Mineral Resources bids for Perth basin-focused Norwest Energy
Sydney-listed Mineral Resources (MinRes) has made an off-market takeover bid for Perth basin-focused Norwest Energy, the company said on December 16.
MinRes intends to offer one fully paid ordinary share for every 1,367 Norwest shares. This implies an offer price of A$0.06 per Norwest share. Norwest is MinRes’ minority joint venture partner in the Lockyer Deep gas project in the Perth basin.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Norwest’s principal asset is a non-operating interest in onshore Perth basin exploration permits EP 368 (20%) and EP 426 (22.22%). MinRes and its subsidiaries are the permit operators and owners of the remaining interest in EP 368 and EP 426. MinRes is also the largest shareholder in Norwest, holding approximately 19.9% interest. The offer excludes Norwest shares already held by MinRes.
MinRes said it expects to lodge its bidder’s statement in the coming days and for its offer to open for acceptance by Norwest shareholders in early January 2023.
Norwest has advised its shareholders to take no action in relation to the offer. Managing director of Norwest, Iain Smith, said that the company is carefully considering the terms of the offer and will comment as soon as it has completed its assessment.
“We recommend that shareholders take no action at this stage, pending further advice from the board," Smith said.