WA Court Orders OBL to Resign as EP487 Operator in Canning Basin

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
 
Substation Compliance (PRC) Analyst Job
Expertise: Business Analyst|Regulatory Compliance
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours