Regulatory News

Weekly Drilling Progress Report - Gazelle-P4

Thu, 16th Aug 2012 07:00

RNS Number : 1248K

Rialto Energy Limited

16 August 2012

ASX Code and AIM Code: RIA

Rialto Energy Ltd

("Rialto" or the "Company")

Weekly Drilling Progress Report - Gazelle-P4 Development Well

Rialto Energy Limited (ASX: RIA and AIM: RIA) provides a weekly update on drilling operations at the Gazelle-P4 Development Well, offshore Côte D'Ivoire as at 10:00hrs, 15 August 2012 (GMT).

Since the last report, the well has been drilled to the 13 ^3/8" casing point at 2123m MDRT. Current operations are drilling out cement shoetrack, prior to performing a formation integrity test (FIT).

In accordance with its policy of releasing weekly drilling progress reports, the company expects to issue a further drilling report on 23 August 2012, subject to any material events occurring in the meantime.

Enquiries to:

Buchanan	Tim Thompson, Ben Romney or Helen Chan
(Financial PR London)	Telephone: Email:	+44 (0)20 7466 5000 rialtoenergy@buchanan.uk.com
RBC Capital Markets	Matthew Coakes or Daniel Conti
(NOMAD)	Telephone:	+44 (0)20 7653 4000
PPR	Colin Hay
(Financial PR Australia)	Telephone:	+61 8 9388 0944 or +61 404 68 3355
	Email:	colin.hay@ppr.com.au
Rialto Energy Limited	Jade Hockie Telephone: Email:	+44 (0)20 7042 8500 admin@rialtoenergy.com

Drilling Progress Report

Gazelle-P4 Development Well

REPORT DATE	15 August 2012
COUNTRY	Offshore Côte D'Ivoire
PERMIT	CI-202
WELL LOCATION: GEOGRAPHICAL (WGS84) GRID (UTM ZONE 30 N)	Latitude 5° 6' 29"N Longitude 3° 42' 30"W Easting 421492 Northing 564643
PERMIT INTERESTS	C&L Natural Resources (100% RIA owned) 85% PETROCI 15%
PROPOSED TOTAL DEPTH	3401 metres MDRT (2730 metres TVDSS).
DEPTH AT 1000 HRS (GMT)	2123 metres MDRT (1704 metres TVDSS).
ORIGINAL PROGNOSED DRILLING DAYS	40
CURRENT PROGNOSED DRILLING DAYS	40
METRES DRILLED SINCE LAST REPORT	765 metres
SPUD DATE	25 July 2012.
DAYS SINCE SPUD	21 days.
TARGET FORMATION	Cenomanian sands.
OPERATIONS SINCE LAST PROGRESS REPORT	Drilled to casing point at 2123m MDRT and set 13 ^3/8" casing
HYDROCARBONS INDICATIONS	N/A
FORWARD OPERATIONS	Drill out cement shoetrack, perform FIT and drill ahead in 12 ^1/4" hole.

About Rialto Energy Ltd

Rialto Energy Limited (ASX:RIA, AIM:RIA) is an oil and gas exploration and production company with offices in Perth (Australia), London (UK) and Abidjan (Côte d'Ivoire).

Rialto is the Operator (85% working interest) of the CI-202 block offshore Côte d'Ivoire. The CI-202 block contains the Gazelle Field, which is the current focus of development, with first production expected by early 2014.

A Competent Person's Report completed in September 2011 by RPS Energy Services in relation to CI-202 certified Total Mean Contingent Resources of 50 MMbbls of liquids and 396 Bcf 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 a Field Development Plan and Exclusive Exploitation Area over the Gazelle Field and has executed a Gas Sales MOU, which will be superseded by a final binding agreement at Final Investment Decision, with the Government of the Republic of Côte d'Ivoire.

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% 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 in April 2012.

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLUVVARURAWAUR

Related Shares: Rialto Energy Ltd (DI) (RIA).

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