Perth, Australia — Mineral Resources Limited (ASX: MIN) has announced maiden resource discoveries for its Lockyer Gas Project and Erregulla Oil Project, highlighting substantial finds in Western Australia’s onshore Perth Basin.
Lockyer Gas Project
The Lockyer Gas Project has reported a maiden 2C contingent gas resource of 435 petajoules (PJ) of sales gas, alongside 3.3 million barrels of associated condensate. The total current 2C contingent gas resource now stands at 76 million barrels of oil equivalent (MMboe).
Key Highlights:
- Total 2U prospective gas resource of 1,420 billion cubic feet (Bcf)
- Risked 2U prospective resource of 487 Bcf across 14 Kingia Sandstone prospects and leads
- Successful six-well drilling program, including a record-breaking flow test in the Perth Basin
With its 435 PJ 2C contingent gas resource, the Lockyer Project ranks among the largest onshore gas discoveries in Western Australia. Development plans are already underway, including submissions for approval of a Central Processing Facility capable of producing up to 250 terajoules per day.
Erregulla Oil Project
The Erregulla Oil Project has delivered a maiden total 2C contingent oil resource of 31.6 MMboe, making it one of the most significant onshore oil discoveries in Western Australia since the Barrow Island find in 1964.
Project Overview: Both projects are situated on Exploration Permits 368 and 426, located approximately 300 kilometers north of Perth. These permits are part of Mineral Resources’ fully-owned onshore Perth Basin oil and gas acreage, which has been a focus of extensive exploration since the 2021 Lockyer Deep-1 discovery.
Chris Ellison’s Remarks: Chris Ellison, Managing Director of Mineral Resources, emphasized the importance of the finds, 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 offers another path for Mineral Resources to enhance shareholder value through our diverse commodities portfolio in the world’s premier resource jurisdiction.”
Mineral Resources is currently exploring development and partnership options for both projects, including potential joint ventures and full or partial asset sales. The company is also considering development financing through infrastructure funding partners.
As the largest onshore exploration acreage holder in both the Perth and Carnarvon Basins, Mineral Resources remains committed to maximizing shareholder value through strategic resource development initiatives.