ASF Group (ASX:AFA) has reported it acquired $1.5 million worth of Rey Resources (ASX:REY) shares priced at $0.10 each.
This was part of an earlier placement.
The 15 million shares increases ASF’s total holding in Rey to 130 million shares. Rey is currently drilling the Dunnart-2 well in the Perth Basin, Western Australia, with Key Petroleum.
Dunnart-2 has encountered an encouraging hydrocarbon show in the coaly unit of the Cattamarra Coal Measures at a depth of 460 metres.
The show was associated with 8.6 units of wet gas, several times higher than that of Dunnart-1 in the same unit over the depth interval 460 metres and 475 metres.
Drilling will continue to the Bookara sandstones at approximately 617 metres before a drill stem test is carried out.
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