Rey Resources Limited (Rey or the Company) announced Wednesday that its subsidiary company Rey Lennard Shelf Pty Ltd. (RLS) had entered into an agreement with Backreef Oil Pty Ltd. (Backreef) Nov. 28, 2014 to acquire a 50 percent interest in petroleum exploration license EP487, the “Derby Block”, located in the Canning Basin of Western Australia (the Agreement) subject to certain terms and conditions.
The Derby Block was recently granted to Backreef (50 percent) and Oil Basins Ltd (50 percent). It occurs to the north of Rey’s existing interests in petroleum exploration licenses in the Canning Basin.
As previously announced, the Agreement is subject to certain conditions precedent, including conclusion to the satisfaction of RLS of hearings in the State Administrative Tribunal (SAT) of Western Australia where Oil Basins had applied to have Backreef’s grant of title in EP487 by the WA Government overturned.
On March 17, Oil Basin’s application was dismissed by the SAT.
The Company is now considering the next steps in concluding the acquisition under the Agreement.
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