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RIALTO ENERGY LIMITED - ASX: RIA
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Description
Rialto Energy is an ASX listed oil and gas explorer based in Perth, Australia with offices in London and Cote d’Ivoire. The management and technical team has been built with the objective of becoming a successful international E&P operating company.
Rialto currently operates the CI 202 block in the Cote d’Ivoire and has an interest in the Apache operated WA-399-P block in the Carnarvon Basin. Rialto is currently in the process of acquiring an interest in the Accra Block in Ghana subject to joint venture and government approvals. Active exploration, appraisal and development wells are planned in these permits over the next 2 – 3 years.
CI-202 - Cote d'Ivoire
In June 2010, Rialto announced the satisfaction of key conditions in its acquisition of a major shareholding in C&L Resources Limited via the acquisition of CLNR Holdings Ltd. The Government of Cote d'Ivoire has consented to the change in control of C&L Natural Resources Limited and CLNR Holdings Ltd, which will provide Rialto with an effective 63.75% working interest in CI-202. In December 2010, Rialto reached agreement with minority shareholders of CLNR to increase its equity to 85%.
Located in shallow water, offshore Cote d'Ivoire, West Africa, CI-202 is a highly prospective petroleum exploration licence that contains four pre-existing un-appraised oil and gas discoveries.
The block is located close to shore and is adjacent to existing oil and gas infrastructure and markets. CI-202 is located just 80km west of the giant Jubilee Field and the Tweneboa /Owo and Odum oil and gas discoveries in Ghana. The proximity of the Ghanaian discoveries, located within the same geologic province (basin) as CI-202, has significantly re-rated the potential size of the existing discoveries within CI-202 as well as the exploration upside of stratigraphic traps located within the block.
WA-399-P - AUSTRALIA
Following a successful divestment campaign, Apache Energy took a majority stake of 60% working interest and operatorship of WA-399-P. Rialto Energy Ltd currently holds 12% working interest in a potentially highly rewarding WA-399-P exploration permit, which is located offshore in the prospective Exmouth Sub-Basin on the North West Shelf, offshore Western Australia. A high graded prospect portfolio has been identified by the Joint Venture. Planning is now underway for the acquisition of new seismic data to comprehensively study the existing prospect portfolio.
INTERNATIONAL NEW VENTURES
Rialto Energy Ltd is actively evaluating growth opportunities, particularly those arising under its International Joint Venture Agreement with Challenger Minerals Inc (CMI). CMI is a wholly owned subsidiary of Transocean Inc., which is the largest offshore oil and gas drilling contractor and the leading provider of drilling management services worldwide.
Mine For
oil, gas
Location of operation(s)
Western Australia, Cote d'Ivoire
Australian Basins
Carnarvon
Address
Level 1, 34 Colin St
WEST PERTH, WA, AUSTRALIA
Phone
(61 8) 9486 9362
Website
Last Updated
10/02/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
