Rey Resources Limited’s subsidiary company Rey Lennard Shelf Pty Ltd (RLS) has entered into an agreement with Backreef Oil Pty Ltd (Backreef) to acquire a 50% interest in petroleum exploration licence EP487, the “Derby Block”, located in the Canning Basin of Western Australia (the “Agreement”) subject to certain terms and conditions.

The Derby Block is a large exploration licence of approximately 5,000 km2 that was recently granted to Backreef (50%) and Oil Basins Ltd (Oil Basins) (50%). It occurs to the north of Rey’s existing interests in petroleum exploration licences in the Canning Basin (refer Figure 1). The Company considers EP487 to be prospective for hydrocarbons and looks forward to working with Oil Basins to develop the Derby Block.

Tags: Rey Resources Limited