Gina Rinehart’s Hancock Prospecting acquired a major WA gas project from Mineral Resources.
Under the $1.1 billion deal, Hancock will acquire 100 per cent of two Perth Basin permits in the Lockyer and North Erregulla gas project, and a 50 per cent interest in remaining Perth Basin and Carnarvon Basin exploration permits operated by MinRes.
Mineral Resources (MinRes) recently announced one of the largest onshore gas and oil discoveries in WA at the Lockyer and Erregulla gas project, which Hancock will now come into ownership of.
The acquisition of this project substantially expands Hancock’s footprint in the Perth Basin, and follows on from the company’s 50 per cent purchase of the adjacent West Erregulla gas field in 2023.
Hancock executive chair Gina Rinehart said that projects like Lockyer were critical to underpinning base load power requirements and providing reliable energy.
“Gas … is essential for the nation to be able to function, given solar power is only effective some 10-15 per cent of the time, and wind power approximately one-third of the time,” she said.
As for its 50 per cent acquisition of remaining Perth and Carnarvon Basins permits, Hancock and MinRes will form an exploration joint venture. This will combine both companies’ expertise and focus on bringing any new resources to market as soon as possible.
With these latest acquisitions, Hancock has become one of the largest acreage holders in onshore WA.
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