Entry for STT list.
FA and TA Long
Rialto Energy, Perth/London based explorer with assets in Cote D'Ivore.
100mcfpd discovery available for development 30 Km offshore. Vitol farmin and large CRs has been very dilutionary and it is close to all time lows. A recent CR was done at three cents and the SP is still languishing, however plenty of news is due to help get to this asset into production.
"The period was extremely busy for the Company with a number of important milestones achieved, including the announcement (on 23 April 2013) that we had entered into a term sheet with Vitol S.A. (“Vitol”) for the Company’s projects in both Côte d’Ivoire and Ghana under the terms outlined in this report. As we highlighted at the time of the release, we are particularly pleased to have secured Vitol as a partner in our projects given their substantial financial and technical capability with existing assets in Rialto’s area of operations in Côte d’Ivoire and Ghana and a proven track record of monetising upstream assets in West Africa.
Whilst completion of the transaction in respect of Côte d’Ivoire remains subject to certain conditions, we have been working closely with Vitol to finalise the revised Field Development Plan for Gazelle contingent resources and also to progress discussions with the Government regarding restructuring of certain existing commitments with respect to the CI-202 Production Sharing Contract (“PSC”).
On 25 June 2013, we announced that we had completed, subject to shareholder approval, a placing with institutional and other investors to raise A$14.1 million (around £8.5 million). As I mentioned in the release, the Board was extremely pleased to have received such support for the Placing in what is clearly a very challenging market, particularly given the difficult recent history that Rialto and its shareholders have endured. Once all the new funds are received, the team will be able to focus wholly on completing negotiations with the Government of Côte d'Ivoire in respect of amending the current license conditions, closing the previously announced transaction with Vitol, progressing the Gazelle gas development plan, and moving forward with exploration on Block CI-202.
Technically.
Lower lows coming into play with demand for stock slowly rising. Nice gap at 3 to 3.5 cents has to be filled. Previous massive spikes suggest big moves on demand/announcements. Recent spike attracted a price query..... Suggest a repeat spike could be the start of higher highs too.
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Entry for STT list.FA and TA LongRialto Energy, Perth/London...
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