116. A transferee of a share of the exploration, production or storage right must apply for the transfer to the Minister, in writing.
The application must be accompanied by
(1) the most recent annual financial statement audited by an independent auditor, if the transferee is a legal person;
(2) an update of the proof of solvency provided for in section 165, if the transferee acquires the majority of shares in the exploration, production or storage right; and
(3) the designation of a representative with the Minister.