Rialto to Start Drill Stem Test on Gazelle (Ivory Coast)

Rialto Energy Limited, an oil and gas exploration and production company, reports an update on the Gazelle-P3 ST2 well.

As previously announced, the Gazelle-P3 ST2 well encountered the expected oil and gas bearing Upper Cenomanian reservoirs and will now be drill stem tested. Testing operations are expected to be completed in around 2 weeks.

Following successful testing operations, the well will be suspended for future completion as the first production well of the Gazelle field. The drilling rig will then move directly to the Gazelle-P4 location to commence drilling of this second development well of the current fully funded three well programme. Rialto will provide its next update as soon as the testing results are available.

Commenting on the decision to proceed with testing, Charlie Nieto, COO of Rialto said:

“The overall objective of the Gazelle-P3 well was to suspend it as a producer. Based on the encouraging results of the sidetrack we will commence testing operations – an important step in achieving this outcome. Having resolved the significant challenges encountered with drilling to date, Rialto remains on track to deliver the Gazelle Development.

“Further, through this well and subsequent sidetrack, we have obtained significant new geological information to improve our understanding of the CI-202 block and progress the development of the Gazelle field.”

[mappress]
Press Release, June 25, 2012