MinRes has a takeover bid in play for Norwest, but there’s evidence Strike was a target also

A seeming oversight in Mineral Resources’ bidder’s statement for Norwest Energy indicates Strike may have been in its sights as well.

Mineral Resources has put its pitch to shareholders in Perth Basin gas player Norwest Energy as to why they should accept its offer, but what appears to be an editing oversight in the document could pique the attention of Strike Energy holders.

Strike itself kicked off interest in the consolidation of Perth Basin gas companies with its then-lowball bid for Warrego Energy in early November.

As that battle for control - now pitched against Gina Rinehart’s Hancock Energy - rolls on, evidence has emerged that backs analysts’ predictions that more corporate action across the Basin is in the wings.

READ MORE:Warrego board should demand should seek independent valuation

In an otherwise straightforward bidder’s statement from MinRes, talking up the merits of its one for 1367 scrip bid, a nugget of information on page 89 is striking for its inaccuracy.

Tucked away in the Definitions and Interpretation section, where you can find such gems as “MinRes Director means a director of MinRes” and “Acceptance Form means the acceptance form enclosed”, the ABN (Australian Business Number) of Norwest Energy, 59 078 012 745, is listed.

Ordinarily that detail would be as eye-watering dull as the rest of the aforementioned definitions, save for the fact that it is in fact, the ABN of Strike Energy.

It would not a be a surprise to anyone that the $14.3bn MinRes would have run the ruler over all of the Perth Basin gas players.

Norwest was an obvious first target, with MinRes already owning 19.9 per cent of its stock, but with Western Australian gas supplies tightening up over the next decade - and potentially getting even worse even further out - snapping up emerging gas producers sooner rather than later makes sense - just look at Gina Rinehart’s Hancock Energy seeking to buy up Warrego.

A spokesperson for MinRes yesterday did not address the company’s potential interest in Strike when asked.

“While the correct ACN for Norwest was included on the front of the bidder’s statement released yesterday, a clerical error in drafting led to an incorrect ABN being used in the definitions on Page 89. This does not affect the validity of the bidder’s statement,’’ the spokesperson said in a statement.

The ABN oversight, if it has leaked into the broader investment community, certainly didn’t get Strike shares moving on Wednesday, with the stock steady on 32.5c.

Norwest itself was up 2.7 per cent at 5.7c while Warrego shares were more than 10 per cent higher at 34c.

Originally published as MinRes has a takeover bid in play for Norwest, but there’s evidence Strike was a target also