Rialto says that its subsidiary Rialto Energy (Cote d'Ivoire) Ltd (Rialto CdI) has completed the previously announced transaction with Vitol E&P (Vitol) and also signed a new Production Sharing Contract (PSC) for Block CI-202, offshore Cote d'Ivoire, replacing the previous PSC.
Signing of new PSC
As announced on 16 September 2013, Rialto already had in place a Memorandum of Understanding (MoU) with the Cote d'Ivoire Ministry of Petroleum & Energy (the "Ministry"), the state owned oil & gas company PETROCI and Vitol to replace the existing PSC for Block CI-202 with a new PSC on amended terms.
The signing of the new PSC took place in Abidjan on 7 November 2013 and was signed by the Minister of Petroleum and Energy for the Republic of Cote d'Ivoire. As is customary with most PSCs, the details of the contract are largely confidential but the key elements of the new PSC are in line with those disclosed in the MoU and are detailed below: