Article by Dylan Brown, courtesy of Australian Resources & Investment
Hancock Prospecting’s recent acquisition of the Lockyer/North Erregulla gas project and its formation of new exploration ventures marks a significant shift in Western Australia’s onshore energy sector.
This strategic move, bolstered by a new partnership with Mineral Resources (MinRes),positions Hancock as a leading player in the Perth Basin and beyond, reshaping the state’s energy landscape with a forward-looking approach.
Lockyer’s acquisition gives Hancock control of one of the largest onshore gas discoveries in Western Australia, a high-quality asset that can provide substantial resources for both local industry and potential export markets.
At a time when energy reliability is paramount, Hancock’s entrance with Lockyer aligns perfectly with Western Australia’s needs, where gas plays a critical role in stabilising power and supporting the state’s industrial sector.
The move brings Hancock closer to its goal of supplying reliable, base load energy to local customers.
“Gas is critical to underpin base load power requirements and support local industry,”Hancock executive chair Gina Rinehart said.
Furthermore, Hancock’s strengthened footprint in WA positions the company as a key player in the energy security dialogue, helping to ensure that domestic industries have access to affordable and steady power.
The acquisition of the Lockyer project complements Hancock’s previous 50 per cent stake in the nearby West Erregulla gas field, creating synergies that could accelerate project timelines and reduce costs.
The potential development of integrated infrastructure across both fields enables Hancock to maximise resource recovery efficiently while keeping local energy prices competitive.
Hancock’s additional move to form exploration joint ventures with MinRes in the Perth and Carnarvon Basins signals an agile approach to discovering new resources. With a combined acreage that makes Hancock one of the largest holders in onshore WA, these joint ventures are positioned to drive the next wave of resource discoveries.
“The combination of MinRes’ low cost proven delivery capability and Hancock’s developing oil and gas expertise underpinned by its strong balance sheet is a fantastic combination,”Hancock CEO Garry Korte said.
Hancock’s acquisitions and joint ventures also have the potential to spur broader economic benefits.
By creating new employment opportunities and supporting local industries, Hancock is taking a leadership role in WA’s energy future.
This expansion will not only stabilise the energy supply for Western Australians but also contribute to a vibrant, job-creating resources sector.
The positive policy environment in WA, which supports gas exports, could enable Hancock to scale up further, unlocking even greater value for both local and international markets.
Hancock Prospecting’s strategic moves are reshaping WA’s energy landscape, combining financial strength, proven expertise, and a collaborative approach to solidify the state’s energy resilience and economic growth.
