Mineral Resources Limited (ASX:MIN) Completes Gas Deal with Hancock
Completion of Gas Sale
Mineral Resources Limited (ASX: MIN) confirmed the sale of 100% of Exploration Permits 368 and 426 to Hancock Prospecting Pty Ltd for an initial consideration of $780 million.
Joint Ventures and Future Plans
In addition to the sale, Mineral Resources and Hancock agreed to establish two 50/50 exploration joint ventures for remaining exploration permits in the Perth Basin and Carnarvon Basin. Hancock will also acquire 50% of the MinRes Explorer drill rig and associated infrastructure, with completion expected in the first quarter of calendar year 2025, alongside an additional $24 million consideration. A potential purchase price adjustment of up to $327 million is contingent on certain resource thresholds and classification for specific gas and oil discoveries. Definition drilling for the Moriary Deep Prospect is currently in progress, with further drilling for Lockyer-6 planned for FY25.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.