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FMG to take stake in Oil Basins Ltd

  • Published November 16, 2012 11:24AM UTC
  • Publisher Wholesale Investor
  • Categories Company Updates

SOURCE: Sky News

Fortescue Metals Group will take an 18 per cent stake in oil and gas explorer Oil Basins Limited as it looks to diversify following volatility in the iron ore price.

Fortescue’s relatively small $4.2 million investment in Oil Basins comes as interest intensifies over massive unconventional gas reserves in the Canning Basin in Western Australia.

Oil Basins, which has a portfolio of conventional and unconventional gas, has a project in the Canning Basin in the Kimberley region between Port Hedland and Broome.

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