Rialto Hires Sapphire Driller Jack-Up for 2013 Drilling Campaign (Ivory Coast)

Rialto Hires Sapphire Driller Jack-Up for 2013 Drilling Campaign (Ivory Coast)

Rialto has signed an agreement with Vantage Drilling Company to use the Sapphire Driller Jack-up drilling rig for its proposed 2013 drilling programme on the CI-202 Block. The Sapphire Driller, which is currently on a long term contract in Cote d’Ivoire, is anticipated to be handed over to Rialto during the course of Q1, 2013.

Subject to Rialto’s funding position, the Sapphire Driller will undertake a 3 firm well (plus 2 contingent well option) drilling programme, which will follow on from the current, fully funded, 3 well drilling campaign underway on the CI-202 Block.

Using information obtained by the drilling of the Gazelle-P3 ST well and recent 3D seismic acquisition over the entire CI-202 Block, the Company has identified a number of follow on liquids appraisal and exploration prospects. The 2013 CI-202 drilling programme would potentially involve:

* appraising existing liquids discoveries including Bubale (14.3 mmbbls + 73 bcf) and Addax (21.0 mmbbls + 11 bcf); and

* targeting high impact prospects such as Faucon (154 mmbbls + 77bcf), Impala (Updip and Deep) (21.3 mmbls + 42.0 bcf) and Condor (15.0 mmbbls + 758 bcf).

Any commercial discovery from the 2013 drilling programme would likely be tied back to the planned Gazelle Field development hub as part of Rialto’s phased hub development strategy.

Commenting on today’s announcement, Jeff Schrull, Managing Director, said:

“The awarding of the FEED contract, together with the securing of a drill rig, represents yet another step forward for Rialto in its plans to fast track the development of the Gazelle Field and appraise the liquids potential across the entire CI-202 Block.

“In the last six months we have acquired and begun interpreting 3D seismic and commenced a 3 well drilling programme. Drilling results to date have been encouraging, including the de-risking of the Condor exploration prospect and encountering of a new potentially high impact exploration play. Rialto’s follow-on 2013 drilling programme will continue to be firmed up as we finalise our seismic interpretation and obtain an enhanced understanding from the current three well programme.”

Press Release, June 26, 2012


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