Rialto reported that the Gazelle-P4 development well was spud on July 25, 2012 using the Transocean GSF Monitor (350' ILC) drilling rig.

Gazelle-P4 is testing the oil potential of the UC-2 and UC-4 oil reservoirs as well as the gas potential of the UC-3, UC-5, LC-1 and LC-2 gas reservoirs discovered by the IVCO-12 and IVCO-21 wells.

The Gazelle-P4 well is expected to take approximately 45 days and is budgeted to cost $28 million to drill and test, which Rialto is fully funded for from existing cash reserves

Tags: Rialto Energy