block ci-202 a highly prospective asset

http://www.stockmarketwire.com/article/4519876/Rialto-Energy-says-Block-CI-202-a-highly-prospective-asset.html

StockMarketWire.com - Rialto Energy said its Block CI-202, offshore Cote d'Ivoire, has total mean recoverable liquids and gas of, respectively, 897 MMbbls and 2,936 Bcf.

It said the prospect inventory for the block rose to 21, with eight new prospects identified.

The updated data followed an independent resource estimate for the block carried out by RPS Energy Services Pty Ltd.

Moreover, it showed total mean contingent recoverable liquids and gas resource of 40 mmbbls and 270 Bcf respectively, down from 50 MMbbls and 396 Bcf.

Chief executive Rob Shepherd said: "This independent report recognises the significant prospectivity of Block CI-202 ahead of our planned 2013 drilling programme.

"Despite reduced Contingent Resources associated with the Gazelle Field, drilling and seismic have opened up a broader Gazelle/Condor play with Gross Mean Prospective Resources of around 1 Tcf of gas.

"Whilst work is progressing on a revised development concept for Gazelle with a view to moving to FID as soon as possible, drilling success in the wider Gazelle/Condor Area has the potential to underpin a significant gas development.

"It is important to note that Gazelle itself represents only a small fraction of total Contingent and Prospective Resource on block. It is the resources outside of Gazelle that will be the primary focus of Rialto in the coming year."

"CI-202 is undoubtedly a highly prospective asset and we look forward to our 2013 exploration drilling campaign with confidence."