AUSTRALIA — Mineral Resources Limited (ASX: MIN) has unveiled maiden resources for its Lockyer Gas Project and Erregulla Oil Project, marking substantial discoveries in Western Australia’s onshore Perth Basin.
The Lockyer Gas Project has revealed a maiden 2C contingent gas resource of 435 petajoules (PJ) of sales gas, with 3.3 million barrels of associated condensate.
The total current 2C contingent gas resource stands at 76 million barrels of oil equivalent (MMboe).
Key highlights of the Lockyer Gas Project include:
- A current total 2U prospective gas resource of 1,420 billion cubic feet (Bcf)
- A risked 2U of 487 Bcf across 14 Kingia Sandstone prospects and leads
- Successful drilling across a six-well program, including a Perth Basin record flow test
The project’s 435 PJ 2C contingent gas resource indicates it is one of the largest onshore gas discoveries in Western Australia.
Planning for development is well underway, with approvals submitted for a Central Processing Facility capable of producing up to 250 terajoules per day.
The Erregulla Oil Project has reported a maiden total 2C contingent oil resource of 31.6 MMboe.
This discovery is significant, ranking as one of the largest onshore oil finds in Western Australia since the Barrow Island discovery in 1964.
Both projects are located on Exploration Permits 368 and 426, approximately 300 kilometres north of Perth.
These permits are part of MinRes’ 100 per cent-owned onshore Perth Basin oil and gas acreage, which has been the focus of extensive exploration since the Lockyer Deep-1 discovery in 2021.
Chris Ellison, Managing Director of Mineral Resources, commented on the discoveries, stating: “Our Perth Basin conventional oil and gas discoveries are among the largest onshore finds in Western Australia, with significant upside on these two exploration permits alone.
“Developing these resources provides MinRes with yet another option to grow shareholder value through our portfolio of commodities located in the world’s best resources jurisdiction.”
MinRes is currently reviewing development and partnering opportunities for both projects, including potential joint venture partnerships and full or partial sale options.
The company is also considering development financing options through infrastructure funding partners.
As the largest onshore exploration acreage holder in the Perth and Carnarvon Basins, MinRes continues to assert its commitment to enhancing shareholder value through strategic resource development.