30. 5. 79 Official Journal of the European Communities No L 132/1 I (Acts whose publication is obligatory) COUNCIL REGULATION (EEC) No 1038/79 of 24 May 1979 on Community support for a hydrocarbon exploration project in Greenland THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 235 thereof, Having regard to the proposals from the Commis- sion (1), Having regard to the opinion of the European Parlia- ment (2), Having regard to the opinion of the Economic and Social Committee (3), Whereas a proposal for a Regulation on support for joint hydrocarbon exploration projects and a proposal for an implementing Regulation have been put before the Council, as amended on 7 August 1978 ; Whereas, by its Decision of 21 December 1978, the Council established a Working Party to carry out certain tasks in connection with the possible granting of such support, subject to the statement contained in paragraph 3 of that Decision, which statement is, to the extent applicable, to be regarded as forming an integral part of this Regulation ; Whereas a hydrocarbon exploration project to be carried out in Greenland is of an urgent nature, HAS ADOPTED THIS REGULATION : Article 1 The hydrocarbon exploration .project set out in the Annex shall receive Community support up to a maximum amount of 3 450 000 European units of account in the form of subsidies repayable if the data obtained are exploited commercially. Article 2 The amount of the subsidies shall be calculated by applying a rate of 75 % to the project cost, as checked (1) OJ No C 18, 25. 1. 1975, p. 3; OJ No C 200, 22. 8. 1978, s p. S. (?) OJ No C 131, 5. 6. 1978, p. 17. (}) OJ No C 108, 15. 5. 1975, p. SS. and agreed by the Commission, within the limit of the maximum amount stipulated in Article 1. Article 3 Following the granting by the Member State concerned of licences and rights necessary for carrying out the project, the Commission shall, after consulting that State, negotiate and conclude a contract with the Geological Survey of Greenland laying down the arrangements for payment of the support. The Commission shall administer the contiact. Article 4 Those responsible for carrying out the project shall submit an annual report to the Commission on the progress of the work and on the expenditure incurred. Representatives of the Commission shall have access at all times to the technical and financial documents relating to the progress of the project. Article 5 All information gatlElered by the Commission pursuant to this Regulation shall be confidential, without preju- dice, however, to the sale of the commercial results. Article 6 The Commission shall report annually to the Euro- pean Parliament and to the Council on the progress of the project and on the results achieved. Without prejudice to Article 5, the Commission report shall supply the information necessary for an assessment of the commercial prospects of the project. Article 7 This Regulation shall enter into force on the day following its publication in the Official Journal of the European Communities.