|Cote d’Ivoire – CI-202|
Block CI-202 is located offshore Cote d’lvoire in West Africa and is operated by Rialto Energy (Cote d'Ivoire) Limited ("RECD"), with an 87% working interest. PETROCI Holding holds the remaining 13% with a 5% paying interest. The block is located 30km southeast of the commercial capital of Abidjan, is 521km2 in area and forms part of the Ivorian Basin which extends westwards into Liberia and eastwards into Ghana. Water depths range from 20m to 1000m.
The Block is a highly prospective exploration licence with 5 oil and gas discoveries. It has a significant database of 15 wells, five 3D seismic surveys and over 20 production tests, which have produced gas at up to 37 mmscfg/d and oil at over 2000 bopd. These discovery and appraisal wells are located in shallow water depths of between 40 and 85m and represent a high value and low unit technical cost production opportunity.
CI-202 is located 80 km to the west of the giant Jubilee Field in Ghana, which commenced production in 2010, and 60 km to the west of the TEN fields development, that was granted development approval in June 2013. The Jubilee Field is estimated to contain 1.8 billion barrels of reserves, whilst the TEN fields (Twenwboa, Enyenra and Ntomme) contain over 500 mmbboe. These and other nearby 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:
In 2012 Rialto Energy acquired the first block-wide 3D seismic survey, covering areas previously not imaged by a 3D seismic, state of the art facility. This survey has been processed and interpreted, resulting in a 70% increase in Mean Prospective Resources (897MMbbls and 2.938bcf). The survey revealed stratigraphic traps, similar to the discoveries in the nearby Ghanaian acreage. Five prospects, with Mean Prospective Resources of 538MMbbls and 1,896bcf are drill ready.
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 Mean Prospective Resources within the Block.
During 2012 Rialto drilled three appraisal/development wells on the Gazelle Field. After the incorporation of these results Rialto submitted a revised Field Development Plan for the Gazelle discovery to the CI-202 partners and authorities in Cote d'Ivoire.
In December 2011 and January 2012 Rialto acquired a 3D survey of 860km2, covering all but the shallowest parts of the CI-202 block. This data has been processed and interpreted and the resulting prospect portfolio has shown a 72% increase in Prospective Resources within the Block.
During Q1 2013, Rialto completed the site surveys to allow for the drilling of the top five prospects, which have a combined Mean Prospective Resource value of 538MMbbls and 1,896bcf.