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Permit Summary
Exploration Permit 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. The Carnarvon Basin is a large mainly offshore basin on the North West Shelf of Western Australia. The basin is Australia's premier hydrocarbon province, with over 750 wells drilled since the first well was drilled in 1953. In excess of 1.2 billion barrels of oil and condensate and 7.3 trillion cubic feet of gas have been produced. Substantial reserves of oil and gas remain to be produced and discovered.
A 750km 2D seismic survey program was acquired in the Permit in the first half of 2007 and processing of the data was completed later in the year. Interpretation and evaluation of legacy 2D seismic data and newly acquired seismic data has been conducted by Rialto during 2008.
During the first quarter of 2009, Rialto Energy has developed a risked and ranked leads and prospects portfolio based on new, proprietary interpretation of existing 2D seismic data. Two significant oil-prone leads, Sparta and Jamathi, have been identified in the proven (oil productive) Mid to Late Jurassic play fairway that includes the Nebo oil discovery in close proximity to WA-291-P.
Rialto is currently seeking co-venturers to continue the evaluation of the block with the view to potentially drilling the new play concept. Please see the attached Executive Summary for more details.
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