Rialto has announced that the Ministry of Energy and Petroleum, Ghana has granted a six month extension to the Initial Exploration Period under the Petroleum Agreement in respect of the Offshore Accra Contract Area. Joint venture participants include Tap Oil Limited.
The Initial Exploration Period now ends on 23 March 2014, by which date the joint venture needs to elect whether to enter into the First Extension Period.
The six month extension will give the joint venture additional time to undertake a thorough review of the data from the Starfish-1 well. Drilling of the Starfish-1 well commenced on 19 June 2013 and logs indicate that the primary and secondary targets were water bearing sands. Rialto considers there is possible evidence of residual oil in the primary and secondary targets which may provide support for an active petroleum system in the block. The well was plugged and abandoned as planned on 12 July 2013. The Operator, Ophir Energy, continues to work on the existing lead and prospect inventory.