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Overview
WA-291-P
Rialto holds a 100% Participating Interest in Exploration Permit WA-291-P ("the Permit") in the Carnarvon Basin, offshore Wester Australia. Rialto recently obtained from Tap Oil Limited a 70% interest in the Permit, at no cost to Rialto. Before that, Rialto held a 30% interest in the Permit.
The Permit, which is currently under-explored, covers an area of approximately 4,500 km2 and is located along trend to a number of significant oil and gas discoveries in the northern part of the Carnarvon basin such as Angel, Legendre, Talisman and Amulet.
Rialto is currently seeking co-venturers in this exciting acreage. For more information please contact Gerry Spanninga, the Exploration Manager at +61 8 9381 2229 or download the Executive Summary, located under the subheading Our Activities/WA-291-P.
WA-399-P
Rialto has a 50% participating interest in Exploration Permit WA-399-P located in the Carnarvon Basin, offshore Western Australia. The Permit is operated by Carnarvon Petroleum Limited.
The Permit covers an area of approximately 50km² and is located within a highly prospective sector of the Exmouth Sub-basin, being midway between the Pyrenees and Macedon oil and gas fields (25 kilometres to the north-west) and the Leatherback oil accumulation (30 kilometres to the south-east). On 3 July 2007, BHP Billiton and its co-venturer Apache Corporation announced approval of the Pyrenees oil and gas project in Retention Lease WA-12-R, directly adjacent to WA-399-P. The proximity of WA-399-P to this developement increases the confidence prospectivity within the Permit and that any discoveries in WA-399-P can be commercialised.
Growth OpportunitiesRialto Energy Ltd has a 25% participating interest in an international joint venture agreement with Challenger Minerals Inc (CMI). CMI is a wholly owned subsidiary of Transocean Limited, which is the world's largest offshore oil and gas drilling contractor and the leading provider of drilling management services worldwide. CMI is a highly focussed and experienced screener of offshore oil and gas prospects worldwide, delivering risk-managed oil and gas investment opportunities for the benefit of its joint venture participants.
Rialto Energy Ltd is actively evaluating growth opportunities, particularly those arising under its agreement with CMI. Announcements will be made as soon as possible about any concluded deals.