Gina Rinehart Joins Oil Bandwagon, Invests $4.4 Million in Lakes Oil
For 2013, oil and gas seem to be the "in" resource in Australia, while iron ore and coal are "out." Even Gina Rinehart, Australia's richest person, is jumping into the oil bandwagon by investing $4.25 million in Lakes Oil (ASX: LKO) by purchasing the company's unsecured notes.
The bulk of the $6.3 million notes issued by Lake Oil were bought by a subsidiary of Hancock Prospecting, owned by Ms Rinehart, Lake Oil reported to the Australian Stock Exchange on Tuesday.
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