A prospect or monitoring well may only be transferred by the person who conducts surface mining activities for further use as a water well with the prior approval of the Bureau and in accordance with State and local law. That person and the surface owner of the lands where the well is located shall jointly submit a written request to the Bureau for that approval. Upon an approved transfer of a well, the transferee shall: Assume primary liability for damages to persons or property from the well; Plug the well when necessary, but not later than abandonment of the well; and Assume primary responsibility for compliance with the Regulatory Program with respect to the well. Upon an approved transfer of a well, the transferor shall be secondarily liable for the transferee's obligations under §B of this regulation, until release of the bond or other equivalent guarantee required by the Regulatory Program for the area in which the well is located.