EP487 Supreme Court Decision
As announced previously, Rey Resources Limited (“Rey”) and Rey Lennard Shelf Pty Ltd (“RLS”, a subsidiary of Rey) commenced legal proceedings against Oil Basins Limited in the Supreme Court of Western Australia seeking orders that Oil Basins resign as the Operator of EP487 in accordance with the terms of the Joint Operating Agreement between Rey, RLS and Oil Basins. These legal proceedings also sought a declaration that RLS is appointed Operator of EP487.
The court today ordered that Oil Basins is to immediately resign as Operator of EP487 and RLS is to be designated Operator.
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OBL Price at posting:
0.9¢ Sentiment: None Disclosure: Not Held
