Daytraders After Race Lounge 1st Nov, page-28

more pressure building in the Oil and Gas Sector

http://www.theaustralian.com.au/bus...y/news-story/af3d257faa6ad73d85aa1f6480b90cc7

Andrew Forrest in major oil and gas play


The Canning Basin is considered one of WA’s most promising but least explored oil and gas regions.

• The Australian
• 1:27PM November 1, 2016
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• Paul Garvey
  
  Resources reporter
  Perth
  @PDGarvey
  

Billionaire Andrew Forrest has made a big move into oil and gas, picking up interests in a large package of exploration ground in Western Australia’s Canning Basin.
Mr Forrest’s Minderoo Group this morning announced that subsidiary Squadron Energy had partnered with private group Goshawk Energy over a 220,000 square kilometre holding in the Basin.
The Canning Basin is considered one of WA’s most promising but least explored oil and gas regions. ASX-listed Buru Energy has been the region’s biggest player to date, having some solid exploration success, although it has been hit in recent years by the broader oil and gas downturn.
“We regard this as a compelling opportunity to explore and develop in a highly promising area, and ultimately be part of Western Australia’s world-class energy sector,” Squadron and Goshawk said in a joint statement.
“Projects such as this have the potential to contribute significantly to the state’s economic success.”
Mr Forrest, the founder and chairman of Fortescue Metals Group, has seen his fortune swell by more than $4 billion to $5.5bn this year on the back of a sharp surge in the iron ore miner’s shares.