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The City of Perth is hosting a special City of Light Show presented by Hancock Prospecting this Australia Day
26 January | Langley Park
Read MoreWar of the billionaires for Perth Basin gas heats up
Gina Rinehart, the nation’s richest person, has waived all conditions in her bid to buy Western Australian gas explorer Warrego Energy, a move she hopes will lock in the support of key shareholders amid a takeover tussle with rival suitor Strike Energy. Hancock Energy, the energy arm of the mining billionaire’s privately owned Hancock Prospecting , on Friday said its 28¢-a-share cash bid for ASX-listed Warrego and the prized 50 per cent interest it holds in a promising onshore gas basin north of Perth was now unconditional “with immediate effect”.
Read More‘Impossible’: Rinehart, Posco stall $1b Queensland gas project
A $1 billion gas project that had attracted interest from customers wanting more than five times the volume of gas initially on offer is on hold after its owners, including billionaire Gina Rinehart, declared the government’s intervention in the gas market made it “impossible” to sign up to new gas sales contracts. The stalling of Senex Energy’s $1 billion Atlas gas project in Queensland is the most serious sign yet of the fallout from the Albanese government’s stricter-than-expected controls over east coast gas to try to rein in energy prices for struggling manufacturers and households.
Read MoreHANCOCK WARNS WARREGO INVESTORS
Gina Rinehart’s Hancock Energy has warned investors in its takeover target Warrego Energy that they face management and share price risks if they choose to accept a rival bid from Strike Energy. Hancock said taking up Strike’s offer would open shareholders up to risks around potential future funding challenges which “are likely to include substantial funding that is not in place for key developments and onerous debt arrangements’’.
Read MoreRinehart hits back in battle for Warrego
Gina Rinehart has hit back in the takeover battle for Warrego Energy and cast doubt on rival Strike Energy’s capacity to fund its onshore gas ambitions in the Perth Basin. Mrs Rinehart’s Hancock Energy maintains its all-cash 28¢ per share takeover offer for Warrego is superior to a revised bid lobbed by Strike on MondayHancock, which has pointed to a near $18 billion cash war chest to fund a Warrego takeover, other acquisitions and project developments, warned Strike would need to go deep into debt under its “high risk” Perth Basin plans.
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