The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
on Nov 11th too - lots to look forward to!
Rialto Energy Ltd ("Rialto" or the "Company") Rialto completes transaction with Vitol and signs new PSC for Block CI-202 in Cote d'Ivoire Rialto (ASX/AIM: RIA) is pleased to announce that its subsidiary Rialto Energy (Cote d'Ivoire) Ltd ("Rialto CdI") has completed the previously announced transaction with Vitol E&P ("Vitol") and also signed a new Production Sharing Contract ("PSC") for Block CI-202, offshore Cote d'Ivoire, replacing the previous PSC. Signing of new PSC As announced on 16 September 2013, Rialto already had in place a Memorandum of Understanding ("MoU") with the Cote d'Ivoire Ministry of Petroleum & Energy (the "Ministry"), the state owned oil & gas company PETROCI and Vitol to replace the existing PSC for Block CI-202 with a new PSC on amended terms. The signing of the new PSC took place in Abidjan on 7 November 2013 and was signed by the Minister of Petroleum and Energy for the Republic of Cote d'Ivoire. As is customary with most PSCs, the details of the contract are largely confidential but the key elements of the new PSC are in line with those disclosed in the MoU and are detailed below: 1) The new PSC will have 3 consecutive exploration periods over a total of 7 years from signature; 2) Substantially all petroleum costs incurred to-date by Rialto on Block CI-202 will be carried over for recovery in the new PSC; 3) All remaining liabilities under the previous PSC have been deemed satisfied upon award of the new agreement; 4) Once the Field Development Plan for the development of Gazelle is approved by the Ministry, a new Exclusive Exploitation Authorisation ("EEA") will be issued to replace the existing one; 5) Negotiations have recommenced with CI-Energies, the state owned electricity company, regarding a future gas sales agreement; 6) The Ministry has ratified the entry of Vitol into partnership with Rialto. Completion of Vitol Transaction The signature of a new PSC fulfils the major condition precedent to the completion of the transaction with Vitol announced on 23 April 2013.The Company is pleased to announce that it has subsequently completed the transaction in which Vitol has acquired 65% of the shares in Rialto CdI in exchange for providing US$50 million of loan capital to be invested in a to be agreed Block CI-202 work programme. The Vitol loan will fund the first US$ 50 million of the Gazelle Field development work programme (but excluding any exploration commitments which will be funded pro-rata by Rialto and Vitol). The transaction formalises the partnership with Vitol, a company with substantial financial and technical capability, with existing assets in Rialto's area of operations in Côte d'Ivoire and Ghana and a proven track record of monetising upstream assets in West Africa. Under the terms of the transaction, Vitol has acquired 65% of the shares in Rialto Cd
Post-period highlights: Memorandum of Understanding signed with the Côte d’Ivoire Ministry of Petroleum & Energy, PETROCI and Vitol to replace the existing Production Sharing Contract for Block CI-202 . . . . Submission of revised field development plan for Gazelle Field. . . . Drilling of Starfish-1 well and granting of six month extension for Offshore Accra Contract Area, Ghana. .
Link to web site where report can be downloaded: http://www.rialtoenergy.com/
I like yourselves am a long suffering holder of Nrrp. I do more often frequent the iii bb but wanted to post this to make you aware of something that we have started but would be grateful for anyone elses support (as in number of shares to make a decent percentage of the company) to be able to try and get information have some questions answered before we find our shares with no market to sell in. Anyway here is the post by Oditmoras who some of you may be familiar with: "This is Odit Moras post from Wednesday at 10.21 re-posted today and it will give you more info. about the group. I've been reading some views on this bb and seen suggestions of 'one' voice but I've seen no email addresses exchanged in case the bb is taken offline. So in case his board is taken offline I've set up a Google Group for NRRP. Imaginatively called: 'nrrp' The beauty of the google group is that it’s a web forum but also works as an email group. Once membership is obtained, any group member would email nrrp@googlegroups.com and then every member would receive the email. The email conversations are also formatted online in a web forum as an added bonus. [I've built up a network of fellow investors, one of which set up a google group (private & invite only) as the iii bb we used to talk on became 'unworkable'.] Another alternative is setting up a private iii bb. That would also require exchanging of emails. This option was overlooked by my group as the email function of google was an added bonus what with everyone having smart phones and tablets. Messages are pushed to you rather than having to go to the iii bb. This is all just a contingency of course as the suspension is temporary. If you want me to invite you to the nrrp group please post your alias email here and I’ll invite you to the group. (I've long had oditmoras@yahoo.co.uk... as an alias email address. Feel free to email that rather than posting your email here and I'll send you an invite to the private nrrp group).
Just joined you in here - looks promising.
Article on BBC news last night about increase in oil demands... especially when you are about to go into production. This has stood still now for two days and not a massive drop when the no T/O RNS came out.
Shame we don't know how much for but hopefully massive since it's with Unilever.
and the sp gently moving up. Couple more weeks and I bet this bb is a bit busier......
are presenting on June 1st at Proactive investors - could be good for the sp if they have timelines/info on jv/partners for funding for drills. GLAH
Just checked the calendar and early June is NEXT week!!! Whoopeee! Expecting this to pick up a little today and tomorrow as June 1st = Tuesday and Monday is Spring BH.
on June 7th - wonder if they will have some sort of RNS out before with news on funding for the drill (seismics are being done in a different area in July so not that) before then. Hoping we have had news on sale before June 7th but if not it could add value if sp of LOG.P goes up, as it's highly undervalued at present. that's if they put that in the sale and don't keep it for a new company
Think I read that someone guessed 66p finish earlier. Resistance is at 68p so hopefully tomorrow will make it through that. Not surprised that we came back down from 67p today. Nice steady rise is required so we maintain it.
that we have this week to break through the 70's into the high 80's/90's before the RNS. Last week in short term target price it listed resistance at 68.5p so should at least see us break through that in the next day or two.
Would be good to see some upward movement. Have a long CFD on this but I was just too tempted and bought some shares today too.... Come on SEA!
Will the RNS to call an AGM/EGM to vote on the deal disclose the amount the deal is proposed for and lay out exactly what is in the deal (such as any contracts for Sea Marine and what they are doing with the Mesopotamia Oil Co/ Lansdowne if they are part of deal?) Thanks for any opinions.
Status and Trend Analysis There are signals for gains in the short-term with the most immediate resistance seen at 67.33 and support of the current trading range at 44.08. Seaenergy Plc's steady uptrend is supported by the crossing of the 5-day moving average above the 34-day moving average. Based on the technicals, we can expect to see the bulls headed for the 90.58 level.
the ask was 65p :-)
Awesome day today!!! Actually awesome last couple of days with this one. And we still got a way to go.... YAHOO !!!
We're placed higher up the list of todays highest climbers!! Good to see continued momentum on this. GLAH