Rinehart dips her toe in oil
PERTH (miningweekly.com) - Mining magnate Gina Rinehart was trying her hand at oil and gas exploration, by investing some A$4.25-million into ASX-listed Lakes Oil.
Lakes Oil reported this week that it had issued notes worth A$6.3-million, which included A$4.25-million from a wholly owned subsidiary of Rinehart’s Hancock Prospecting, representing an 18.6% diluted interest.
The placement also included a further subscription from Armour Energy, taking that company’s diluted interest in Lakes Oil to 18.6%.
In exchange for its capital investment, Hancock has appointed Ian Plimer to the Lakes Oil board as a nonexecutive director, with a further Hancock nominee to be appointed as a nonexecutive director in due course.
Lakes Oil is an unconventional oil and gas company with a focus on the Gippsland and Otway basins, in Victoria.
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