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ASF Group acquires $1.5M in Rey Resources shares

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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.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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ASX:AFA
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Market Cap: $51.54 m
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