MiningCoal
Rey Resources

Rey Resources, Key Petroleum to test Perth Basin oil well

au_wa_map_3__358_542cc1e0e290f.jpg

Rey Resources (ASX:REY) and Key Petroleum (ASX:KEY) have agreed to production test the Dunnart-2 exploration well in the onshore Perth basin, Western Australia.

Oil shows over a 20 metre interval were observed during the wellsite evaluation while preliminary interpretations from wireline formation data indicate that there is a minimum 5 metres of good quality oil-bearing reservoir sand at the top of the Bookara sequence.

Operator Key noted that it was likely that an invasion of drilling fluids occurred during testing of the well, resulting in a mixed recovery of mud filtrate, formation water and oil emulsion during wireline sampling operations.

It is now re-mapping EP437 in light of Dunnart-2 results to rank prospects for a proposed three well drilling program.

The operator is now in discussions with parties for further exploration and development activities.

Rey and Key each hold 43.47% in EP437, which covers 400,000 acres. The remaining 13.06% is held by Caracal Exploration.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Rey Resources

Price: $0.29

Market: ASX
Market Cap: $61.53 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

JCurve Solutions further expands into Asia as part of new growth strategy

JCurve Solutions (ASX:JCS) chief executive officer Stephen Canning updates Proactive Investors on its further expansion into the asian market, with a new base recently announced in Manila, Philippines. The cloud technology and service provider now holds officers in Sydney, Melbourne,...

28 minutes ago

2 min read