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Overview
WA-291-P
Rialto Energy Ltd has a 30% Participating Interest in the prospective Exploration Permit WA-291-P ("the Permit"), located in Australia’s premier hydrocarbon province, the Carnarvon Basin on the North West Shelf, offshore Western Australia.
This Permit is a large (4537km2) under-explored block located within the Beagle Sub-basin. Although the Beagle Sub-basin has demonstrated an effective hydrocarbon charge system for both oil and gas, little exploration has been carried out to date in the area.
WA-399-P
Rialto Energy Ltd has a 50% Participating Interest in the small but prospective Exploration Permit WA-399-P ("the Permit"), which also is located in the Carnarvon Basin on the North West Shelf, offshore Western Australia.
The Permit is located directly adjacent to the Pyrenees Oil Field. In July 2007 BHPBilliton announced the approval of development of the Pyrenees Oil Field, comprising a cluster of discoveries estimated to hold between 80 and 120 Million Barrels of recoverable oil reserves.
Growth Opportunities
Rialto 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.