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A company part owned by Gina Rinehart is suing the Victorian government for $2.7 billion in damages over the state's ban on onshore gas exploration.
Lakes Oil claims the Andrews government has deprived the oil and gas company of its opportunity to use its exploration permits "for the purpose for which they were intended".
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In a statement, Lakes Oil said it was seeking damages for losses suffered by the company as a result of Resources Minister Wade Noonan's conduct.
"The unjust and unlawful actions of the Victorian government, and its proposed bill to ban onshore exploration, have caused significant losses to the company and its 11,000 long-standing shareholders," it said.
Earlier this year the Andrews government banned fracking and all exploration and development of unconventional onshore gas in a move welcomed by environmental groups earlier this year.
At the time Premier Daniel Andrews said the government has listened to the community and decided to put "farmers and our clean green brand first".
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Resources Minister Mr Noonan declined to comment with the matter before the courts.
However, his spokeswoman said the fracking ban was before the parliament and she was confident it would pass.