11 Aug 2014drilling progress report● Neutral
Dunnart-2 remains at 294 m while the blowout preventer is fitted and tested, with extra crew arriving. Daily reports will begin once drilling resumes. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Aug 2014drilling progress report● Neutral
Dunnart-2 is still at 294 m while rig maintenance is finished before the blowout preventer is fitted. The fixed-price drilling contract means the joint venture incurs no cost while waiting. The 8.5-inch section to the Bookara is expected to take two to three days.
28 July 2014drilling progress report● Neutral
Dunnart-2 reached casing point at 294 m, with the Cadda Formation within 1 m of prediction, and 9 5/8-inch casing is being cemented. Next is blowout preventer work, then drilling to the Bookara at about 617 m. No shows yet.
21 July 2014drilling progress report● Neutral
Dunnart-2 has set the 13 3/8-inch conductor at about 85 m and is moving to drill toward 300 m. The Bookara Sandstone target is expected at about 617 m. No hydrocarbon shows yet, and none were expected at this depth.
14 July 2014drilling spud▲ GoodMajor
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.
2 July 2014drilling progress report● Neutral
Key reports Rig 7 and equipment are on site at Dunnart-2 with the derrick raised, and drilling is due to begin in the coming days. Preparation only, with no well result yet.
23 June 2014drilling progress report● Neutral
Key reports earthworks and rig mobilisation have started at Dunnart-2, with the cellar well, flare pit and sump built. Conductor-hole spud is expected in the first week of July. Site preparation only, no result.
13 June 2014farm in farm out completion▲ GoodMajor
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.
13 June 2014drilling scheduled▲ Good
Key, as operator, says the land access agreement and Rig 7 drilling contract for Dunnart-2 are done. Spud is expected in July subject to DMP approval. Rey's farm-in to EP437 is still to be completed.
29 May 2014farm in farm out agreement▲ Good
Key Petroleum's release of the same EP437 farmout to Rey: Rey earns up to 43.47% by funding 86.94% of costs, capped at $1.7M for the Dunnart-2 well. Duplicates Rey's own announcement.
29 May 2014farm in farm out agreement▲ GoodMajor
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.
14 Apr 2014drilling scheduled▼ BadMajor
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.
13 Feb 2014drilling scheduled▲ GoodMajor
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.
25 Nov 2013drilling progress report▲ Good
Buru finished 234 line km of 2D seismic over the Ungani Trend in EP457, with good data quality. Gravity survey due early December. First oil well still targeted for Q2 2014; EP458 seismic scheduled for 2014. Rey holds 25%.
23 May 2013farm in farm out completion▲ GoodMajor
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.
18 Mar 2013farm in farm out agreement▲ GoodMajor
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.
31 Oct 2012drilling result▲ GoodMajor
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.
20 Sept 2011drilling result▲ GoodMajor
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.
23 June 2011drilling spud● Neutral
The 2011 drilling program has restarted after the wet season, after heritage clearances with Traditional Owners. It aims to expand shallow reserves, test sub-crop areas nearer Derby port (missed in 2010) and upgrade deeper coal. Feasibility study still due end June.
6 June 2011resource reserve update▲ GoodMajor
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.
6 Apr 2011resource reserve update▲ GoodMajor
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.
29 Nov 2010drilling result▲ GoodMajor
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.
23 Nov 2010drilling result▲ GoodMajor
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.
17 Feb 2010farm in farm out agreement▲ GoodMajor
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.
21 Jan 2010resource reserve update▲ GoodMajor
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.
18 Dec 2009drilling result▲ GoodMajor
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.
20 Aug 2009resource reserve update▲ GoodMajor
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.
30 June 2009resource reserve update▲ Good
Exploration target of 450 to 500 million tonnes of coal (non-JORC) defined at Myroodah, suitable for underground coal gasification. Rey is in talks with potential UCG partners. It is a target only, not a reported resource.
1 June 2009resource reserve update▲ GoodMajor
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.
1 Apr 2009resource reserve update▲ GoodMajor
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.