- Mineral Resources (MIN) subsidiary, Energy Resources, has secured a drilling rig for gas exploration at the Lockyer Deep 1 well in Perth Basin
- The company is expecting the drilling to commence later this month after the rig arrives at the prospect
- Energy Resources holds the largest petroleum acreage in the Perth Basin, operating permits covering more than 7300 square kilometres
- On the market this afternoon, MIN is up 0.39 per cent, trading at $56.67 per share at 3:45 pm AEST
Mineral Resources (MIN) subsidiary, Energy Resources, has secured a drilling rig for gas exploration at the Lockyer Deep 1 well in Western Australia.
Lockyer Deep is located on exploration permit EP368, in the northern section of the Perth Basin.
The company is expecting the drilling to commence later this month, while the drill rig moves to the area.
Energy Resources holds the largest petroleum acreage in the Perth Basin, operating permits covering more than 7300 square kilometres.
The rig that has been contracted to drill recently just completed three wells north of the Perth Basin.
Mineral Resource Managing Director Chris Ellison said this was a significant milestone for Energy.
“[The drilling] will signify the start of an extensive conventional gas exploration program in our onshore Perth Basin and Northern Carnarvon Basin acreage in line with our strategy to secure our own energy at the lowest cost and lowest emissions possible,” Mr Ellison said.
“Lockyer Deep is an exciting prospect and, if successful, will help us use natural gas as a transitional fuel to net zero emissions by reducing our reliance on diesel.”
On the market this afternoon, Mineral was up 0.39 per cent, trading at $56.67 per share at 3:45 pm AEST.