REY Resources Ltd

ASX removes Rey from the official list at the close of trading on 20 August 2025, after Vigorous Resources compulsorily acquired the remaining shares. The listing history ends; takeover price was $0.028 per share.

registration revoked

Rey confirms Vigorous Resources holds 94.238% of its shares and has begun compulsory acquisition. The offer closes 11 August 2025 and will not be extended. ASX will suspend trading on 15 August 2025 and later remove Rey from the official list.

business combination

Vigorous Resources serves compulsory acquisition notices after holding over 90% of Rey shares and over 75% of the shares it offered for. Remaining holders will be paid $0.028 per share, expected five to six weeks later. The offer closes 11 August 2025.

business combination

Rey's directors unanimously recommend shareholders accept Vigorous Resources' $0.028 per share cash offer, in the absence of a superior proposal. No independent expert's report was commissioned. Responds to the bid lodged the same day.

business combination

Vigorous Resources Pty Ltd lodges its bidder's statement for an unconditional off-market cash takeover of all Rey shares at $0.028 each. This is a takeover bid for the whole company, a new thread for shareholders.

business combination

Rey signs a binding framework agreement to sell Gulliver, which holds 100% of the Lennard Shelf Blocks (EP104, R1, L15), to China Guoxin Investment Holdings for $400,000 cash, plus a 10% wellhead royalty. Completion needs a formal agreement, FIRB approval and R1 extension.

asset acquisition disposition

ASF extends its $2M loan from 31 October 2024 to 30 April 2026. Liu's unsecured facility rises $5M to $25M and is also extended to 30 April 2026. This again pushes out the loan maturity, which was due in four months; other terms unchanged.

debt financing

ASF extends its $2M loan to 31 October 2024. Liu's unsecured facility is raised by $3M to $20M and also extended to 31 October 2024. This pushes out the October 2023 maturity by a year; other terms unchanged (12% interest, per earlier filings).

debt financing

ASX suspends Rey's shares from quotation immediately because the company lacks enough directors to comply with section 201A(2) of the Corporations Act. Trading stays halted until sufficient directors are appointed.

listing compliance notice

Origin withdraws from the Fitzroy Blocks EP457/458 under a binding letter agreement, handing its 40% back to Buru and Rey equally. Rey's interest doubles from 20% to 40%; Buru stays operator at 60%. A joint 3D seismic survey to delineate Rafael is planned for 2023. Subject to regulatory approval.

farm in farm out completion

Rey exits its Surat gas stake: SouthnA will buy back all Rey's SouthnA shares for $766,500, paid by transferring 7.5 million shares in PZE Limited. PZE, which now holds the Surat project, plans an ASX listing. Rey swaps a 20% stake for PZE shares.

asset acquisition disposition

ASF extends its $2M loan maturity by a year to 31 October 2023. Liu's facility rises $4.5M to $17M and also extends to 31 October 2023. Other terms unchanged. Resolves the October 2022 repayment deadline and adds funding capacity.

debt financing

Rey agrees with Southernpec not to proceed with stages 2 and 3 of the Surat acquisition, ending the path to 75% set out in December 2020. It keeps its 20% stake and is discussing capital-raising options with Southernpec for the next drilling.

material agreement termination

Wanyan Liu consolidates his three loans ($0.5M, $5M, $3M, all drawn) into one $12.5M facility, adding $4M of new capacity. Interest stays 12% paid quarterly in cash; maturity pushed to 31 October 2022, removing the 2021 repayment dates.

debt financing

Rey executes the formal farm-in agreement with Origin, which is assigned 40% of EP457/458 from Rey and Buru, leaving Rey 20%. Origin pays $3M: $1M now into a JV account for 2D seismic, $2M after the first $1M is spent. Completes the December letter deal.

farm in farm out completion

Buru announces a binding letter agreement for Origin Energy to earn 40% of EP457/458 by funding a ~$3M 2D seismic survey. Buru and Rey each give up 20%, leaving Buru 40%, Origin 40%, Rey 20%. Resolves the Fitzroy farm-out search.

farm in farm out agreement

Rey signs a term sheet to acquire up to 75% of Southernpec (Australia), which holds interests in 7 Surat Basin, Queensland gas licences. Stage one is $400,000 for 10%; stage two $4.8M (cash $1.5M plus shares) for 55%, conditional on a flow test by 28 Feb 2021. A move beyond the Canning Basin.

asset acquisition disposition

Rey signs a binding letter agreement to farm out 20% of EP457/458 to Origin, taking Rey from 40% to 20%. A formal agreement is due by 31 March 2021, otherwise Origin completes for $3M, half ($1.5M) to Rey. Origin may fund a $6M well by 2024.

farm in farm out agreement

ASF's $2M facility maturity extended from 30 June 2020 to 31 October 2021. Wanyan Liu Loan Facility #2 increased from $3M to $5M, maturing 31 October 2021, at 12% interest paid quarterly in cash. Gives Rey a longer debt runway.

debt financing

Doriemus has withdrawn from the L15 farm-out, ending its right to earn 50% for funding A$1M of West Kora 1 work. Rey stays 100% holder of L15 and will seek new partners. This follows the earlier EP487 farm-out ending in August 2019.

farm in farm out agreement

Rey terminates the EP487 farm-out with Doriemus because it did not raise sufficient funds by 31 July 2019. Rey stays 100% holder of EP487 and will seek new partners. The L15 farm-out is unaffected.

material agreement termination

Rey takes a further loan facility of up to $3M from substantial shareholder Wanyan Liu, 12% interest, maturing 31 December 2021. It will fund working capital and repay the $3.8M ASF facility due 31 December 2019. The $500k loan is extended to 31 March 2021.

debt financing

Doriemus releases an ERCE review of Rey's L15 licence: West Kora gross 2P reserves of 238 thousand barrels (earlier context said 0.38 million) plus 60.7 thousand barrels contingent resource, and a new undrilled Piralko prospect at 6.9 million barrels in place (27% chance). Doriemus targets site work in Q3.

resource reserve update

Rey takes a new $3M loan from substantial shareholder Wanyan Liu, 12% interest, maturing 31 December 2020. It will repay up to $2.5M of the $3.8M ASF facility (redrawable) and fund working capital. This pushes out debt maturity beyond the 2019 date.

debt financing

A joint Buru and Doriemus announcement: an independent review (ERCE) puts the Butler prospect, spanning Rey's EP487 and Buru's EP129, at 3.14 Tcf gross unrisked mean prospective gas plus 42 million barrels of liquids. EP487 holds 1.26 Tcf of that; Doriemus would earn 50%. Chance of success is stated as 16%.

resource reserve update

Rey signs the binding EP487 farm-out with Doriemus, subject to government approvals. Doriemus must raise funds by end June 2019 and drill the Butler Prospect commitment well within 12 months at its own cost to earn 50% and operatorship. Firms up the 31 December letter of intent.

farm in farm out agreement

Rey completes buying a further 15% of the Fitzroy permits EP457/458 from Mitsubishi for A$480,000, taking it to 40% with Buru at 60% and operator. Rey funds only 33.336% until production because Buru free carries 6.664%. Completes the December 2018 deal.

farm in farm out completion

Rey confirms it signed definitive L15 farm-out documents with Doriemus, subject to government approvals. Doriemus funds A$1M of development over 12 months to bring West Kora 1 back into production and be assigned 50%. This converts the 31 December letter of intent into a binding deal.

farm in farm out agreement

Rey signs a binding letter of intent for Doriemus to earn 50% and operatorship of EP487 and L15. Doriemus must spend up to A$1M reworking West Kora within 12 months and raise funds for a 4,000m EP487 well within 6 months. This answers the farmout search.

farm in farm out agreement

Rey uses its pre-emptive rights to buy Mitsubishi's share of the Fitzroy permits EP457/458 for $480,000, lifting its interest from 25% to 40%. Buru rises to 60% as operator. Rey must fund its remaining share beyond a partial free carry; subject to approvals.

asset acquisition disposition

The A$24M sale of Blackfin (Duchess Paradise coal) to Yuanrun is terminated because the A$2M deposit was not paid by the extended 22 November date. This reverses the 30 July deal shareholders approved; Rey says it is looking at other options for the project.

material agreement termination

Rey agrees to sell Blackfin, holder of 100% of the Duchess Paradise coal project, to Yuanrun for A$24M: $2M non-refundable deposit and $22M convertible loan at 3% interest, convertible into project company shares on a listing. Needs shareholder approval; resolves the coal JV search.

asset acquisition disposition

ASX suspends Rey's shares at the company's request, pending an announcement about the proposed divestment of a material asset. Expected to last until 24 July 2018 at the latest.

other

Rey agrees to swap its 43.47% of Perth Basin EP437 (including the Wye Knot prospect) with Key Petroleum for 100% of the Lennard Shelf Blocks (EP104, R1, L15, about 1,145 km2) in the Canning Basin. It exits Perth Basin, with one EP104 well due by June 2019.

asset acquisition disposition

Rey signs a standby loan facility of up to $1M with major shareholder ASF Group, at 12% a year interest, repayable 11 October 2018 or earlier on 3 months' notice. ASF holds about 16.31% of Rey. Adds to the July $500,000 loan.

debt financing

Rey will review and update the 2011 feasibility study for Duchess Paradise coal and withdraws its coal reserve until the review is done. It expects no material reduction. The 305.8 Mt resource is unaffected. This reverses the earlier 26.3 Mt reserve figure.

resource reserve update

Rey will acquire 64km of new 2D seismic in late September 2017 over the Butler Prospect, 45km east of Derby in EP487. It estimates potential of 4 Tcf recoverable. Butler may extend into Buru's adjacent permit. This is unrisked potential, not a discovery.

drilling scheduled

Rey takes a $500,000 loan from substantial shareholder Wanyan Liu for exploration and working capital. Term is 12 months at 12% a year interest. It adds debt after cash of $799,000 at December 2016.

debt financing

Rey completes the purchase of Oil Basins' 50%, now holding 100% of the Derby Block (EP487). A new 3D-GEO estimate puts gross prospective recoverable gas at 28.4 Tcf (P50), unrisked, for 100% of the block. Two wells are still required in 2017; partner search continues.

asset acquisition disposition

Rey agrees to buy Oil Basins' 50% of the Derby Block (EP487), giving it 100%, by waiving about $577,000 of unpaid cash calls and $32,000 of legal fees. This ends the buy-out dispute. Completion is expected April 2017, pending approvals; Rey will seek a farm-in partner.

asset acquisition disposition

Partner Pilot Energy reports the EP437 joint venture approved the work program and budget for the Wye Knot-1 oil exploration well, net cost up to A$1.7M after a $200,000 grant. Best-estimate gross prospective resource is 1.4 MMbbl, with a 30% chance of success. Rig and spud date are not yet set.

drilling scheduled

Rey's subsidiary issued Oil Basins a Buy-out Notice on 19 October 2016 to acquire its 50% of EP487, saying cash calls made since June remain unpaid. This escalates the joint venture dispute.

joint venture update

Rey raises $1M by placing 66,666,666 shares at 1.5c with Neway Energy International. Funds are for exploration on its oil and gas assets and working capital.

capital raising announcement

Non-executive director Jin Wei, on the board since December 2013, is appointed Managing Director, filling the vacancy left by Kevin Wilson. His role is on director terms, terminable on 3 months' notice.

director officer appointment

The WA Supreme Court ordered Oil Basins to resign immediately as EP487 operator, with Rey's subsidiary RLS designated operator. This resolves the dispute begun in February in Rey's favour.

joint venture update

The rights issue closed 31 March 2016 with applications for about 92.5% of the offer, raising $3,442,455.68 at 1.5c. A shortfall of 18,598,424 shares may be placed by 30 June 2016.

capital raising announcement

Rey launches a 1-for-3 non-renounceable rights issue at 1.5 cents, raising up to $3.72M from up to 248.1M shares. It is not underwritten. Proceeds repay shareholder loans, fund investments and working capital. Non-participants are diluted.

capital raising announcement

Rey and its subsidiary have started Supreme Court of WA proceedings against Oil Basins. They seek orders that Oil Basins resign as Derby Block operator and that Rey's subsidiary be appointed. Rey again denies being in default. The dispute escalates to litigation.

joint venture update

Rey raises $1 million through a placement of 33,333,333 shares at 3 cents to existing shareholder Wanyan Liu. Proceeds go to debt repayment and working capital. Her stake rises, with the new shares adding to the share count.

capital raising announcement

Oil Basins, Derby Block (EP487) operator, says it has not resigned and that Rey's subsidiary does not meet the preconditions to take over as operator. It also alleges Rey is in default on the joint operating agreement, including unpaid cash calls. This contradicts the plan for Rey to operate from 1 January 2016.

joint venture update

Managing Director Kevin Wilson will resign by mutual agreement, effective 31 May 2016. No successor is named in the text. This is a planned change of CEO.

director officer appointment

Senagi 1 is plugged and abandoned after 286 m of core (97% recovered). Victory 1 will also be plugged and abandoned after casing problems, so the lost-circulation zone was never flow tested. The joint venture plans to use new seismic to decide on another well in 2016.

drilling result

Rey confirms a $2M standby loan from ASF Group at 9%, with $850,000 drawn at 29 October. Repayable 29 January 2016, extendable up to 2 months, in cash or, at ASF's election, Rey shares at 8 cents. Rey's first debt, funding exploration and working capital.

debt financing

Buru spudded Senagi 1 in EP458 on 15 October, planned to reach 1,200 m in about 28 days. It targets the updip extension of oil-stained reservoirs seen in an old mineral well. Rey holds 25%, paying 16.67%. This is the second Fitzroy well, as planned.

drilling spud

Buru spudded Victory 1 on 9 September in EP457, targeting a maximum 2,600 m depth in about 34 days. Rey holds 25% equity and pays 16.67%. Gross best-estimate prospective resource is 40 million barrels, unrisked.

drilling spud

Dunnart-2 testing is complete and no commercial hydrocarbons flowed to surface. The well is decommissioned and the rig released. This ends the long-running Dunnart-2 flow test thread; Key still sees EP437 as prospective and is discussing Conder South and Wye Knot wells.

drilling result

Rey bought 53,056,027 Norwest Energy shares, about 4%, for $250,000 at $0.004712. It aims to find north Perth Basin farm-in opportunities alongside its 43.47% EP437 interest. No specific project deal yet.

asset acquisition disposition

Rey completed buying Backreef's 50% of the roughly 5,000 km2 Derby Block for $2M on production licence grant or a 2% royalty. It also settled about $391,000 of claims and granted Oil Basins a 0.5% royalty. A joint operating agreement was signed; Rey takes over as operator from 1 January 2016.

asset acquisition disposition

On 17 March 2015 the tribunal dismissed Oil Basins' bid to overturn Backreef's title to the Derby Block. This resolves the key condition on Rey's 50% acquisition; Rey is considering next steps to complete it.

joint venture update

Rey completed its $4M placement of 50M shares at 8c to two Hong Kong investors, 25M each. Start Grand Global now holds about 40.1M shares, 5.6% of the enlarged capital.

capital raising announcement

Rey will raise $4M through a placement of up to 50M shares at 8c, below the 10c and 10.3c of the 2014 placements. Funds go to the Dunnart-2 test, two more EP437 wells, two Fitzroy wells and working capital.

capital raising announcement

Rey agreed to acquire Backreef's 50% of the roughly 5,000 km2 Derby Block (EP487), Canning Basin, for $2M on production licence grant or a 2% royalty. It is conditional on a tribunal ruling over title, termination of other sale agreements and FIRB approval. Co-owner Oil Basins disputes it.

asset acquisition disposition

Key, as operator, says Dunnart-2 logs show at least 5 m of good reservoir sand likely oil-bearing, with drilling fluid invasion mixing the samples. The joint venture agreed in principle to production test it, subject to budget and approvals, and is weighing up to three more prospects.

drilling result

Rey completes its $3M raising by issuing a final 4,854,368 shares at 10.3c to a sophisticated investor. This closes the placement started in July, and the funds support Dunnart-2 and Fitzroy seismic.

capital raising announcement

Dunnart-2 is cased to 657 m and suspended, and the rig released, ready for production testing subject to approval. Only two small 50cc fluid samples were recovered before a tool failure. The joint venture will decide next steps after evaluation.

drilling result

The second drill stem test over 13 m failed mechanically, so it was invalid, though the tool held sandstone fluorescing like live oil. Dunnart-2 then reached 670 m total depth with further oil shows. Wireline logging is next.

well test result

Dunnart-2 hit the Bookara Sandstone at 614 m and found live light oil (preliminary 34° API) in the first 2.87 m drilled. Rey (43.47%) now awaits a drill stem test to confirm the oil is recoverable. This is the first oil sign from the well.

drilling result

Dunnart-2 began drilling at 10am on 13 July 2014. Key expects about four weeks to drill, test and log to total depth. This is Rey's first well under its new EP437 earn-in.

drilling spud

Rey signs a non-binding-style framework cooperation agreement with state-owned China National Fuels Corporation to jointly develop oil and gas opportunities and infrastructure in Western Australia, especially the Canning Basin. The text gives no funding or commitments.

material agreement

Rey will raise up to $3M by placing up to 30M shares at 10c: $1M is signed, and documents for a further $2M are being finalised. Cash would be about $5M, funding its Dunnart-2 earn-in, Canning Basin seismic share and working capital.

capital raising announcement

FIRB approval received and all conditions met, so Rey's farm-in to Perth Basin permit EP437 is complete: it can earn 43.47% by funding 86.94% of costs, capped at $1.7M for Dunnart-2 (670 m). Rey's share of unrisked prospective resource is 0.5-1.5 million barrels.

farm in farm out completion

Rey farms into Perth Basin permit EP437, earning up to 43.47% by funding 86.94% of costs, capped at $1.7M for the Dunnart-2 well, planned for Q3 2014. Subject to FIRB approval. This is Rey's first new oil interest outside the Canning Basin.

farm in farm out agreement

After Buru said its 2014 Ungani-trend program is under review, Rey says it may pursue a sole-risk well if the JV declines one, and is talking to financiers. This shifts from the earlier expectation of a JV well in 2014; work program not finalised.

drilling scheduled

Buru's first look at the Ungani Trend seismic in EP457 shows several targets like the Ungani discoveries 10-15 km away. At least one will be proposed for a JV well later in 2014. A first oil well candidate for Rey's 25% stake.

drilling scheduled

Rey issued 17M shares at 8c to Crystal, raising $1.36M and lifting Crystal to about 19.9%. This completes the placement announced 14 October. Cash is now about $6.3M.

capital raising announcement

Crystal will not proceed with buying Duchess Paradise, so the $21M staged sale is being terminated. Instead its $3M Stage 1 payment converts to 53.6M shares at 5.6c, and it subscribes $1.36M at 8c, taking it to 19.9%. Rey says cash of about $6.5M funds oil and gas work through 2014.

material agreement termination

Rey agreed to sell the Duchess Paradise coal project to Crystal Yield for up to A$21M in stages: $3M on signing, $9.6M after due diligence (60% of Blackfin), $8.4M on mining lease grant. Needs shareholder approval; EGM expected late August 2013.

asset acquisition disposition

Rey completed the $6.017M purchase of an extra 15%, so it now holds 25% of EP457/458, 10% of it free-carried. Seismic is planned for 2013 and drilling of Ungani-trend targets in 2014. Cash is about $4M, with a potential Duchess Paradise investor in due diligence.

farm in farm out completion

Buru says it is selling 37.5% of EP457/458 to Mitsubishi and 15% to Rey for $21.058M in total, Rey paying about $6.0M. Interests become Buru 37.5%, Mitsubishi 37.5%, Rey 25%. The old joint venture is terminated and mutual claims released, resolving the Gujarat/Buru dispute.

farm in farm out agreement

Rey will buy another 15% of EP457/458 from Buru for $6.017M, taking it to 25%. It funds this from about $8.5M cash plus a 55M-share placement at 5.5c ($3.03M) to Crystal Yield, which also gets 3 months' exclusivity on Duchess Paradise. Management calls it company-transforming and moves toward a diversified energy strategy.

asset acquisition disposition

Chairman Beevor, director Clark and executive director Arnason all resigned, leaving a board of ASF nominees Yang and Baker plus MD Kevin Wilson. ASF's requisition meeting and the spill meeting will not proceed. Board recruitment will begin.

director officer appointment

Chairman Charlie Lenegan and director Lex Graefe resigned effective 21 November 2012. Ronnie Beevor became Chairman. Their re-election resolutions at the AGM held that day were withdrawn. This follows the ASF-driven board dispute.

director officer appointment

Rey received ASF's requisition for a meeting to remove Maree Arnason, Ronnie Beevor and Brett Clark and appoint Dachun Zhang. If Lenegan and Graefe are also not re-elected at the 22 November AGM, the board would be the MD plus three ASF-linked directors.

director officer appointment

Chairman's letter says ASF, with about 23%, wants the board cut and reshaped, including removal of the Executive Director for Strategy. Non-ASF directors oppose it, favouring two executives, two independents and two ASF nominees. Shareholders are urged to weigh this in voting at the 22 November AGM.

agm notice

Short October reconnaissance drilling found coal at Freney, about 40km from Duchess Paradise: 6.0m and 4.9m seams at 84.9m and 163.3m. Camballin North had a 1.0m intercept. Highway East had thin coal and Jimbularra Ridge and Gee Gulley found none. Follow-up planned for 2013.

drilling result

Buru says its $36M purchase of Gujarat NRE Oil, and so the 90% of EP457/458, is complete. It rejects as without foundation Rey's claim that Gujarat's parent breached the joint venture's parent guarantee provisions.

asset acquisition disposition

Buru Energy announced it will buy Gujarat NRE Oil, holding 90% of Rey's EP457/458 petroleum permits, for $36M cash, funded by a roughly $40M placement. Rey keeps its 10% free-carried interest. This changes the partner in the permits where Rey's pre-emptive right dispute with Gujarat sat.

asset acquisition disposition

After shareholders approved the placement at the 6 September meeting, Rey issued 90M shares at 12c to ASF's nominee, raising $10.8M. This completes the ASF deal started in June and leaves 505,733,873 shares on issue.

capital raising announcement

Rey will raise up to $13.8M by placing 115M shares at 12c with ASF Group, a 33% premium to the 9c last price. ASF would become the largest shareholder (about 22.5%) with two board nominees, and gets 60 days' exclusivity on a Duchess Paradise deal. 90M shares need shareholder approval.

capital raising announcement

Rey concluded a Heads of Agreement with the Nyikina Mangala Traditional Owner negotiating committee for Duchess Paradise, covering jobs, contracts and royalties. It still needs ratification, and a full Mining and Co-Existence Agreement is expected by the end of 2012. A key step in the native title approvals.

material agreement

Rey placed about 28.6M shares at 14c to raise about $4.0M via Euroz, well below the 20c paid in the July placement. Funds go to permitting, exploration and working capital. It says talks with several potential project partners continue. It also answered an ASX price query, citing the raising and its funding search.

capital raising announcement

2011 drilling confirmed P1 coal continuing two kilometres north of the current mine plan, and down-dip up to 2.5km east of the inferred resource. This could add resources over about 22 km2 and lengthen the slot mine life from 10 to 13-14 years. Resource recalculation due 2012.

drilling result

Rey says Duchess Paradise is not affected by the West Kimberley National Heritage Listing. The WA EPA set the assessment level at Public Environmental Review, with an eight-week public review expected in 2012. So approvals are a continuing hurdle, not yet cleared.

regulatory community update

Rey raised A$8.0M through a placement of 40M shares at 20c, about a 5% premium to the last close, led by Euroz. Funds go to exploration, optimisation studies and permitting. 6.7M shares issue now; 33.3M need shareholder approval on 5 August.

capital raising announcement

The Definitive Feasibility Study is complete, showing a 2.0–2.5Mtpa highwall operation with at least a 10-year life. It shows an after-tax NPV of A$176M (10%), IRR 27%, payback 3.4 years, production costs A$70/t. Production in 2013 is targeted, subject to government approvals.

other

Rey declares its first coal reserve for Duchess Paradise: 26.3Mt in the upper P1 seam, supporting a roughly 10-year mine plan selling about 2Mt a year. This converts part of the April resource into a reserve, as the earlier timetable anticipated.

resource reserve update

Maree Arnason joins as Executive Director – Strategy. Technical Director Bruce Preston, a director since listing, and recently appointed Bill McIntosh resign from the board. Preston stays temporarily as Rey's Derby-region representative.

director officer appointment

Re-estimate of the Duchess Paradise upper seam lifts Measured resource to 60.2Mt, up 229% from 18.3Mt, and total upper-seam resource to 305.8Mt, up 9%. A reserve statement is expected in the June 2011 quarter, with the feasibility study due June.

resource reserve update

Rey lodged a Mining Lease Application with WA's Department of Mines and Petroleum to convert parts of two exploration permits covering Duchess Paradise into a mining lease. A step toward mining approval; feasibility study still due end of June quarter 2011.

regulatory community update

Rey completed an oversubscribed A$12M placement at 20c per share, issuing 60M shares through BBY Limited. Funds were for Canning Basin drilling, environmental surveys and the feasibility study due at the end of June 2011.

capital raising announcement

The 2010 drilling program finished with 180 holes (14,150m). Coal outcrop at Duchess Paradise extended about four km north and better defined at depth. Resource upgrade and reserve conversion expected in 2011; north-west subcrop drilling deferred to 2011.

drilling result

Early coal quality results from 22 of 33 cored 2010 holes at Duchess Paradise show product of 5,539–5,666 kcal/kg gar, better than or in line with the January 2010 pre-feasibility figure of 5,528. Feasibility study still due June 2011.

drilling result

Rey names Charlie Lenegan, former Rio Tinto Australia managing director and current OZ Minerals director, as chairman after the 29 November 2010 AGM. Founding chairman Julian Ludowici retires. Lenegan is Perth-based, matching the company's move of its management office to Western Australia.

director officer appointment

Gujarat's takeover offer for Rey has lapsed after about 11 months, with under 0.5% acceptances; Gujarat still holds 12.38%, below the roughly 16.6% it held when the offer began. Rey says the definitive feasibility study is progressing and key consultants are appointed.

regulatory community update

Rey appoints Ron Hite as project director for its Canning Basin coal developments, based in a new Perth office. He is a mining engineer with ten years at Asian American Coal and earlier highwall mining experience. He will complete the feasibility study and build the project team. This fills the role flagged earlier.

director officer appointment

Rey confirms the sale of its Humitos copper leases in Chile to China Yunnan Copper for $200,000 cash plus a 1.5% royalty on any future production, subject to a 30-day due diligence and Chilean approval. Rey says there is no accounting impact; other non-core disposals continue.

asset acquisition disposition

Uranium Exploration Australia announces its side of the Myroodah uranium deal with Rey and subsidiary Blackfin. UXA can earn 51% by spending $750,000 over 2 years, and up to 80% with a further $1M. Rey keeps all coal rights.

farm in farm out agreement

Pre-feasibility study on Duchess Paradise is positive: 2Mtpa trench highwall mining, A$113M capex, 34% IRR and NPV $88M (at 90c A$/US$) or $161M (at 80c), production from 2013. Board commits to a definitive feasibility study, funded by the December raising. Delivers the study flagged for January.

resource reserve update

Fusedale says it will let its 19.5c takeover offer lapse on 15 January 2010. Its prescribed-occurrences condition was breached by Rey's December share issue, and it will not waive that or the 90% minimum acceptance condition. Accepting holders keep their shares.

business combination

Rey completed the 75M-share raising at 20c and drilled four short holes before the wet season, finding coal near surface about 25km south of Duchess. Pre-feasibility results now expected in the third week of January 2010. Both bids extended; board says reject.

drilling result

All five AGM resolutions pass, including the placement and share purchase plan approvals for the $15M raising at 20c. Proxy votes were mostly in favour; resolution 1 had about 47M votes against.

agm notice

Rey plans to raise $15M at 20c: a $10M institutional placement plus a $5M underwritten share purchase plan, 75 million shares in total (29% of the enlarged 258.6M). Needs shareholder approval at the 27 November AGM. Funds a 2010 drilling program and possible feasibility study.

capital raising announcement

Crosby lodges its bidder's statement for a 19.5c cash offer, valuing Rey at about $43.4M fully diluted, and says FIRB approval is obtained. Documents are expected to be posted 2 November. This follows its 4 September announcement of intent.

business combination

Mineralogy, until recently a Rey shareholder, has applied to have some exploration licences held by Blackfin (a Rey subsidiary) forfeited for failing expenditure conditions. Rey says they are outside the 511Mt resource and pre-feasibility study, and will defend vigorously; hearing starts December 2009.

regulatory community update

Rey takes over the Derby port sub-lease and loading equipment from Lennard Shelf, estimating 2Mtpa coal export capacity. It assumes about $200,000 of clean-up liabilities and posts a $350,000 bond; the sub-lease expires 2012. Unlocks a key part of the pre-feasibility study.

asset acquisition disposition

Rey notes a rival: Crosby Capital intends a conditional takeover at 19.5c cash per share, equal to the 3 September close. Directors advise taking no action; they still recommend rejecting Gujarat's offer, now extended to 2 October.

business combination

Gujarat declares its bid unconditional and says it will not raise the price; offer closes 4 September. Gujarat's voting power is 16.85%. Shareholders who accept now sell outright at 9c cash or 1 Gujarat share per 5 Rey shares.

business combination

Rey estimates 30-36 billion tonnes of potential coal across its 8,000 sq km Canning Basin leases, including 9-11 billion tonnes shallower than 350m. This is conceptual, not a JORC resource, and a drilling program targeting 1-2 billion tonnes is planned.

resource reserve update

Gujarat says it holds a pre-emptive right of first refusal over any sale of Rey's Canning Basin petroleum permits (including coal seam methane) and warns it may sue. This targets Rey's reported invitations to other parties for deals; it could complicate a rival bid or asset sale.

material agreement

Rey's Target's Statement: directors unanimously recommend rejecting Gujarat's offer, and will reject for their own 19%. Shares closed at 19c on 3 August versus the 9c cash offer. The rights issue funds the pre-feasibility study to end 2009; 2Mtpa export from 2013 is targeted.

business combination

Rights issue closed with 72% take-up (21.9m of 30.6m shares); BBY takes the remaining 8.68m shares as underwriter, completing the $2.75m raise at 9c. Directors will reject Gujarat's revised offer; Rey closed at 14c, 55% above the 9c cash price.

capital raising announcement

Gujarat sweetens its Rey bid with a 9c cash alternative to its 1-for-5 share offer. It cuts the minimum acceptance from 90% to 50.1% and drops the shareholder-approval condition, making the bid far more able to succeed than before.

business combination

The Takeovers Panel declined to find unacceptable circumstances, so Rey's rights issue can proceed. BBY gave an undertaking to allocate any shortfall to sub-underwriters and keep its own stake under 5%. A setback for Gujarat's attempt to block the raising.

regulatory community update

Rey directors reject Gujarat's offer as inadequate, highly conditional and, with a 90% minimum acceptance, incapable of succeeding. Rey also launches a partly underwritten 1-for-5 rights issue at 9c to raise $2.75m for the pre-feasibility study and working capital.

capital raising announcement

Gujarat NRE Minerals, holding about 16.7% of Rey, announced an unsolicited takeover intention on 3 June, offering 1 Gujarat share for every 5 Rey shares. Rey directors advise shareholders to take no action until the Bidder's Statement arrives.

business combination

Duchess-Paradise Indicated resource upgraded 51% to 144Mt (from 91Mt), lifting the total to 511Mt from 498Mt, all in the P1 seam. This delivers the Indicated upgrade promised for June. Pre-feasibility study is under way, due end 2009, targeting a 2Mtpa open pit with production from 2012.

resource reserve update

Maiden JORC resource at Duchess-Paradise: 498 million tonnes of thermal coal, including 126Mt Measured and Indicated. The upper seam can be washed to export-grade; the lower seam suits domestic use. Upgrade to Indicated expected by end June quarter; pre-feasibility study to start. Delivers the promised Q1 2009 resource.

resource reserve update

Rey will place up to 16.0m shares at 10c to raise $1.6m. Funds go to Canning Basin drilling, including early investigation of coal for underground gasification, JORC resource calculations and working capital. The price is below the 11c-15c of earlier 2008 raisings.

capital raising announcement

Rey received the final government permits to complete its 2008 Canning Basin drilling programme of over 20,000m. So far 47 open holes and one cored hole are drilled, and all but two hit coal. First core results are expected in the September quarter. Resolves the permit thread.

regulatory community update

First 11 holes on two Duchess lines all hit coal. Two seams found: upper averaging 2.6m thick and lower 6.5m, dipping 6-8 degrees. Quality lab results are not yet available. Confirms the earlier 1971 drilling; JORC resource still aimed for early 2009.

drilling result

Rey began drilling at its 100%-owned Liveringa thermal coal project in the Canning Basin. The first 4,000m of the 2008 programme is permitted, with a JORC resource aimed for end-2008 or early 2009. Starts the programme planned since January's rig contract.

drilling spud

Government and Native Title clearances received for the first 4,000m of a roughly 20,000m 2008 Liveringa programme. Traditional Owners approved all remaining sites, awaiting final government permits. Drilling is expected in May; aims for a JORC resource by end-2008 or early 2009. Resolves the heritage thread.

regulatory community update

Rights issue completed, raising $4.7m before costs; with existing cash Rey has over $6m for 2008 Liveringa drilling. Shareholders took up 60.6%; the 39.4% shortfall (17.0m shares) is underwritten by Veritas, which will place it. Resolves the open raising thread.

capital raising announcement

Rey now plans a 6-for-13 rights issue at 11c to raise about $4.76m, replacing January's proposed 1-for-3 at 15c. Veritas underwrites 67.5%; directors intend to take up the rest. The announcement cites volatile markets for the changed terms. Funds go to Liveringa drilling.

capital raising announcement

Rey raised $1.5m via 10m shares at 15c, with free options at 30c to March 2010, and proposes a 1-for-3 rights issue at 15c to raise up to $4.7m. Funds go to Liveringa drilling. The 15c price is above August's 10c placement.

capital raising announcement

Rey contracted Underdale Drillers for two rigs to drill about 250 holes, roughly 25,000m, at Liveringa, aiming for a JORC coal resource by end 2008. Drilling is expected from May 2008; heritage clearance exists for only 4,000m so far. Expands the earlier 4,000m plan.

contract award

Canning Basin oil licences EP 457 and EP 458 have been granted and the Gujarat NRE deal approved. Gujarat pays $250k and spends $4.85m to earn 90%, leaving Rey 10% free-carried. Completes the agreement finalised mid-2007; coal leases are not part of it.

farm in farm out completion

AGM address: Rey will focus on Canning Basin coal and seek to divest its South American assets, by Canadian listing or cash sale. This reverses the annual report's softer stance. A 20,000m drilling campaign is planned after the wet season ends around April.

other

After reviewing past exploration, Rey changes its Liveringa coal strategy to target shallow thermal coal on the Grant Structure's southern limb. A 40-hole, 4,000m, $650,000 programme aims at an inferred resource, subject to heritage clearance. The share purchase plan is deferred to November.

drilling scheduled

The placement closed at 8,750,000 shares at 10c, short by 1,750,000 shares after market turmoil. Three directors offered to take the shortfall, subject to shareholder approval. Shares were issued at 10c against a 9.1c market price.

capital raising announcement

Rey plans a placement of up to 10.5 million shares at 10c to raise $1.05m, for working capital and Liveringa Stage 2 coal drilling. A share purchase plan of $2,000-$5,000 per shareholder will follow. Priced well below the 20c IPO.

capital raising announcement

Kevin Wilson, a geologist and former Leviathan Resources managing director, becomes Rey's Managing Director. Bruce Preston, a co-founder, moves to Technical Director, a change of CEO.

director officer appointment

June 2007 quarter: Fenix Stage 2 drilling (2,500m) started 20 July, with results due mid-to-late August. Rey signed a native title agreement with the Kimberley Lands Council, resolving the Liveringa hold-up, and finalised the Gujarat petroleum agreements. A uranium prospect was also identified.

quarterly activities report

ARC Energy disputes Rey's claim that its conditions were unmet, saying both remain bound by their agreement. It notes the Gujarat deal with a related party is likely to need Rey shareholder approval. Contradicts Rey's same-day announcement.

joint venture update

Rey says ARC's conditions were not met and signs a binding deal with Gujarat NRE Mineral Resources to farm into the Canning Basin permits. Gujarat pays $250,000 on grant and operates, holding 90% of petroleum with Rey's 10% free-carried. Gujarat is related to a director and 19.9% shareholder.

farm in farm out agreement

Rey signs a letter of intent for ARC Energy to take a 100% interest in two Canning Basin petroleum permit applications and operate them. Rey keeps coal and coal-gas rights. Subject to a formal agreement and approvals.

material agreement

ASX confirms Rey's admission to the official list on 2 June 2006, with trading in shares (REY) and options (REYO) starting 5 June 2006. 43,129,671 shares are quoted; 29,214,828 shares are escrowed for 24 months.

other

Rey Resources's IPO prospectus offers 25,000,000 shares at $0.20 (with 12,500,000 options) to raise up to $5,000,000, minimum $3,000,000. Gujarat NRE Coke, a substantial shareholder, committed $800,000. Funds explore WA coal, Chile copper and Peru gold.

capital raising announcement