Rey Resources to Farm in to EP437 in Perth Basin

Source: www.gulfoilandgas.com 5/29/2014, Location: Not categorized

Rey Resources Limited has executed an agreement with Key Petroleum (Australia) Pty Ltd, a wholly owned subsidiary of Key Petroleum Limited, and Caracal Exploration Pty Ltd to farm in to Exploration Permit EP437 in the North Perth Basin.

Pursuant to the agreement, Rey (via its wholly owned subsidiary Rey Oil and Gas Perth Pty Ltd) will earn up to 43.47% in EP437 by contributing to 86.94% of the costs. This cost is to be capped at $1.7 million for the Dunnart-2 exploration well, which will be managed by Key as Operator of the permit. Costs over $1.7 million will be apportioned between the parties in accordance with their respective beneficial interests in the permit.

Rey Managing Director, Kevin Wilson commented: “We are delighted to enter into this farm in with Key and Caracal in the North Perth Basin. The transaction provides Rey shareholders with participation in the drilling of a potential high impact prospect in the near term by an experienced low cost operator. This will be undertaken whilst the timing on our first well in EP457 (25% Rey) in the Canning Basin is being determined with our partners in that permit, Buru Energy Limited (37.5% and operator) and Mitsubishi Corporation (37.5%). ”

The agreement is subject to a number of approvals standard for an agreement of this type, including Foreign Investment Review Board approval which is expected to be finalised in the coming weeks.

On completion of the farm in to EP437 by Rey, the beneficial interests will be as follows:

- Key Petroleum Limited (Key Petroleum (Australia) Pty Ltd) (Operator) 43.47%
- Rey Oil and Gas Perth Pty Ltd 43.47%
- Caracal Exploration Pty Ltd 13.06%

The Department of Mines and Petroleum (“DMP”) has granted approvals for the Operator’s Health and Safety Management System. An Application to Drill has been lodged and is awaiting the final DMP approval confirmation.


Brazil >>  5/23/2022 - Karoon Energy Ltd has provided notice to Enauta Energia S.A. to terminate the Exclusivity Agreement entered into to undertake due diligence and negoti...
Nigeria >>  5/23/2022 - With reference to the stock exchange announcement made 27 January 2022, and the update provided 2 May 2022, regarding the government consent provided ...

Norway >>  5/23/2022 - OKEA ASA has entered into an agreement with Wintershall Dea Norge AS (“Wintershall Dea”) to acquire a material portfolio of producing and near-term pr...
United States >>  5/23/2022 - Reabold, the AIM quoted investing company which focuses on investments in upstream oil and gas projects, is pleased to announce that at a Special Shar...

United Kingdom >>  5/17/2022 - Greencoat UK Wind has agreed with Global Infrastructure Partners (GIP) to acquire a 12.5% stake in Hornsea 1 offshore wind farm for a total considerat...
United States >>  5/17/2022 - Helix Energy Solutions Group, Inc. has entered into a definitive agreement to acquire 100% of the equity interests of the Alliance group of companies ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.