Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Feb 2023farm in farm out completion▲ GoodMajor
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.
15 Apr 2021farm in farm out completion▲ GoodMajor
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.
21 Dec 2020farm in farm out agreement▲ Good
Origin's release on its Canning Basin farm-in with Buru across seven permits. It takes 40% of the two Fitzroy permits (shared with Rey) in exchange for carrying costs. Third-party announcement mirroring the Buru and Rey news.
21 Dec 2020farm in farm out agreement▲ GoodMajor
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.
21 Dec 2020farm in farm out agreement▲ GoodMajor
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.
6 Feb 2020farm in farm out agreement▼ Bad
Doriemus confirms it gave notice withdrawing from the L15 farm-out, ending its right to earn an interest. It says it will focus on its proposed Oilex deal for South Australian Cooper-Eromanga assets. Mirrors Rey's announcement.
6 Feb 2020farm in farm out agreement▼ BadMajor
Doriemus has withdrawn from the L15 farm-out, ending its right to earn 50% for funding A$1M of West Kora 1 work.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.
1 July 2019farm in farm out agreement▼ Bad
Doriemus says Rey agreed to move its deadline for proof of funding for the EP487 well from 30 June to 31 July 2019. Doriemus is still evaluating funding options, so the Butler farm-out remains unfunded.
9 May 2019resource reserve update▲ GoodMajor
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.
11 Apr 2019resource reserve update▲ Good
Doriemus releases the same joint announcement: ERCE assesses Butler at 3.14 Tcf gross unrisked mean prospective gas plus 42 million barrels of liquids, with 1.26 Tcf in EP487. Duplicates the Buru release.
11 Apr 2019resource reserve update▲ GoodMajor
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%.
28 Mar 2019farm in farm out agreement▲ Good
Doriemus announces it signed the binding EP487 Farmout Agreement with Rey. To earn 50% and operatorship it must show well funding by 30 June 2019 and then drill within 12 months. Same deal as Rey's announcement.
28 Mar 2019farm in farm out agreement▲ GoodMajor
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.
28 Mar 2019farm in farm out completion▲ GoodMajor
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.
5 Mar 2019farm in farm out agreement▲ Good
Doriemus signs the binding L15 Farmout Agreement with a Rey subsidiary. It earns 50% and operatorship by funding A$1M of work to restart West Kora oil production. West Kora last produced in 1996; L15 2P reserves are 0.38 million barrels. EP487 due diligence is complete.
5 Mar 2019farm in farm out agreement▲ GoodMajor
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.
15 Feb 2019farm in farm out agreement▲ Good
Doriemus says it has completed due diligence on L15 (West Kora) to its satisfaction and will finalise the farm-in documents with Rey. EP487 due diligence runs to end February. The two farm-ins are independent of each other.
31 Dec 2018farm in farm out agreement▲ GoodMajor
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.
31 Dec 2018farm in farm out agreement● Neutral
Doriemus announces its side of the binding letter of intent to earn 50% and operatorship of Rey's EP487 and L15 (West Kora oil field). It aims to restart West Kora in 2019 and drill a 4,000m EP487 well, subject to due diligence and funding.
20 Sept 2017resource reserve update▼ BadMajor
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.
18 Aug 2017drilling scheduled▲ GoodMajor
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.
21 June 2017drilling scheduled● Neutral
Partner Pilot Energy says the Wye Knot-1 well in EP437 is scheduled for Q4 2017, the first date given. Final location depends on a land access agreement. Repeats the operator's update and the 1.4 MMbbl best-estimate gross prospective resource; Rey holds 43.471%.
21 June 2017drilling progress report● Neutral
Operator Key Petroleum reports Wye Knot-1 planning progress in EP437: long-lead item approval executed, contractor tendering begun, preferred well location chosen. Best-estimate gross prospective oil is 1.4 MMbbl, unchanged from December 2016. No spud date is given in the text shown.
19 Dec 2016drilling scheduled▲ GoodMajor
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.
19 Dec 2016drilling scheduled● Neutral
Operator Key Petroleum confirms Rey and Pilot approved the EP437 Year 3 budget including the Wye Knot commitment well, with a $200,000 government grant against a $1.9M budget. Rig tendering begins; no spud date yet. Duplicates the Pilot announcement.
20 Apr 2016farm in farm out completion● Neutral
Pilot Energy says WA regulator approved transfer of Caracal's 13.058% EP437 interest to it, completing the sale flagged earlier. Rey stays at 43.471%. Seismic over Wye Not and Becos will be reprocessed to pick a drilling target.
11 Nov 2015drilling result▼ BadMajor
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.
5 Nov 2015drilling progress report● Neutral
Buru reports Victory 1 at 2,600 m total depth, with more well conditioning and further logging attempts, before a casing cement squeeze and completion. No new hydrocarbon information. Rey holds 25%, paying 16.67%.
5 Nov 2015drilling progress report● Neutral
Senagi 1 was cored to total depth of 1,045 m and wireline logs are being acquired. Log interpretation follows. Continues the coring reported last week; no result yet.
29 Oct 2015drilling progress report● Neutral
Victory 1 reached its 2,600 m total depth with continued complete lost circulation, so no samples were returned. Logs are being run; over 10,000 barrels of water lost may make interpretation hard. A test decision follows, and testing could take up to four weeks.
