Buru Energy Identifies Drilling Targets for EP 457 in WA's Canning Basin

Rey Resources Limited, an Australian energy resources exploration and development company, disclosed Thursday that the firm has received from Buru Energy Limited, its Joint Venture partner and operator of the Fitzroy Blocks, their initial interpretation of 2D seismic data acquired over the Ungani Trend in EP457 in Western Australia's Canning Basin.

As announced Nov. 25, 2013 the geophysical survey was completed during November 2013, with a total of 145 line miles (234 line kilometers) acquired over EP457. Processing of seismic data occurred in January 2014.

EP457 together with EP458 are referred to as the Fitzroy Blocks. Rey holds a 25 percent interest (including a 10 percent free carry to production) in a joint venture on the Fitzroy Blocks along with Buru (37.5 percent and operator) and Diamond Resources (Fitzroy) (37.5 percent) who are a 100 percent subsidiary of Mitsubishi Corporation (MC).

Initial results have provided several targets analogous to the Ungani discoveries made by Buru/MC approximately 6.2 to 9.3 miles (10 to 15 kilometers) to the northwest (NW) of EP457.

At least one of these targets will be proposed to the joint venture for drilling later in 2014.

Further seismic work will be proposed for other prospects and leads on the Ungani Trend in EP457 and EP458 during 2014.


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