Mineral Resources (MinRes) has today finalised its acquisition of Norwest Energy (Norwest), marking an important milestone in the company’s energy strategy.
MinRes’ energy strategy aims to integrate lower-emission and renewable energy solutions across our operations, including a focus on the potential of natural gas to steer the company’s pathway towards a more reliable, cost-effective and cleaner energy future.
Since 2015, MinRes has strengthened its onshore gas acreage position across the Perth and Carnarvon basins and established a growing portfolio of development opportunities, including a significant conventional gas discovery at Lockyer Deep near Mingenew in 2021.
If developed through to production, it’s hoped the Lockyer Deep project could secure low-cost energy to power MinRes’ operations.
Late last year, MinRes announced an off-market takeover bid for Norwest – its minority joint venture partner in the Lockyer Deep project – which presented a scrip-based offer and unique opportunity for Norwest shareholders to join the MinRes family.
By May 2023, MinRes had successfully acquired a relevant interest in more than 90% of Norwest shares and immediately exercised its right to compulsorily acquire the remaining Norwest shares in line with the Corporations Act 2001.
MinRes Chief Executive, Energy Darren Hardy said finalising the Norwest acquisition marked an important milestone in the company’s gas exploration program and broader energy strategy.
“MinRes’ success is underpinned by our ability to identify and act quickly on opportunities that support the growth of our business,” Mr Hardy said.
“Energy is one of MinRes’ four growth pillars and introducing natural gas into our energy supply chain – alongside significant investment in renewable energy – will lead our efforts to displace diesel with low-cost, long-life energy for our operations and support our target of net zero carbon emissions by 2050.”
With the Norwest acquisition now finalised, MinRes plans to push ahead with exploration activities across its Perth Basin permits. This includes six wells over two years and the planned fast-tracking of appraisal and development studies at Lockyer Deep.
As one of WA’s largest holders of exploration permits in the onshore Perth Basin, MinRes works closely with government, industry and community stakeholders to ensure new energy opportunities are explored responsibly and safely.