Rey Resources Ltd. reported Thursday that the Supreme Court of Western Australia (WA) ordered Oil Basins Ltd. to resign immediately as field operator of petroleum license EP487 (Derby Block) in WA's Canning Basin, while designating the former's subisidiary Rey Lennard Shelf Pty Ltd. as the new operator.
The court's decision comes after Rey commenced legal proceedings against Oil Basins in January. The firm had refuted Oil Basins' statements that it was in default under the terms of the joint operating agreement for EP487 between Rey, Rey Lennard Shelf and Oil Basins. Rey also refuted Oil Basin's allegation that the firm and Rey Lennard Shelf did not meet the requirements to perform as operator of Derby Block.
Rey and Oil Basins each hold a 50 percent interest in the Derby Block.
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