This Proclamation vests the rights to mineral and natural resources of the seabed and subsoil outside the Territorial Waters of the Turks and Caicos Islands in the Crown. The Crown will exercise the same jurisdiction in respect of the exploration and exploitation of mineral and natural resources of the seabed and subsoil outside Territorial Waters as in beneath Territorial Waters, but subject to such provisions as may be made by law for the control and regulation of exploration and exploitation