hancock prospecting takes stategic stake , page-2

From SMH.

Mining magnate Gina Rinehart's main company has taken a substantial shareholding in Melbourne oil and gas minnow Lakes Oil.

In a purchase that was announced by Lakes Oil to the Australian Stock Exchange this morning, the company said the bulk of a $6.3 million notes issue had been bought by a wholly owned subsidiary of Ms Rinehart's Hancock Prospecting.

The subsidiary, which was not named in the statement, now holds 18.6 per cent of Lakes Oil.

As part of the deal, Ms Rinehart's ally Professor Ian Plimer has been appointed as a non-executive director of Lakes Oil.

Mr Plimer is a noted climate change sceptic and holds director positions at Hancock Prospecting as well as several ASX-listed companies.

Lakes Oil is pursuing targets in the Otway and Gippsland basins of Victoria.


http://www.smh.com.au/business/mining-and-resources/gina-rinehart-jumps-into-oil-and-gas-20130129-2dhtp.html