Gina Rinehart-backed Lakes Oil loses bid to have Victorian fracking ban overturned

The Victorian company had planned to explore for conventional gas as well as coal seam gas

A company part-owned by Australian mining magnate Gina Rinehart has failed to have the Victorian government's fracking ban overturned or to be awarded $2.7bn in damages.

Between 2002 and 2013 two subsidiaries of Lakes Oil, of which Rinehart is the second-largest shareholder, obtained four exploration permits and two retention leases under Victoria's Petroleum Act 1998. A retention lease grants the right to any petroleum discovered during the permit period.