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Rey Resources raises funds for oil, gas exploration

Rey Resources Ltd (ASX:REY) has raised $1 million via a private placement to Neway Energy International Limited, at an issue price of $0.015 per share.
Rey Resources raises funds for oil, gas exploration
Rey Resources Ltd raises funds for oil, gas exploration

The funds will be used for further exploration of the company’s oil and gas assets and general working capital.

Rey holds a 50% participating interest in, and is the operator of, the Derby Block exploration permit at the Canning Basin in the northwest of Western Australia.

The Derby Block is considered to be predominantly a Wet Laurel Basin Centred Gas (BCG) play, which is regionally extensive throughout the Canning Basin.

A new resource estimate of the BCG play at Derby Block was released in January 2016.

Rey’s share of the gross prospective potential recoverable resource at Derby Block is 6634 million barrels oil equivalent.

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