Rialto Energy Limited (ASX:RIA, AIM:RIA) is an oil and gas exploration company with offices in Perth (Australia), London (UK) and Abidjan (Cote d'Ivoire)
CI-202 - Cote d'Ivoire
A Competent Person's Report completed in January 2013 by RPS Energy Services in relation to CI-202 certified Total Mean Contingent Resources of 40MMbbls of liquids and 270 Bcf of gas, in addition to Total Mean Prospective Resources of 898 MMbbls of liquids and 2,936Bcf of gas.
On 7 November 2013, Rialto Energy Limited reached agreement with Vitol E&P Limited (“Vitol”) for Vitol to acquire 65% of the shares in RECD, which included a commitment by Vitol to provide substantial funding in respect of Gazelle Field development. At the same time, agreement was reached with the Government of Cote d’Ivoire for the grant of a new PSC for Block CI-202 including reinstatement of the areas previously relinquished. As well as allowing for exploitation of the Gazelle Field, the new PSC grants a new seven year (3+2+2) term with related work commitments for exploration in the Block. Under the terms of the new PSC Petroci Holding (“Petroci”), on behalf of the Government of the Cote d’Ivoire, has a right to increase its working interest and therefore its paying interest by up to 16% in the Gazelle Field EEA once granted.
The Company is currently awaiting approval for its Field Development Plan ("FDP") over the Gazelle Field. It also has commenced discussions with Cote d’Ivoire Energies (“CI-Energy”), upon behalf of the Government of the Cote d’Ivoire, to agree final terms for sale of all Gas from the Gazelle Field to CI-Energy. A Gas Sales Agreement is expected to be signed during Q1, 2014.
Accra Block - Ghana
In December 2012 Rialto received approval to farm-in to the Offshore Accra Block in Ghana with a 12.5% paying interest. A high impact exploration well (Starfish-1) was drilled in June 2013 by the Operator Ophir targeting a large deepwater Cretaceous stratigraphic Trap – the Starfish Prospect (665 MMbbls mean prospective resources). There are a number of similar size prospects in the block, mapped on a high quality, recently acquired 3D seismic, and in an exploration well success case, this follow-up potential could result in a multi-billion barrel oil province.
The Starfish-1 well reached total depth on 19 July and was plugged and abandoned on 12 July 2013. The well encountered water wet sands in both the primary and secondary targets. Possible evidence of residual oil is being evaluated by the Operator.
On 7 August, the Operator announced that the Ministry of Energy and Petroleum, Ghana has granted the Accra JV a six month extension to the Initial Exploration Period to allow results of the Starfish-1 well to be fully evaluated before electing to enter into the next Exploration Period (two years ending March 2016).
WA-399-P - Australia
Following a successful divestment campaign, Apache Energy took a majority stake of 60% working interest and operatorship of WA-399-P. Rialto Energy Ltd currently holds 12% working interest in a potentially highly rewarding WA-399-P exploration permit, which is located offshore in the prospective Exmouth Sub-Basin on the North West Shelf, offshore Western Australia. A high graded prospect portfolio has been identified by the Joint Venture. Acquisition of new seismic data has been completed and interpreted during 2012 to comprehensively study the existing prospect portfolio for a well commitment in 2014.
Rialto Energy Ltd is actively evaluating growth opportunities.