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Rey Resources

Rey Resources, Buru Energy acquire 2D seismic over onshore Canning Basin oil block

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Rey Resources (ASX: REY) and Buru Energy (ASX: BRU) have acquired 234 line kilometres of 2D seismic over the Ungani Trend in EP457 of the onshore Canning Basin, Western Australia.

This, and a regional airborne gravity survey that is expected to be completed in early December, will be used to help select conventional oil targets along the Ungani Trend in the Fitzroy Blocks.

The first such well is expected to be drilled in the second quarter of 2014.

A 2D survey is scheduled for the adjacent EP 458 in 2014.

Fitzroy Blocks

The two Fitzroy Blocks are located in southern flank of the Fitzroy Graben and cover parts of the prospective Ungani Trend where Buru had made a conventional dolomite reservoir oil discovery in 2011 at Ungani about 15 kilometres northwest of EP 457.

It also covers the Laurel Formation where tight gas plays are present; and the Goldwyer Shale thought to be in the oil to wet gas window at this location.

Depending on the results of the seismic survey, up to four wells are expected to be drilled in 2014 on the Ungani Trend, at least two of which will be within the Fitzroy Blocks.

Rey has a 25% interest in the two permits – including 10% free carried to production. Buru is the operator with a 37.5% stake while the remaining 37.5% is held by Mitsubishi Corporation.

ASF Group (ASX: AFA)
has a 19.89% interest in Rey Resources.

 

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Quick facts: Rey Resources

Price: $0.29

Market: ASX
Market Cap: $61.53 m
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