REY 0.00% 3.6¢ rey resources limited

why buru will offer rey a deal

  1. 1,154 Posts.
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    I believe that Buru will offer Rey a deal or incentive to wrap up the aquisition of tenements EP-457 & 458 as quickly as possible.

    They only have until January 2014 to spend the $4.85 million, or otherwise the 90% rights revert back to Rey

    The alternate case is to battle it out in the courts, which could easily surpass the January 2014 deadline.

    By the way, I noticed on the quarterlies up to June 2009, the period for Gujarat to spend the $4.85 million was originally only 5 years instead of 6 years. I didn't find any information in relation to the change?

    It also states that Rey retains 100% of the coal seam methane rights to the leases.

    Below from June 2009 quarterly report;

    In January 2008, Gujarat NRE Resources Ltd paid $275,000 to Rey.
    Under the Agreement, Gujarat NRE Resources Ltd must spend $4.85 million over five years to earn a 90 per cent interest in the two Exploration Permits.
    Rey Resources Limited will retain a 10 per cent free carried interest in the permits until the grant of a petroleum production licence.
    During the quarter Gujarat, as operator, continued the reprocessing and analysis of seismic data.
    Rey retains 100% of the Coal Seam Methane rights to the leases.

 
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