Ann: Rey Resources Provides Notification to Gujar, page-3

re: Ann: REY: Rey Resources Provides Notifica... For your convenience, here is REY's anns.


REY RESOURCES PROVIDES NOTIFICATION TO GUJARAT AND BURU

On 26 September 2012, Rey Resources Limited (ASX: REY; “Rey Resources” or “the Company”) announced the proposed acquisition (“Acquisition”) of Gujarat NRE Oil Limited (“Gujarat NRE”) by Buru Energy Limited (“Buru”), pursuant to which Buru intends to acquire an indirect 90% interest in each of exploration permits EP457 and EP458 (the “Permits”) by acquiring all of the shares in Gujarat from Gujarat NRE Mineral Resources Pty Ltd (“Gujarat”). Completion of the Acquisition is scheduled for Thursday 4 October 2012.

Rey Resources currently holds a registered and beneficial 10% interest in the Permits and is in joint venture with Gujarat in relation to the Permits pursuant to existing contractual arrangements.

Rey Resources advises that it has served notice on Gujarat that, if the proposed Acquisition proceeds, Gujarat will be in breach of certain representations and warranties under its existing contractual arrangements with the Company. Rey has also informed Buru of its concerns regarding the potential interference with Rey Resources’ contractual relations with Gujarat and Gujarat NRE.

The Company has requested that Gujarat and Buru provide it with, amongst other things, a written undertaking that they will not proceed with the Acquisition on Thursday 4 October 2012 until these matters are resolved to the satisfaction of Rey Resources.

Rey Resources will continue to update the market on progress.

For further information please contact:
Investors and analysts:
Kevin Wilson, Managing Director
T +61 8 9211 1999
[email protected]