The takeover battle for onshore gas assets in the Perth Basin comes amid warnings about a shortage in supply in WA, where the mining and downstream processing industries have come to rely on cheap energy.
Veteran deal maker and Strike Energy chairman John Poynton says sudden interest in onshore gas assets in the Perth Basin is recognition that the fossil fuels still have a big role to play in resource-rich Western Australia.
“Of course, there are things that gas can do that even renewable electricity can’t. In some situations, gas is not replaceable by any other energy source.” MinRes, which works with Rinehart’s Hancock Prospecting in iron ore mining, entered the fray this week by grabbing a stake in Warrego.And Strike itself could become a takeover target given it owns 19.9 per cent of Warrego and is the operator of the West Erregulla gas project in the Perth Basin that it owns in partnership with Warrego.
Australia’s richest person raised the stakes a day after MinRes splashed out more than $60 million to acquire shares in the company.MinRes already has a takeover offer on the table for Norwest, its minority partner in the Lockyer Deep discovery in the Perth Basin, and may have increased the price it will need to pay to get that deal done by showing its valuation hand with Warrego.
It signalled broader appetite for consolidation in the Perth Basin, highlighting opportunities to “collaborate with parties including existing Warrego joint venture partners and others with interests in Warrego’s areas of operation to optimise these developments”.
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