❓ Dr. Pettitt questions the government about the potential acquisition of Rey Resources' petroleum tenements by China Guoxin Investment Holdings Ltd, focusing on due diligence, financial and environmental liabilities, and enforcement of existing breaches. The Minister's response indicates a lack of engagement with the potential buyer and deferred responsibility.
AnsweredQoN 2229Legislative Council
Asked
22 October 2024
Member
Portfolio
Mines and Petroleum; Ports; Road Safety; Minister Assisting the Minister for Transport
QuestionView source ↗
I refer to the ASX announcement from Rey
Resources Ltd, dated 1 August 2024 and headed, 'Disposal of Gulliver', and to the
Rey Resources 2024 Annual Report, and I ask: (a) which company is the current registered legal
holder of petroleum tenement R1 near Derby in the Kimberley; (b) which company is the current registered legal
holder of petroleum tenement L15 near Derby in the Kimberley; (c) which company is the current legal holder of petroleum
tenement EP104, which covers part of King Sound; (d) which company is the current registered legal
holder of petroleum tenement EP487, which covers part of King Sound; (e) which company is the current registered legal
holder of petroleum tenement EP458; (f) has the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) conducted any due diligence investigations
into the announced acquisition of the R1, L15 and EP104 petroleum tenement assets
of Gulliver Productions Pty Ltd, a subsidiary of Rey Resources Ltd, by a company
called China Guoxin Investment Holdings Ltd; (g) where is the company called China Guoxin
Investment Holdings Ltd domiciled and what is its operating address; (h) does China Guoxin Investment Holdings Ltd have any relevant
expertise, track record, or financial capability in relation to the ownership
and operation of petroleum tenements in Western Australia or elsewhere in Australia, including
environmental protection and rehabilitation; (i) if yes to (h), what is that expertise, track record or financial capability; (j) given the statements by Rey Resources
Chairperson, Min Yang, in the ‘Chairman’s message’, if and when the acquisition
of R1, L15 and EP104 by China Guoxin Investment Holdings Ltd is completed, will that company
become legally and financially liable for the documented exploration work
commitments through to 2028 that apply to each of those tenements, including
$20,000,000 for EP104 and $7,300,000 for R1; (k) if no to (j), why not; (l) given the statements by Rey Resources Ltd Chairperson Min Yang in the ‘Chairman’s message’, if and when the acquisition
of R1, L15 and EP104 by China Guoxin Investment Holdings Ltd is completed, will that company
become legally and financially liable for addressing and correcting the 44
breaches and non-compliances on those tenements that were identified and documented
in 2021 by DEMIRS following a site inspection; (m) if no to (l), why not; (n) in the answer to question on notice 2030, asked in the Legislative Council on 7 May
2024 by Hon Dr Brad Pettitt, in relation to DEMIRS’ identified and documented
breaches and non-compliances on petroleum tenements L15 and R1, the Minister stated
that DEMIRS
is still actively considering enforcement options for the remediation of the
sites within L15 and R1. Has the Department made any progress in identifying
and applying any enforcement options on those tenements; (o) if yes to (n), what action has been taken; (p) what is the Department’s current estimate of the
costs associated with addressing the breaches and non-compliances it has
identified and documented on R1 and L15; (q) has DEMIRS made China Guoxin Investment Holdings Ltd aware of
its legal and financial liabilities on L15, R1 and EP104 in relation to
addressing breaches, obligations for decommissioning and rehabilitation, and the
specified exploration work commitments; (r) if no to (q), will it make the company aware of those
liabilities before it assumes ownership of those tenements and confirm the
company’s capacity to meet those obligations; and (s) if no to (r), why not?
Resources Ltd, dated 1 August 2024 and headed, 'Disposal of Gulliver', and to the
Rey Resources 2024 Annual Report, and I ask: (a) which company is the current registered legal
holder of petroleum tenement R1 near Derby in the Kimberley; (b) which company is the current registered legal
holder of petroleum tenement L15 near Derby in the Kimberley; (c) which company is the current legal holder of petroleum
tenement EP104, which covers part of King Sound; (d) which company is the current registered legal
holder of petroleum tenement EP487, which covers part of King Sound; (e) which company is the current registered legal
holder of petroleum tenement EP458; (f) has the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) conducted any due diligence investigations
into the announced acquisition of the R1, L15 and EP104 petroleum tenement assets
of Gulliver Productions Pty Ltd, a subsidiary of Rey Resources Ltd, by a company
called China Guoxin Investment Holdings Ltd; (g) where is the company called China Guoxin
Investment Holdings Ltd domiciled and what is its operating address; (h) does China Guoxin Investment Holdings Ltd have any relevant
expertise, track record, or financial capability in relation to the ownership
and operation of petroleum tenements in Western Australia or elsewhere in Australia, including
environmental protection and rehabilitation; (i) if yes to (h), what is that expertise, track record or financial capability; (j) given the statements by Rey Resources
Chairperson, Min Yang, in the ‘Chairman’s message’, if and when the acquisition
of R1, L15 and EP104 by China Guoxin Investment Holdings Ltd is completed, will that company
become legally and financially liable for the documented exploration work
commitments through to 2028 that apply to each of those tenements, including
$20,000,000 for EP104 and $7,300,000 for R1; (k) if no to (j), why not; (l) given the statements by Rey Resources Ltd Chairperson Min Yang in the ‘Chairman’s message’, if and when the acquisition
of R1, L15 and EP104 by China Guoxin Investment Holdings Ltd is completed, will that company
become legally and financially liable for addressing and correcting the 44
breaches and non-compliances on those tenements that were identified and documented
in 2021 by DEMIRS following a site inspection; (m) if no to (l), why not; (n) in the answer to question on notice 2030, asked in the Legislative Council on 7 May
2024 by Hon Dr Brad Pettitt, in relation to DEMIRS’ identified and documented
breaches and non-compliances on petroleum tenements L15 and R1, the Minister stated
that DEMIRS
is still actively considering enforcement options for the remediation of the
sites within L15 and R1. Has the Department made any progress in identifying
and applying any enforcement options on those tenements; (o) if yes to (n), what action has been taken; (p) what is the Department’s current estimate of the
costs associated with addressing the breaches and non-compliances it has
identified and documented on R1 and L15; (q) has DEMIRS made China Guoxin Investment Holdings Ltd aware of
its legal and financial liabilities on L15, R1 and EP104 in relation to
addressing breaches, obligations for decommissioning and rehabilitation, and the
specified exploration work commitments; (r) if no to (q), will it make the company aware of those
liabilities before it assumes ownership of those tenements and confirm the
company’s capacity to meet those obligations; and (s) if no to (r), why not?
AnswerView source ↗
Answered
27 November 2024
Responded by
Leader of the House representing the Minister for Mines and Petroleum; Ports; Road Safety; Minister Assisting the Minister for Transport
Response time
10 days
(a)-(c) Gulliver Productions Pty Ltd
(d) Rey Derby Block Pty Ltd; Rey Lennard Shelf Pty Ltd
(e) Rey Oil and Gas Pty Ltd
(f) No.
(g) The Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) has not received an application from China Guoxin Investment Holding Co Ltd. Therefore, relevant company searches through ASIC have not been undertaken by DEMIRS.
(h) China Guoxin Investment Holding Co Ltd does not hold or operate any petroleum tenements in Western Australia.
(i) Not applicable.
(j) DEMIRS has not received any dealing or transfer applications in relation to the titles under the relevant Act, upon registration of a transfer, the new titleholder (or joint titleholders) become responsible for fulfilling the work commitments specified in the title conditions.
(k) Not applicable.
(l) Under the Petroleum and Geothermal Energy Resources Act 1967 , the transfer of title does not absolve or reduce liability for a person who was or is the holder of a title.
(m) Not applicable.
(n) No.
(o) Not applicable.
(p) There is no estimate available.
(q) Noting that DEMIRS has not received any dealing or transfer applications in relation to the titles, No.
(r) China Guoxin Investment Holdings Ltd is not a current titleholder on L 15, R 1 or EP 104. Legal and financial liability rests with the titleholder.
(s) China Guoxin Investment Holdings Ltd is not a current titleholder on L 15, R 1 or EP 104. Legal and financial liability rests with the titleholder.
(d) Rey Derby Block Pty Ltd; Rey Lennard Shelf Pty Ltd
(e) Rey Oil and Gas Pty Ltd
(f) No.
(g) The Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) has not received an application from China Guoxin Investment Holding Co Ltd. Therefore, relevant company searches through ASIC have not been undertaken by DEMIRS.
(h) China Guoxin Investment Holding Co Ltd does not hold or operate any petroleum tenements in Western Australia.
(i) Not applicable.
(j) DEMIRS has not received any dealing or transfer applications in relation to the titles under the relevant Act, upon registration of a transfer, the new titleholder (or joint titleholders) become responsible for fulfilling the work commitments specified in the title conditions.
(k) Not applicable.
(l) Under the Petroleum and Geothermal Energy Resources Act 1967 , the transfer of title does not absolve or reduce liability for a person who was or is the holder of a title.
(m) Not applicable.
(n) No.
(o) Not applicable.
(p) There is no estimate available.
(q) Noting that DEMIRS has not received any dealing or transfer applications in relation to the titles, No.
(r) China Guoxin Investment Holdings Ltd is not a current titleholder on L 15, R 1 or EP 104. Legal and financial liability rests with the titleholder.
(s) China Guoxin Investment Holdings Ltd is not a current titleholder on L 15, R 1 or EP 104. Legal and financial liability rests with the titleholder.
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