Rialto seeking partners for next-phase offshore Cote d’Ivoire activity

Offshore staff

WEST PERTH, Australia – Rialto Energy (ASX:RIA) and partner Petroci are considering a phased approach to development of reserves in shallow-water block CI-202 offshore Cote d’Ivoire.

This takes into account results fromappraisal drilling earlier this year on the Gazelle field.

Petrofac is close to completing thefront-end engineering design (FEED) contract, awarded in August. As part of the FEED process, well results and fluid data are being integrated into a revised development option.

Other options to reduce capex include attracting third-party funding for the export pipelines as part of a planned regional gas pipeline project.

In addition to the work on Gazelle, Rialto submitted a field development plan in July for the Hippo and Bubale discoveries in CI-202. Once this has been approved, the company will pursue an exclusive exploitation area. By tying these fields into the regional gathering system over Gazelle, rapid development of small accumulations should be possible.

In January, Polarcus completed a block-wide, 891-sq km (344-sq mi) 3D seismic survey. Initial evaluation of the data has revealed additional prospectivity over areas of the block previously lacking seismic information.

The new data have also indicated potential high-impact exploration targets, such as Arius, a Ceno-Turonian fan prospect analogous to the Tweneboa/Jubilee systems currently in production and development offshore neighboring Ghana.

For the 2013 exploration and appraisal program, Rialto has contracted the jackupVantage Sapphire to drill three firm wells and two optional wells during the first half of the year.

The rig is currently operating elsewhere off Côte d’Ivoire. Rialto aims to bring in a partner to help fund the cost of these wells.

10/31/2012