OPERATIONS In 2011 Rialto comprehensively re-evaluated the...

OPERATIONS


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