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Permit Summary
Exploration Permit WA-291-P
Rialto has a 30% Participating Interest in this large (4,537km2) and prospective Exploration Permit WA-291-P, which it earned from a subsidiary of Tap Oil Limited, which is the Permit Operator.
The Permit is located in the under-explored Beagle Sub-basin within the greater Northern Carnarvon Basin. 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 Tcf of gas have been produced. Substantial reserves of oil and gas remain to be produced.
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 the seismic data is likely to be completed by the end of 2007. This will deliver a risked and ranked prospect inventory for consideration of possible drilling targets.
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