Ann: Acquires majority interest in West African B, page-3

re: Ann: Acquires majority interest in West A... I'm still ploughing through them - before the purge, there were buyers at 19.5 waiting - just need to see more buyers step up to be a part of this, which I see as a beautiful story maturing over 12 months to give a lovely CGT free profit......

First ann is simple - the agreement as per TAP ann that we'd already deduced would be a nice piece for RIA via Challenger ...
This:
Rialto Energy Limited

Tuesday, 6 April 2010

RIALTO ANNOUNCES OPPORTUNITY TO AQUIRE INTEREST IN GHANA
Rialto Energy Limited (Rialto) is pleased to announce that an affiliate of our International Joint Venture partner, Challenger Minerals Inc. (CMI), has been awarded an interest in the Accra Petroleum Agreement offshore Ghana per a recent announcement by Tap Oil Limited.
Under Rialtos International Joint Venture Agreement with CMI (April 2007) Rialto has the right, but not the obligation, to seek an interest acquired by CMI and its affiliates in each international offshore oil and gas opportunity, excluding the USA Gulf of Mexico and the North Sea regions.
Subject to obtaining the approvals of the Ghana National Petroleum Company (GNPC) and the Ministry of Energy of the Republic of Ghana, Rialto, through the Joint Venture Agreement and a Memorandum of Understanding concerning the Accra Petroleum Agreement, has the right to seek an 18% equity interest in the Accra Petroleum Agreement. Rialto intends to exercise its rights under its agreements with CMI and looks forward to working with authorities in Ghana and the participants in the Petroleum Agreement to achieve relevant approvals.
Brett Woods commented that the Accra Petroleum Agreement encompasses an attractive block located in the emerging West African transform margin where recent discoveries, particularly at Jubilee, have made the area an extremely important oil and gas province. Rialto looks forward to bringing its regional knowledge and skills into the venture and to participating in the contemplated work programme
For Further information please refer to the ASX announcement issued by Tap Oil Limited on 30 March 2010 as the Operator of the Accra Petroleum Agreement.
Enquiries to:
Brett Woods Managing Director
Telephone: +61 (0)8 9381 2229
Email: [email protected]

Second one will take a lot more absorbing, and is probably the one that suggests RIA will be radically rerated to a much higher sp in due course - that's one mammoth oil field...

Highlights page from Ann:


BLOCK CONTAINING UNDER‐APPRAISED OIL AND GAS DISCOVERIES
Highlights

Rialto has entered into a binding Heads of Agreement to ultimately acquire a 75% interest in C+L Natural Resources Limited (C & L Natural), the holder of an 85% participating interest in the Cote dIvoire Offshore Block CI‐202. The Cote dIvoire State petroleum company, Socit Nationale d'Oprations Ptrolires de la Cte d'Ivoire (Petroci), holds the remaining 15% interest.

CI‐202 is a highly prospective petroleum exploration licence that contains multiple pre‐existing unappraised oil and gas discoveries. CI‐202 has the following attributes:
o
13 wells drilled between 1977 and 2001 predominately on vintage 2D seismic data;
o
12 wells intersected hydrocarbons;
o
test rates of 2,280 bopd and 37 mmscfd achieved post 435 km2 of high quality 3D seismic data; and
o
the licence is located in shallow water and close to existing oil and gas markets.

CI‐202 is located 80km to the west of the giant Jubilee offshore discovery made in Ghana in 2007 (1.8 billion barrels oil reserves), and the subsequent Tweneboa (>250 million barrels oil equivalent reserves) and Odum (120 million barrels oil reserves) discoveries, which have established the Ivorian Basin, located in the West African Transform Margin, as one of the most promising emerging offshore petroleum provinces in the world.

The proximity of the Ghanaian discoveries, located in the same basin, has significantly re‐rated the potential size of the existing discoveries within CI‐202 and the exploration upside of stratigraphic traps.

As part of the acquisition, Rialto will appoint new directors to complement the existing directors and management team.