Ivory Coast: Rialto’s Gazelle Well Reaches 1000m MDRT

Rialto Energy Limited (ASX: RIA), provides the following weekly update on drilling operations at the Gazelle-P3 well as at 08:00hrs, 26 March 2012 (GMT). The Gazelle-P3 well was spudded on 12 March 2012 using the Transocean GSF Monitor jack-up drilling rig. The well is planned to be drilled to a total depth (TD) of approximately 3685 mMDRT(measured depth below the rotary table) (2981 mTVDSS) and is expected to take around 60-70 days to drill and test. The well is the first of an overall three well drilling programme on CI-202 that is anticipated to take six months to complete, together with testing.

Since the last report, the 20” casing was set at 545m MDRT and the well has been drilled to a depth of 1000m MDRT (940m TVDSS). In accordance with its policy of releasing weekly drilling progress reports, the company expects to issue a further drilling report on 3 April 2012, subject to any material events occurring in the meantime.

Rialto Energy Limited (ASX:RIA) is an oil and gas exploration and production company with offices in Perth (Australia), London (UK) and Abidjan (Côte d’Ivoire). Rialto is the Operator (85% working interest) of the CI-202 block offshore Côte d’Ivoire. The CI-202 block contains the Gazelle Field, which is the current focus of development, with first production expected by the end of 2013/Q1 2014.

The Company has received approval for its Field Development Plan (“FDP”) over the Gazelle Field and has recently executed a Gas Sales MOU, which will be superseded by a final binding agreement at Final Investment Decision (“FID”), with the Government of the Republic of Côte d’Ivoire.

[mappress]
Source: Rialto Energy Limited, March 27, 2012