REY Owns 10% of a big hole in the HEART of the Canning.

[Joshuatree]

Any one of you oily oysters picked up on this? REY has a free carried 10% until production. Plus a lot of coal ,all with a Mcap of $45 mullion. cheers

[The Big Ease]

GREAT location.
But how much faith do you have in the stooges who sold 90% of their O&G rights for a few hundred thousand, when their neighbours were signing up deals for 100+ million and retaining 25-50% of their rights?

IMO, these guys are a bunch of clowns. They are sitting on a ton of value thanks to BRU, but I just couldn't trust them to realise its worth.
It looks to me like their farm-in partners don't have any obligation to spend for a while yet and will just sit and wait for BRU to further define the area and then sell down to a major to free ride.

[pago]

i assume you mean rey resouces,ie coal.
research clive palmer and his antics with rey
cheers

[The Big Ease]

That man is a boof head.
Slovenly, litigious, boorish and overblown in so many ways.

I have read about his antics, as you put it wrt REY.
Unbelievable.

[Joshuatree]

GREAT location.
But how much faith do you have in the stooges who sold 90% of their O&G rights for a few hundred thousand, when their neighbours were signing up deals for 100+ million and retaining 25-50% of their rights?

IMO, these guys are a bunch of clowns. They are sitting on a ton of value thanks to BRU, but I just couldn't trust them to realise its worth.
It looks to me like their farm-in partners don't have any obligation to spend for a while yet and will just sit and wait for BRU to further define the area and then sell down to a major to free ride.
Yes that sounds feasible big Ease.

They have EP457 and EP458 which cover 10646 sq km and surrounded by BRU. Management aside (thanks for the headsup btw) that sounds like hell of a lot of unrecognized value.

[The Big Ease]

It is and the amazing thing is their acreage sits between what BRU is proving up to be a world class resource and what NSE is about to get working on, potentially much bigger than BRU's!
So they could well be sitting on billions of dollars of value and their "JV" partners bought what amounts to a multi-year option over 90% of it for barely 100K per year.
Incredibly inept. Amazingly stupid.

I'd much rather put my money on NSE or BRU, despite both being valued more highly than REY.
Incredibly, BRU could still be a 5-10 bagger from here and perhaps more if it is allowed to develop further.
NSE is, IMO, easily a ten bagger from here if they prove up the Goldwyer. Their JV partner is "particularly confident". Conoco Philips know their shale AND liquids :)


Anyhow, apologies for going off the topic of REY but since you are looking at the canning, I would say NSE and BRU are much better. The only two I would put my money with.
Then it's the Perth Basin where you could ride NWE (my choice) or TTE. IMO they are much better stocks for potential 10-20 baggers than REY. I just can't respect a company which has given away a once in a lifetime opportunity for nothing.

Sorry to bring the tone down, but I just can't get over how stupid that is.

[Joshuatree]

To be accurate Gujarat owns 90% of the above ,Rey 10%; and Gujarat must spend $4.85 million over 6 years .REY free carried until the grant of a petroleum production license.

[Joshuatree]

Thanks for sharing your research Big,Twitching Zydeco music to you :) cheers

[CMo]

"$4.85 million over 6 years"

Is that split evenly over the next six years or could it be nothing in years 1-3 then a couple of mill year 4 and a couple more in year 5?

With BRU and NSE doing the work around them they could be worth a whole lot more in 3 years time with zero spent on drilling. However, 3 years is a long time to sit and wait an a punt. Put that money in BRU / NSE for 2 years then get into REY.

[soulman]

Looks like a HK group is getting a stake in REY, owning nearly 15% of REY as of last week.

[soulman]

Looks like more purchases around 6 cents by Wanyan Liu. Looks like he or she wants to get to 19.9% of REY. Another 27 mil shares needed to get to 19.9%. A support around these prices for REY.

[The Big Ease]

Does anybody know when BRU is going to drill these permits?
What is the hold-up? I know they are sourcing a drill, but is there anything else?

[slimwin]

Agreements over native rights I believe.I think these are close to getting resolved.

[The Big Ease]

I've been giving REY another look and noticed 40% of the company is owned by chinese interests.

How do you guys feel about the 40% chinese ownership through a number of parties?
They say they aren't associated investors/entities, but it doesn't give me much confidence that REY will get a clear run.

Interested in your thoughts.

[Minerbarejet]

Buru getting funding - action at last?
http://www.upstreamonline.com/live/article1333974.ece

[Minerbarejet]

somethings up - 32 million shares have changed hands today - awap is .055