Liveringa Coal Sample Clauses

Liveringa Coal gas project and petroleum licence applications (Rey 100%) A joint venture agreement in respect of two Exploration Permits, EP10/04-5 and EP11/04-5, was signed on 26th September 2006 with Gujarat NRE Resources Ltd (“Gujarat”), and the final Participation and Joint Operating Agreements were finalised on July 2007. The Agreements, subject to granting of the Exploration Permits, will result in Gujarat paying $250,000 to Rey and spending $4.85 million over 5 years to earn a 90% interest in the two tenements. Xxx will retain a 10% free carried interest in the permits until the grant of a petroleum production licence, after which the parties will contribute according to their interest. Representatives from Gujarat also attended meetings in Broome during the Quarter and the final Native Title and Heritage Protection Agreement covering the two petroleum permit applications was signed by the three parties in August 2007. Notice of intention to grant the Exploration Permits has been received from the Department of Industry and Resources. The work program is subject to Heritage Clearance approval being granted by the Traditional Owners.
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