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.
Drilled to casing point at 2123m MDRT and set 13 3/8" casing
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Development Plan and Exclusive Exploitation Area over the Gazelle Field and has executed a Gas Sales MOU, which will be superseded by a final binding agreement at Final Investment Decision, with the Government of the Republic of Côte d'Ivoire.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.
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