AUSTRALIA

Fortescue pulls pin on gas deal

FORTESCUE Metals Group has pulled the pin on a cornerstone investment in ASX-listed oil and gas company Oil Basins and while it reportedly remains interested in taking a direct stake in permits held by the junior, it may face competition.

Fortescue pulls pin on gas deal

Oil Basins told the market today that Fortescue had terminated a letter of intent covering a deal that would have seen FMG issue 120 million shares at A3.5c each along with 100 million options at 9c each...

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