Mineral Resources Ltd (ASX:MIN) has unveiled significant maiden resources for its Lockyer Gas Project and Erregulla Oil Project, marking substantial milestones in its onshore Perth Basin exploration efforts.
Located within Exploration Permits (EP) 368 and 426, both projects have delivered promising results following extensive drilling and testing. The Lockyer Gas Project, highlighted by a successful six-well program, has revealed one of Western Australia's largest onshore gas discoveries.
Initial estimates suggest potential reserves of more than 1.4 trillion cubic feet of gas, positioning it as a key asset for future development. Plans include the establishment of a Central Processing Facility capable of producing up to 250 terajoules per day.
Meanwhile, the Erregulla Oil Project has reported a 31.6 million barrels of oil equivalent (MMboe) 2C contingent oil resource, marking a significant find in the region since the 1964 discovery on Barrow Island. Both projects offer substantial exploration upside, underpinning MinRes' strategic focus on expanding its portfolio in Australia's premier resource jurisdiction.
MinRes managing director Chris Ellison emphasised the strategic significance of these discoveries, saying, "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."
The company remains committed to exploring commercialisation and development opportunities while evaluating potential partnerships and financing avenues.
MinRes continues to assert its position as the largest onshore exploration acreage holder in the Perth and Carnarvon Basins, underscoring its commitment to further enhancing shareholder value through strategic resource development.