Rey Resources (ASX: REY) and operator Buru Energy (ASX: BRU) have identified a number of drillable Ungani-style targets from a recent 2D seismic survey over their Fitzroy Blocks in the onshore Canning Basin, Western Australia.
Notably, Buru has this month sold its first shipment of oil from the Ungani oil field.
The 234 line kilometre survey over the Ungani Trend in EP 457 found a number of targets that appear to be analogous to the Ungani discoveries made by Buru/Mitsubishi Corporation about 10 to 15 kilometres to the northwest.
At least one of these targets will be proposed to the joint venture for drilling later in 2014.
Further seismic work will be proposed for other prospects and leads on the Ungani Trend in EP457 and EP458 – the Fitzroy Blocks - during 2014.
Rey has a 25% interest (including a 10% free carry to production) in the joint venture. Buru has a 37.5% interest while Mitsubishi holds the remaining 37.5% stake.
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