At the annual Mergermarket M&A Awards dinner in Sydney on Wednesday 24th October the Mid-Market M&A Deal of the Year was awarded to Hancock Energy for the acquisition of Warrego Energy.
The $450m acquisition was completed in April 2023 following a competitive bidding process. Warrego’s key asset is it rights to a 50% interest in a Perth Basin onshore gas discovery called West Erregulla. This gas will play an important part in supplying energy to Hancock’s mining operations and to other industrial users essential to WA’s economy.
Since completing the acquisition Hancock has confirmed the resource base, been awarded largest onshore exploration permit in WA, and has approved exploration drilling for 2024. Hancock energy continues to navigate the approvals process.
Accepting the award Hancock Energy CEO Stuart Johnston commented “On behalf of Hancock under the leadership of our Executive Chairman Mrs Rinehart we’re pleased to accept the award as recognition of a successful transaction. Hancock sees Warrego as a complementary business with a strong strategic fit to the group where Hancock can use its project development expertise to accelerate the development of much needed domestic gas into the WA market.”
