Ann: 2012 Annual Report , page-24

I think Buru has to do a small work program (%4.85 million) to complete the farmout deal that was agreed to by Indians.

But so far we have heard nothing regard to Rey having preemptive rights, just some waffle see below

As previously announced Rey served notice on Gujarat and advised Buru that, if the proposed acquisition proceeded, Gujarat would be in breach of certain representations and warranties under its existing contractual arrangements with Rey. Rey also informed Buru of its concerns regarding the potential interference with Rey Resources’ contractual relations with Gujarat and Gujarat NRE Oil Limited. The transaction was completed in early October and Rey continues to review the circumstances of the transaction and its implications

...my thoughts Rey do not have anything to stop the Buru-Indian deal.

So once Rey stops grandstanding and work with Buru, Buru will do the work plus more such as expanding the State agreement to incorporate these two exploration permits as well!!!

Meanwhile Rey is becoming a play thing for the Chinese investors which is a shame