Billionaire Chris Ellison has cast a big shadow over the takeover battle unfolding over Warrego Energy as he eyes greater control over onshore gas assets in the Perth Basin.
The bungle in a document prepared by MinRes’ lawyers, Gilbert + Tobin, added fuel to the fire building over MinRes and its wider plans for control of Perth Basin assets.
Norwest is MinRes’ minority joint venture partner in the Lockyer Deep project in the Perth Basin, where Mr Ellison sees an opportunity to produce cheap gas in downstream processing in WA, which has a domestic gas reservation policy.MinRes has said it could use gas from the Perth Basin to power a lithium hydroxide plant, to produce magnetite from its iron ore operations and in the longer-term to produce urea and ammonia.
“Should those intention statements be followed through with, Strike will be sitting at 41 per cent, and we can still see common Strike shareholders sitting on the Warrego register that we would be thinking would accept into our offer,” Mr Nicholls said.Mr Ellison has long held ambitions to control onshore gas assets in Western Australia to support the core MinRes mining services, iron ore and lithium businesses and growth plans.
Mr Nicholls said Strike’s Walyering gas project was about to start delivering free cash flow and that funding was in place for the next stage of drilling and development of the Erregulla gas facility. Mr Nicholls declined to comment on that speculation or the MinRes bungle over the ABN in its Norwest Energy bidder’s statement.
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