In 2011 Rialto comprehensively re-evaluated the existing discoveries and generated a high-value upside exploration portfolio using newly
reprocessed 3D seismic data. During September, RPS Energy prepared an independent report on the reserves and resources within CI-202
and, based on this, Rialto submitted a phased Field Development Plan for the Gazelle discovery to the CI-202 partners and authorities in
Cote d'Ivoire.
You are correct....
from the www.rialtoenergy.com OPERATIONS page
"
In December 2011 and January 2012 Rialto acquired a 3D survey of 860km2, covering all but the shallowest parts of the CI-202 block.
This survey is being processed. On February 26, 2012, Rialto took on hire the Transocean GSF Monitor rig and, on March 12, 2012, spudded
Gazelle-P3, the first well in a three well programme. Plans are underway to contract a second rig for a further drilling campaign beginning December 2012"
Release of 9 Aug Release of Transocean Rig Rialto Energy (ASX: RIA and AIM: RIA) announces that the Block CI-202 joint venture (Rialto 85% working interest and operator and Petroci 15%) has elected to release the Transocean GSF Monitor drilling rig after the completion of drilling and testing of the current Gazelle-P4 development well. This will allow the JV to focus on the FEED for the Gazelle field development and to further refine exploration options for its Cote d’Ivoire acreage. Gazelle-P4 will be the third and final well under the drilling contract for Transocean GSF Monitor."
Reading between the lines on the 8 Aug release.... they need to do some serious work on their geological and geophysical models before they burn the rest of their cash on a drilling rig
RIA Price at posting:
13.5¢ Sentiment: None Disclosure: Held