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Rey Resources buying back shares, sees higher value in Canning basin oil assets

Rey Resources buying back shares, sees higher value in Canning basin oil assets

Rey Resources (ASX: REY) should trade firmer after revealing it is implementing an on-market buyback of company shares as part of ongoing capital management strategy.

The buyback for up to 10% of its issued capital will be conducted by Taylor Collison over a period of 12 months.

Rey believes the current share price does not reflect the strong underlying cash position and value within its 25% owned Canning Basin oil and gas assets, jointly operated with Buru Energy (ASX: BRU).

Given the buy back will reduce the number of shares on issue, the initiative should be positive toward tightening the share register and a platform for higher share prices upon exploration success.

 

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