rey's prostivity and nse involvement, page-20

For the people who are not following REY and Buru threads;

The things which I was talking here about REY's tenements prospectivity, have come true and Buru has bought the petroleum rights of Gujarat which holds 90% of REY's tenements.

Now Buru will pay $36m to Gujarat for buying 90% rights on those tenements EP-457 and EP-458), and REY's 10% share will be free carry till production.

That's a big plus for REY.

As Eric explains on the anns today (below), those permits have all types of plays including conventional and unconventional, as I explained on my above posts months ago.

Buru is now on trading halt for capital raising till Friday.

From Buru's anns;
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Buru Energy Limited (“Buru” or “Company”) is pleased to advise that it has entered into two transactions to substantially increase the Company’s acreage position across highly prospective areas of the Canning Superbasin. These transactions supplement and expand the Company’s access to the key Ungani oil trend and the Valhalla tight gas accumulation, including further substantial exposure to the potential basin wide Laurel Formation wet gas accumulation.

Pursuant to these transactions, Buru will acquire an indirect 90% interest in each of EP457 and EP458 by acquiring all of the shares in Gujarat NRE Oil Limited (“GNOL”) from its parent company for a total consideration of $36 million cash, and the right to a 50% interest in the permit to be issued in respect of application area 5/07-8, from Backreef Oil Limited, for a total consideration of $3.5 million in cash (together, the “Acquisitions”).
The Acquisitions will be funded by a fully underwritten placement of new shares to institutional investors to raise approximately $40 million (“Institutional Placement”).

Commenting on the Acquisitions, Buru’s Executive Director Eric Streitberg said:

“We are delighted to have been able to complement our already extensive acreage portfolio with these highly prospective permits. They give us full regional coverage of all the principal play types in the Superbasin, and substantially complete our long term portfolio optimisation program.

The EP457 and EP458 permits contain well defined prospective trends and well developed structural features. The Laurel wet gas resource is interpreted to be present, as is the continuation of the Ungani trend along the southern margin. The Goldwyer Shale is also in the oil to wet gas window on the Jurgurra Terrace in the southern part of the permits. The deep seated salt tectonics on the basin margin in these permits are also a unique play type for the basin.