Rey Resources Limited (“Rey”) is an ASX-listed company (ASX.REY) focussed on exploring and developing energy resources in Western Australia’s Canning and Perth Basins.
Rey holds a 25 % beneficial interest in two highly prospective Canning Basin petroleum exploration licences EP457 and EP458 (known as the “Fitzroy Blocks”) located in the south east of the Ungani oil field. Rey entered into a conditional agreement in late 2014 to acquire a 50% interest in EP487 (the “Derby Block”) to the north west of the Blina oil field, which it considers prospective for hydrocarbons.
In 2014 Rey acquired a 43.47% interest in the North Perth Basin petroleum exploration licence EP437 by funding the drilling of the Dunnart-2 well which encountered oil shows over a 20 metre interval including a minimum 5 metres of good quality reservoir sand development thought to be oil bearing. The well is to be production tested in the first half of 2015. Other prospects in EP437 are being evaluated with a view to drilling.
Rey also holds extensive thermal coal exploration tenements along the Fitzroy Trough in the Canning Basin. A positive Definitive Feasibility Study was completed in 2011 for development of the Duchess Paradise Coal Project. Rey is progressing regulatory approvals for the Project to proceed following a final investment decision.