Mineral Resources announces maiden gas and oil resource statements for Lockyer Gas Project and Erregulla Oil Project

Mineral Resources Limited (ASX:MIN) has announced the maiden resources for the Lockyer Gas Project and the Erregulla Oil Project, both located on Exploration Permits (EP) 368 and 426, approximately 300 kilometres north of Perth. The Lockyer Gas Project has revealed a significant onshore gas discovery in Western Australia, with a maiden 2C contingent gas resource of 435 petajoule (PJ) sales gas and 3.3 million barrels (MMbbl) associated condensate. The Erregulla Oil Project has confirmed a maiden total 2C contingent oil resource of 31.6 MMboe.

Mineral Resources Managing Director Chris Ellison on the significance of the discoveries

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 provides MinRes with yet another option to grow shareholder value through our portfolio of commodities located in the world's best resources jurisdiction. With the commissioning of our new exploration rig, we are just getting started and the Energy division is firming up targets on the largest acreage holding in the highly prospective Perth and Carnarvon basins. Developing the Perth Basin remains subject to sensible WA Government domestic gas policy, and MinRes will consider all development and partnership options to maximise value from our exploration success.

Outlook for development and partnership opportunities

Mineral Resources has unveiled significant maiden resources for the Lockyer Gas Project and the Erregulla Oil Project, positioning the company for substantial growth in shareholder value. The Lockyer Gas Project's 435 PJ 2C contingent gas resource is one of the largest onshore gas discoveries in Western Australia, with potential exploration upside totaling up to 1.4 trillion cubic feet (Tcf) of gas. The company is reviewing development and partnering opportunities related to EP 368 and EP 426, including joint venture partnerships, full or partial sale options, and development financing through infrastructure funding partners. MinRes expects to provide an update by the end of the calendar year. The Erregulla Oil Project's 31.6 MMboe 2C contingent oil resource confirms one of the largest onshore oil discoveries in Western Australia since 1964, with further exploration upside. Opportunities to commercialize the Erregulla Oil Project will be considered alongside the review of options for the Lockyer Gas Project, including separate ownership and development plans for the two assets.