Rey Resources to acquire Backreef's interest in Derby Block

Rey Resources Ltd.

Rey Resources Ltd. reports that its subsidiary company Rey Lennard Shelf Pty Ltd. (RLS) has entered into an agreement with Backreef Oil Pty Ltd. to acquire a 50% interest in petroleum exploration license EP487 (the Derby Block) in the Canning Basin of Western Australia.

The Derby Block is a large exploration license of 1,930 square miles (5,000 square kilometers) that was recently granted to Backreef (50%) and Oil Basins Ltd. (%). It occurs to the north of Rey's existing interests in petroleum exploration licenses in the Canning Basin.

It is expected that, on completion of the acquisition, RLS and Oil Basins will form a joint venture to develop the Derby Block.

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