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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...