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Ivory Coast: Rialto to explore, develop Block CI-202

Rialto Energy Ltd., Perth, has completed a 3D seismic survey on Block CI-202 offshore Ivory Coast and plans to start a three-well drilling program around the end of February.

The drilling will consist of one exploratory well and two development wells in Gazelle oil and gas field, where the development plan was recently approved. Gazelle, in shallow water, is to start up near the end of 2013 at 8,000 b/d of liquids and 100 MMcfd of gas. Rialto is operator with 85% interest in the block.

The 891 sq km 3D survey covers the entire 675 sq km block, including the underappraised Gazelle, Hippo-1, Bubale, and Addax oil and gas discoveries in 50-100 m of water, and numerous low-risk prospects and leads.

Rialto signed a memorandum of understanding with the government for sales of up to 100 MMcfd of Gazelle gas and expects a final agreement to be executed by the time of the Gazelle development final investment decision in mid-2012.

Identified exploratory targets have a combined total mean prospective resource of 511 million bbl of oil and condensate and 1,785 bcf of gas. Resource is 84 million bbl at the Chouette prospect, to be drilled in the current quarter.


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