Fortescue Metals Group Moves into WA Unconventional Space

Fortescue Metals Group will take an 18 per cent stake, worth $4.2 million in oil and gas explorer Oil Basins, AAP has reported.  Oil Basins has a portfolio of conventional and unconventional gas and has a project in the Canning Basin in the Kimberley region.

The fund raised will be used to fund requirements in the Oil Basin's Canning Basin assets and assist in further expanding its portfolio within its existing core areas of interest.

Oil Basin said it seeks to "rapidly become the new third force in exploring and developing Canning Basin unconventional gas", the AAP report said.

It comes a week after oil and gas producer Buru Energy and Mitsubishi Corporation struck a deal to develop massive unconventional gas reserves and build a pipeline in the Canning Basin.