asked the Minister for Energy when the assignment document for transfer of shares between two companies (details supplied) was received in his Department; the reasons for the statement in a letter to one of the companies involved that any reference in the assignment agreement to consolidated gas industries would be "inappropriate", if he will pass the assignment document with the reference to shares of the consolidated gas industries included; and if he will make a statement on the matter.
Written Answers. - Company Shares Transfer.
431.
By letter of 24 February 1977 my Department was informed by one of the companies of its desire to assign to the other company part of its interest in Offshore Exploration Licence No. 4/76. A draft assignment agreement was submitted to the Department on 19 September 1977.
The reference in the assignment agreement to the transfer of shares in Consolidated Gas Industries Limited was deemed to be inappropriate because of its implication that investment in this company would fulfil the obligations of the companies in question under Schedule 3 of the licence with regard to employment creation.
The Minister was not prepared to accept that responsibility for compliance with the job-creation provision or any other obligation under the licence could be assindividual participant in the licence.
It is my view that a reference such as the one in question in an assignment agreement would still be inappropriate. However, the question of my accepting the assignment agreement with the said reference included does not arise as the companies in question accepted that this reference should be excluded and the assignment agreement has been executed.