Rialto Energy has submitted the Field Development Plan (FDP) for the Gazelle field and expects to receive approval by the calendar year end.

Part of this approval is expected to include a Memorandum of Agreement ('MOU') for a gas sales agreement, the finalisation of which is an important step for both Rialto and the country of Côte d'Ivoire as it will not only provide a sound economic basis for the development at Gazelle, but also provide Côte d'Ivoire with much needed security around energy supply for coming years.

Rig operator Transocean have confirmed that the GSF Monitor drilling rig is expected to conclude its current drilling programme in Nigeria in mid Q1 2012 and be available for Rialto's CI-202 drilling in late Q1 2012.

Long lead items for the proposed 3 well programme have been procured and are now arriving at Rialto's shore base in Abidjan. Rialto's drilling team will be arriving in early Q1 2012 to oversee the run up to the commencement of drilling operations.

Rialto's office in Côte d'Ivoire is open and fully functional and Rialto has appointed a new Deputy General Manager who joins from DGH following a successful career involving all aspects of the oil industry in Côte d'Ivoire.

Oil and gas operations in the country have now completely returned to normal following the civil unrest experienced earlier this year and major Operators (Tullow, Lukoil etc) have resumed their active drilling programmes in the country.

Rialto's technical team are currently finalising detailed well proposals for the proposed 3 wells and will work with JV partner Petroci over the coming weeks to finalise the Q1 2012 drilling programme.

The recent updated Competent Person's Report (CPR) prepared by RPS Energy Services Pty Limited (RPS) in respect of CI-202 resulted in an appreciable resource upgrade and certified Total Mean Contingent Liquids and Gas Resource of 50 mmbbls and 396 Bcf respectively and Total Mean Prospective Liquids and Gas Resource of 511 mmbbls and 1,785 Bcf respectively.

Rialto holds an 85% interest and Operates the CI-202 licence.

Tags: Rialto Energy