Mineral Resources (ASX:MIN)
has announced that its wholly owned subsidiary Energy Resources (ERL) has secured a drilling rig for the conventional gas exploration well Lockyer Deep 1, situated in the onshore Perth Basin, Western Australia.
The Lockyer Deep Prospect is located in the northern section of the Perth Basin that is host to several significant recent conventional gas discoveries. The Ensign 970 rig contracted to drill Lockyer Deep 1 has just completed three wells in the north Perth Basin and is being mobilised to the Lockyer Deep 1 location to commence drilling later this month.
ERL is the largest petroleum acreage holder in the Perth Basin, operating permits covering more than 7,300 square kilometres. ERL also holds the largest petroleum acreage in the onshore Northern Carnarvon Basin, with the combination of the Perth and Northern Carnarvon Basins providing a total acreage position in Western Australia of 13,629 square kilometres.
The Lockyer Deep 1 aligns with Mineral Resources' strategy to secure its own natural gas supply to provide energy security for the company’s current and future mining operations at lower cost and with lower emissions. Mineral Resources has committed to achieving net zero emissions by 2050, and is developing a decarbonisation roadmap to enable this target to be achieved as early as possible. A critical aspect of this journey is to reduce the company’s reliance on diesel fuel.
Shares in Mineral Resources (ASX:MIN)
are trading 0.35 per cent higher at $56.65.