Interesting to have a look at the REY quarterly report out...

Interesting to have a look at the REY quarterly report out today. Barely a mention of Rafael (which is puzzling given their 40% share of EP457 which Rafael is considered likely to extend into).. They don’t even have Rafael on their maps of tenements.
They did mention the seismic but don’t appear to have taken part in any costs (even though the lions share was said to be funded by Origin). From their report ‘Buru completed the Rafael 3D Survey during the report period as solo risk project. The data has been collected and under interpretation for the commitment drilling.’
If it is solo risk, I’d hope there’d be a deal in place for them to have to pay something down the track if deemed successful and significant to their share of the permit. I can’t imagine they’d just back out of the permit.. well not cheaply at this stage..
The extra seismic lines of 2D to delineate additional prospects in EP457 would surely be of interest to them.
Instead they are touting their 3D seismic plans for the derby block / Butler prospect for 2024.. Can’t help but think that something a bit strange is going on here. Any ideas?
Could it have something to do with their on-market share buyback scheme they’re undertaking? Trying to reep the rewards for themselves?