signature]                        [Signature]
       Signature of director:             Signature of director:
       Name of director: Masaki           Name of director: Masayuki
       Fujiwara                           Moroi



6
7
8
9


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    Natural Gas (Canning Basin Joint Venture) Agreement Amendment Bill 2015



                                                                        s. 7



     SIGNED for and on behalf of MITSUBISHI        )
     CORPORATION in the presence of:               )
                                                   )
1
2
                                         [Signature]
     Signature of witness:               Signature of duly authorised
     Name: MASAKI FUJIWARA               representative
     [Signature]                         Name: Makoto Tsurusaki
                                         Title: Senior Vice President
                                         Division COO, E&P Business
                                         Division
                                         Energy Business Group




3

4




 


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