|Cote d’Ivoire – CI-202|
CI-202 covers an area of 521 km² after the first relinquishment. It is located just 30km to the southeast of Abidjan, the primary commercial centre of Cote d’Ivoire, and extends from the coastline to water depths of almost 1000m. The block is a highly prospective petroleum exploration licence with multiple pre-existing un-appraised oil and gas discoveries. The block contains a significant database of 15 wells, five 3D seismic surveys and over 20 production tests which have produced gas up to 37mmscf/day and oil over 2200 bopd. These discovery and appraisal wells are located in shallow water depths of 40m to 85m and represent a high value and low unit technical cost production opportunity.
CI-202 is located 80km to the west of the giant Jubilee Field in Ghana which commenced producing oil during the last quarter of 2010. Jubilee is currently estimated to hold 1.8 billion barrels oil reserves. Other significant recent discoveries include Tweneboa (>250 million barrels oil equivalent reserves) Owo (>250 million barrels oil reserves), Odum (>120 million barrels oil reserves), and Dzata (>200 million barrels oil reserves). Together, these discoveries have established the Ivorian Basin, located in the West African Transform Margin, as one of the most promising emerging offshore petroleum provinces in the world.
During December 2012/January 2013, RPS completed a Competent Person Report (CPR) over the CI-202 concession and their results are summarised below:
The CI-202 concession was explored for old structural traps which have worked elsewhere in Cote d'Ivoire. Since the discovery of over 1.5 billion barrels in stratigraphic traps in Ghana, Rialto has recognised the shallow water extension of these systems into CI-202 and has bulit a significant prospect inventory to support near term exploration drilling. The first exploration well on these new prospects will be drilled by the Vantage Sapphire in Q2 2013.
During 2012 Rialto drilled three appraisal/development wells on the Gazelle Field. After the incorporation of these results Rialto submitted a revised and lower cost Field Development Plan for the Gazelle discovery to the CI-202 partners and authorities in Cote d'Ivoire. In January 2013 RPS Energy finished an independent report on the reserves and resources within CI-202.
In December 2011 and January 2012 Rialto acquired a 3D survey of 860km2, covering all but the shallowest parts of the CI-202 block. Thisa data has been processed and interpreted and the resulting prospect portfolio has shown a 72% increase in Prospective Resources within the Block.
Rialto has contracted the Vantage Sapphire Jack-up Rig to drill up to five high impact exploration wells during Q2/Q3 2013.