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Hydrocarbons (Prospection, Exploration and Exploitation) Law 2007, amendment

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The House of Representatives, has voted the 126(I)/2013 Law, which amends the Hydrocarbons (Prospection, Exploration and Exploitation) Law 2007 as follows.

A new subsection has been inserted under section 16 of the Hydrocarbons (Prospection, Exploration and Exploitation) Law 2007. The new subsection, "16 (1A)", provides that in case the participation of the Republic of Cyprus in any operations regarding prospection, exploration and exploitation of hydrocarbons, is made through a legal person, then this legal person shall be comprised of seven directors, one executive and six non-executives. It further notes that the qualifications requirements for the appointment of directors in that legal person, will be prescribed by the Council of Ministers via Regulations voted by the House of Representatives.

Moreover, a new paragraph has been inserted in Section 16 (5) (a) Hydrocarbons (Prospection, Exploration and Exploitation) Law 2007. This, provides that the accounts of the abovementioned legal person will be subject to the audit of the Auditor General of the Republic of Cyprus.

Last, a new section has been inserted in the Hydrocarbons (Prospection, Exploration and Exploitation) Law 2007, that is section 16A (below Section 16), which provides that an infingement of Sections 16 (1A) and 16 (5) (a), will prohibit the legal person from taking any action that is prescribed in the Hydrocarbons (Prospection, Exploration and Exploitation) Law 2007.

A.I.Kitsios LLC
1 November 2013

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