Back to overview
Home Fossil Energy Rialto Secures Jack-up Rig for Drilling Offshore Ivory Coast

Rialto Secures Jack-up Rig for Drilling Offshore Ivory Coast

July 20, 2011

Following the completion of drilling rig tenders, Rialto Energy Limited (Rialto or the Company) announces that it has entered into an agreement with Transocean for the provision of the GSF Monitor Drilling Unit to undertake its First Phase Drilling Campaign in CI‐202, located offshore Cote d’Ivoire.

The GSF Monitor is a jack‐up drilling unit capable of drilling in water depths up to 100m and has been contracted to complete a 2‐3 well program commencing in 1st quarter 2012. This program will more than fulfil the first phase work program commitments in CI‐202.

“Rialto is very pleased to be shortly commencing drilling in CI‐202 and looks forward to working with Petroci, our partner in the Block, in advancing the development of the significant oil and gas resources in CI‐202.”, the company said in statement.

About Rialto Energy Limited

Rialto is a West African focussed oil and gas explorer with offices in London, Cote d’Ivoire and Perth, Western Australia. Rialto’s existing assets and activities include:

  • 85% working interest in CI‐202, offshore Cote d’Ivoire. CI‐202 contains 5 un‐appraised oil and gas discoveries as well as several high quality exploration prospects. The Company is presently preparing a Field Development Plan for submission to local authorities during 3rd quarter 2011 and also a Reserves and Resource update. A 2‐3 well drilling program is scheduled for the early stages of 1st quarter 2012, along with a follow‐on 3 well drilling program to commence during 3rd quarter 2012, subject to funding and necessary approvals. The 2012 program will test a full range of drilling options from exploration through to development.
  • A right, subject to GNPC and Ministry approvals, to an 18% working interest in the Accra Block, located offshore Ghana. The Company is working with the Accra Joint Venture and the local authorities to secure entry into this highly prospective licence in one of the most exciting oil and gas provinces within the West African Transform Margin.
  • A 12% working interest in WA‐399P located in the Carnarvon Basin, offshore Western Australia. Operated by Apache Energy Limited, WA‐399P is adjacent to the Pyrenees Oil development and contains field sizes between 50 and 250mmbbls.

[mappress]
Source: Rialto Energy, July 20, 2011