Today's share price drop for REY makes me wonder whether there is something in the announced deal with Backreef Oil that REY has got wrong. REY needs to explain what it has signed up for with Backreef Oil on EP487 Derby Block, where OBL is the operator. Is REY by the announced deal paying for the work program?
If not, it is a Clayton's announcement and misleading the ASX, and REY's many small shareholders, and Backreef Oil will remain effectively friendless and unlikely to survive to ever deliver an interest in a Production Licence.
If REY is to pay for the exploration program on EP487 Derby Block, then REY can quickly signal its commitment by saying and doing so.
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