Fitzroy Block Project — EP457/458

Rey’s Fitzroy Block Project (EP457 & EP458) spans a total area of 5,020 square kilometers. Positioned on the oil trend of the existing oilfields, it holds immense potential for conventional oil extraction. Rey holds a 40% interest in EP457/458, with an additional 10% as free carry interests.

Notably, Fitzroy Block’s adjacency to the highway facilitates convenient transportation, streamlining logistical operations for the company. Moreover, the proximity of the Ungani Oilfield, situated merely 70 kilometers away to the northwest, further emphasizes the favorable prospects of EP457/458.

The region encompassing EP457/458 exhibits a dynamic landscape of resource trends. The prominent Ungani Oil Trend, characterized by its conventional oil reservoirs, boasts an impressive estimated resource volume of 300 million barrels. With a single-well capacity of 1500 barrels per day, this trend remains a promising focal point for exploration and production efforts. Additionally, the Laurel Gas Trend and the Goldwyer Gas Trend contribute further to the region’s resource richness, with estimates of 79-643 trillion cubic feet and 4 billion barrels of oil, along with 25 trillion cubic feet of shale gas resources, respectively.

EP457/458 presents a multitude of development prospects, underscored by the extensive groundwork conducted in the region. With a comprehensive array of prior research initiatives, including seismic assessments, well drilling, and thorough geological studies, the tenement is primed for accelerated developmental activities. Notably, the completion of 1814 kilometers of seismic reprocessing and an aeromagnetic survey covering the entire area signify a robust foundation for further exploration endeavors.

The success of the Ungani Oilfield serves as a testament to the remarkable oil potential within the Fitzroy Block. As the sole onshore oilfield currently in production in the Canning Basin, it has demonstrated its robust production capabilities, extracting 10-20 million barrels of 37°API light oil. Notably, its single-well capacity of 1500 barrels per day underscores its significant contribution to the region’s overall oil production.