Hancock emerges as Sun's major shareholder

Gina Rinehart’s Hancock Prospecting has invested $13.5 million in Perth-based oil and gas explorer Sun Resources.

Sun announced today it had sold an 18.48 per cent stake in the company to Hancock, at an issue price of 3 cents per share.

Managing director Govert van Ek said Sun was pleased to welcome Hancock to is share registry.

“Hancock Prospecting brings valued insight and commercial expertise to Sun Resources,” Dr van Ek said.

“Proceeds from this placement will be used towards our previously stated strategy of de-risking and confirming profitable oil production from our acreage in the rapidly emerging Woodbine tight oil play in Texas.”

Sun Resources shares were up nearly 19 per cent at 12:30PM, WST, trading at 3.8 cents.