Rialto Energy (ASX: RIA) 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 Energy Ltd (ASX:RIA, LON:RIA) expects to test the Gazelle-P3 well offshore Cote d’Ivoire around the end of May.
Gazelle-P3 was spudded on March 12 2012 and is the first of an overall three well drilling programme on the CI-202 permit that is anticipated to take six months to complete, together with testing.
In a weekly progress report, the group said the well was drilled to a depth of 1,070 metres, at which point the drill-pipe became stuck. All technical problems have now been rectified by the drilling contractor, and drilling the next section is expected to commence in the next 24 hours.
Rialto is the operator of the CI-202 block with an 85 per cent working interest. The block contains the Gazelle field, which is the current focus of development, with first production expected by the end of 2013 or in the first quarter of 2014.
On March 12, 2012, Rialto commenced a fully funded, 3 well drilling programme in CI-202 using the Transocean GSF Monitor drilling rig.
A competent person's report from September 2011 by RPS Energy Services gives the CI-202 block total mean contingent resources of 50 million barrels of liquids and 396 billion cubic feet of gas of gas, in addition to total mean prospective resources of 511 MMbbls of liquids and 1,785 Bcf of gas.
The company has received approval for its field development plan over the Gazelle field and has a gas sales agreement in place with the Cote d’Ivoire government, which is to be followed by a firmer deal.
Rialto also has an interest in the Apache operated WA-399-P block in the Carnarvon Basin, Western Australia and is currently in the process of working with joint venture parties and Ghanaian governmental authorities to achieve approvals for an assignment of a 20 per cent paying interest in the Accra Block, offshore Ghana.
Rialto listed on the Australian Securities Exchange in July 2006 and listed on the Alternative Investment Market last week.