Mineral Resources (MinRes) has announced maiden resources for the Lockyer Gas Project and the Erregulla Oil Project, following a successful drilling program revealing significant onshore gas and oil discoveries.
Both projects are located on Exploration Permits (EP) 368 and 426 which are part of MinRes’ 100% owned onshore Perth Basin oil and gas exploration tenure, which has been the subject of extensive exploration investment since the Lockyer Deep-1 (LD-1) discovery by MinRes in 2021.
The Lockyer Gas Project has now been proven through successful drilling and record flow tests across a six-well program. Gas resources indicate it is one of the largest onshore gas discoveries in Western Australia, with significant exploration upside across the two tenements which could total more than 1.4 trillion cubic feet of gas.
Planning for the development of the Lockyer Gas Project has progressed with approvals submitted for a Central Processing Facility with a production of up to 250 terajoules per day capacity.
The Erregulla Oil Project's 31.6 million barrels of oil equivalent (MMboe) 2C contingent oil resource is one of the largest onshore oil discoveries in Western Australia since the discovery of oil on Barrow Island in 1964, with further exploration upside.
MinRes will consider opportunities to commercialise the Lockyer Gas Project and the Erregulla Oil Project and is reviewing development and partnering opportunities for EP 368 and 426 while also considering financing options through infrastructure funding partners.
Managing Director Chris Ellison said developing these resources provide MinRes with yet another option to increase shareholder value through our diversified portfolio of commodities located in the world’s best resources jurisdiction.
“Our Perth Basin oil and gas discoveries are among the largest onshore finds in Western Australia, with significant upside on these two exploration permits alone," he said.
“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 the largest onshore exploration acreage holder in the Perth and Carnarvon Basins.
For more information, refer to the ASX announcement.
