Canada–Newfoundland and Labrador Offshore Area Registration Regulations

5 (1) Where the Registrar receives an original copy of an interest from the Board, the Registrar shall

• (a) register the interest by endorsing a memorandum of registration on the interest specifying the registration number of the interest and the time and date of registration; and

• (b) prepare an abstract of the interest and forthwith enter the abstract in a book to be maintained as the register.

(2) The abstract referred to in paragraph (1)(b) shall contain the following information:

• (a) the type, effective date and term of the interest;

• (b) the name of the interest owner or, where the interest owner consists of two or more interest holders, the name of each holder;

• (c) the particulars of the shares in the interest; and

• (d) a description of the Newfoundland offshore area, geological formations and substances to which the interest applies.

(3) Where a production licence is subject to the terms and conditions referred to in section 91 of the Act or is subject to the requirements set out in section 92 of the Act, the abstract for that production licence shall, in addition to the information required by subsection (2), contain a notation that the interest is subject to those terms and conditions or those requirements, as the case may be.

(4) Where an interest referred to in section 109 of the Act is registered, the abstract for that interest shall contain a notation of the registration of each instrument that applies to the interest by virtue of that section.

(5) The Registrar shall record in the abstract of the relevant interest

• (a) changes to the information recorded in the abstract arising by virtue of an amendment to that interest or the operation of section 74 or 83 of the Act;

• (b) every order, decision or action of the Board made in relation to that interest that is expressly stated in the Act to be subject to section 124 of the Act;

• (c) every order made pursuant to section 56 of the Act in relation to that interest;

• (d) every notice given by the Board pursuant to subsection 79(1) or 123(1) of the Act in relation to that interest; and

• (e) the extension of the term of that interest or the continuation of that interest beyond its term pursuant to any provision of the Act.

(6) Where an interest expires or is cancelled, the Registrar shall endorse a memorandum to that effect on the original copy of that interest maintained pursuant to paragraph 7(2)(a) and shall make a notation of the expiration or cancellation in the abstract of that interest.

(7) Where two or more interests are consolidated pursuant to subsection 68(3) or section 82 of the Act, the Registrar shall prepare an abstract of the consolidated interest and forthwith enter that abstract in the register.

(8) Each abstract entered in the register pursuant to subsection (7) shall contain the notations made in the abstracts of the interests that have been consolidated.