Rey Resources (ASX: $REY) Quarterly Report Overview

Rey Resources Limited (ASX: $REY) has released its quarterly cash flow report for the quarter ended 31 March 2024. The report highlights the progress made in the transfer of EP 458 and the completion of the technical review during the reporting period. Rey Resources is focused on developing its oil and gas interests in the Canning and Perth Basins, Western Australia.

Executive Commentary on Quarterly Activities

The technical review of EP458 has been completed, providing a comprehensive understanding of the regional geology and indicating the direction for future exploration. Additionally, Rey has received a three-month suspension and extension for EP458, allowing a prolonged duration to establish the exploration strategy. The Company continues to review the environmental plan for the committed 3D seismic survey over the eastern part of the permit and is expecting to lodge it during the next quarter. Rey is also in the process of preparing the environmental plan for the workover wells. Furthermore, Rey is trying to establish communication with Walalakoo Aboriginal Corporate (WAC) for the Duchess Paradise Coal Project.

Summary of Rey Resources (ASX: $REY) Quarterly Report

Rey Resources Limited (ASX: $REY) has maintained a cash balance of $137,000 and available loan facilities from Ms Wanyan Liu and ASF Group Limited of $2.45 million and $2 million respectively as at the quarter ended 31 March 2024. The Company paid approximately $62,000 to related parties during the quarter, of which $23,000 were consulting fees and $39,000 were Director fees. Rey's focus remains on developing its oil and gas interests in the Canning and Perth Basins, Western Australia. The completion of the technical review of EP458 and the three-month suspension and extension for EP458 provide a positive outlook for future exploration activities. Rey continues to progress its environmental and workover plans, demonstrating a commitment to its exploration and development objectives.