Big numbers in here for a couple of oil & gas exploration permits...
MinRes shares soar on Hancock dealLilly VitorovichShares in Mineral Resources rocket 17 per cent to a nine-day high of $41.98 after selling its oil and gas assets in Western Australian to billionaire Gina Rinehart’s Hancock Prospecting.Hancock is buying the Lockyer/North Erregulla conventional gas project and additional oil and gas upside potential, located in the onshore Perth Basin in West Australia from Mineral Resources, for around $1.13bn.Under the deal, Hancock will pay $804m upfront, and an additional $327m, subject to meeting certain resource thresholds and classifications for the Moriary Deep Prospect and Lockyer Gas and Erregulla Oil discoveries.
EEG Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
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