This Reads good...

This Reads good

http://www.nextoilrush.com/rey-pert...source=SD&utm_medium=edm&utm_content=20140808

They say patience is a virtue – but try telling that to result hungry shareholders like us!
Rey Resources Ltd (ASX:REY) first caught our eye (and long term investment dollars) when it snuck under everyone’s nose and grabbed a stake in two of the most sought after blocks in Western Australia’s Canning Basin – a highly prospective area for oil and gas.
A recent substantial oil discovery appears to trend directly into REY’s ground.
Great move by REY – but since then not much has happened. The JV partners have caused some delays, whilst pondering the right drill location, evaluating prospects further and sorting out permitting.
But REY is ready.
Ready and not waiting. It’s looking into whether it can just go it alone and drill its own wells this year in the Canning Basin with or without the JV partners.
Maybe that sounds crazy, but REY has just raised $1M from a private investor, is finalising details on obtaining a further $2M in funding, and has locked in a strategic partnership from another deep pocketed investor – so people with cash think it’s on the right track.
As the Canning Basin work is slower than planned, REY has started drilling a well in a highly prospective area of the Perth Basin via a farm in.
The current drill is targeting a prospect which could hold up to 3.4 million barrels of oil (prospective, unrisked). Net to REY stands at up to 1.5 million barrels. Not a company maker like the stuff in the Canning Basin – but it’s enough to maintain some interest in the company – especially if they manage to hit oil!