Rey Resources acquires stake in Derby Block in Canning Basin

Australia's Rey Resources Ltd.’s wholly owned subsidiary company Rey Lennard Shelf Pty Ltd. has completed the acquisition of a 50% participating interest in petroleum exploration permit EP487 (the Derby Block) from Backreef Oil Pty Ltd.

The company has also entered into a joint venture agreement with Oil Basins Ltd., holder of the remaining 50% interest, for the operation of exploration programs on the Derby Block, located in the Canning Basin of Western Australia.

The Derby Block is a large exploration license of approximately 1,931 square miles (5,000 square kilometers) that was granted to Backreef (50%) and Oil Basins (50%) in 2012. It occurs to the north of Rey’s existing interests in petroleum exploration licenses the Canning Basin.

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