dangerous, page-14

You're right Tuatara, there are very interesting comments in this anns. Even "Other Projects within Canning Basin" part is more interesting IMO;

This is first time that this company talks about its petroleum resources for a long time and as far as I know in deed. We are so close to Buru's permits and wells, nearly proven to have 300 million barrels of oil and multi TCF gas! We should have some million barrels of oil down there. And a lot of gas as well!

If they can sell the 10% petroleum rights to Buru and get couple of ten millions, that would solve a lot of problem, wouldn't it. What Gujarat would do with these petroleum rights, it is another big unknown. According to the anns. Gujarat only tries to delay the work, but they don't do anyhting. They might be waiting for oil and gas to be discoverewd all around REY permits that they could sell the permits at a good price! That's stupid. They have to do seismic work and drill it till end of 2013, I think.

From today's anns.;

"Other Projects within Canning Basin

In January 2008, Gujarat NRE Mineral Resources Ltd paid $275,000 to Rey Resources and must spend $4.85 million over six years to earn a 90 per cent interest in two Petroleum Exploration Permits, EP 457 and EP 458 (refer Figure 4). The Company retains a 10 per cent interest in the permits, which is free carried until the grant of a petroleum production license.

During the quarter Gujarat NRE, as operator, continued planning and permitting work for 2D seismic surveys planned to occur in 2012.

Recent discoveries of petroleum and gas in surrounding EPs held by Buru Limited have, in the view of the Company, increased the prospectivity of EP 457 and EP 458. The Company is reviewing its intentions in respect of its interest in the leases."