petrocci involvement

some cmmentary
Testing of the Gazelle P4 well, has identified an excellent, productive Upper Cenomanian, gas reservoir. Additional reservoir penetrations in the Lower Cenomanian have idenfied key contacts to refine volume estimations. In addition, Petroci Holdings (the Ivorian state-owned oil and gas company) has elected to exercise its option to back-in to the Gazelle Field exploitation license area ahead of any development sanction. RIA is grossly oversold and corporate outcomes – be it look through on farm-in or opportunistic take-over – offer significant upside risk. Buy: Price Target $0.68/sh.



In our view, RIA looks fundamentally cheap. Whilst there remains market concern over funding capacity for the proposed gas development, we view that the discovered oil and gas potential of the CI-202 block combined with the attractiveness of a Government (effectively) underwritten strategic and scalable (to include oil) gas development, will be attractive from both a farm-in but possible a corporate take-out perspective.