Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2013material agreement▲ GoodMajor
Rialto, Vitol, PETROCI and the Ivorian Ministry sign an MoU to replace the CI-202 PSC with a new 7-year one, expected before 9 November 2013. Past costs carry over and remaining work commitments are deemed satisfied, removing the key condition for the Vitol deal.
10 Sept 2013price query● Neutral
Responding to an ASX query on the price rise from 1.8c to 2.5c and higher volume, Rialto says it knows of no unannounced information explaining it, and confirms Listing Rule compliance. Nothing new for shareholders.
19 Aug 2013capital raising announcement▲ GoodMajor
Rialto received about A$10.6m net for the second placing tranche, on top of A$2.9m net from the first, and the 369.1m shares are now trading. This completes the A$14.1m placing and funds work toward the Vitol deal and CI-202 talks.
13 Aug 2013price query● Neutral
Responding to an ASX query on the price rise from 1.9c to 3c and higher volume, Rialto says it knows of no unannounced information. It suggests the recently closed placement may explain the trading, and confirms Listing Rule compliance.
7 Aug 2013regulatory community update▲ Good
Tap Oil's release of the same news: Ghana granted a six-month extension to the Accra exploration period, now ending 23 March 2014. Duplicates Rialto's own announcement.
7 Aug 2013capital raising announcement▲ GoodMajor
Shareholders approved the second tranche of the A$14.1m placing: 369,115,611 shares at A$0.03, plus 9.67m to directors. The Share Purchase Plan was cancelled because the share price was below 3 cents, and applications will be refunded.
What it means for a shareholder
369m new shares at A$0.030 to raise about A$14.1m. That's 32% dilution: every existing holder's slice gets 32% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00424% to 0.00288% of the company. To keep it you'd need 15,641 more shares - about A$469 at the issue price.
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7 Aug 2013regulatory community update▲ Good
Ghana grants a six-month extension to the Accra Block's initial exploration period, now ending 23 March 2014. This gives the partners more time to review the dry Starfish-1 data before deciding whether to continue. Rialto cites possible evidence of residual oil.
7 Aug 2013material agreement▲ GoodMajor
Rialto amends the Vantage rig settlement: it paid US$1m this week and will pay US$0.25m by 30 July 2015 instead of the US$2m second tranche. Total settlement falls to US$11.625m from US$17.325m originally, resolving the earlier outstanding note.
2 Aug 2013director officer appointment▲ Good
Andrew Rose is appointed Interim CFO from 27 August 2013, filling the vacancy left by Patrick Garo's June resignation. He was previously CFO of Gulfsands Petroleum and of Burren Energy.
31 July 2013director officer appointment● Neutral
Chief Operating Officer Charlie Nieto resigns with immediate effect, having stayed on after leaving the board in June. The company says its Côte d'Ivoire operating needs have changed after the Vitol deal and rig termination, so the senior team will be smaller.
18 July 2013investor presentation● Neutral
Open Briefing audio interview with MD Rob Shepherd on the Starfish-1 results, commitments to the Accra and Gazelle blocks, and funding. The text gives only the topics, with no new figures.
12 July 2013drilling result▼ Bad
Partner Tap Oil's final Starfish-1 update: 230m of sandstone in the main target was water wet, and the secondary target had poor, water-bearing sands. The well is being abandoned. The partners will reassess the block before the 23 September 2013 Phase 2 election. Repeats Rialto's own news.
12 July 2013listing compliance notice● Neutral
Rialto replies to an ASX query about the timing of its 10 July Starfish-1 announcement, which followed Tap Oil's by 26 minutes. The share price had fallen from 2.8 to 1.7 cents that day. The company says it complied with Listing Rule 3.1.
12 July 2013drilling result▼ Bad
Rialto confirms Starfish-1 found 230m of water-wet sandstone in the main target and poor, water-bearing sands in the secondary. The MD calls it disappointing but says it is too early for firm conclusions. Rialto says its exposure was minimised by the Vitol facility.
10 July 2013drilling result▼ BadMajor
Starfish-1 reached final depth of 4,380m. Early interpretation of logs and pressure data is that no movable hydrocarbons were found. The well will be plugged and abandoned, a setback after the 20% chance-of-success prospect.
9 July 2013capital raising announcement● Neutral
Offer letter for the share purchase plan: eligible Australian and NZ holders can buy up to A$15,000 of shares at A$0.03, aiming for about A$5m. It closes 2 August; general meeting is 7 August. Not underwritten. It follows the June placing.
3 July 2013drilling progress report● Neutral
Starfish-1 has been drilled to 3,695m, with 13⅜-inch casing set at 3,035m. The expected drilling time is now 35 days (trouble free) to a planned 4,560m. No hydrocarbon result yet.
2 July 2013other● Neutral
Rialto notifies ASX that it issued the 102,439,498 firm placing shares on 1 July 2013. This is a compliance notice that completes the firm part of the placing; the 369.1m conditional shares still need shareholder approval.
27 June 2013drilling progress report● Neutral
Starfish-1 in Ghana has reached 2,627m after 6 days, with 20-inch casing set at 2,218m. Target depth is 4,560m, about 40 days in total. No result yet; the well targets 292 MMBOE mean prospective resources at a 20% chance of success.
25 June 2013other● Neutral
ASX notice that Rialto's suspension will lift once the company announces the results of its fund raising. Administrative notice with no substantive content.
25 June 2013investor presentation● Neutral
Capital raising presentation supporting the June placing. The extract shows only disclaimers, including a warning that the Vitol arrangements are conditional and may not complete. No new figures in the readable text.
25 June 2013capital raising announcement● NeutralMajor
Placing raises A$14.1m through 471.6m new shares at A$0.03, an 18.1% discount, about 69% of prior share capital. Only 102.4m shares are firm; 369.1m need shareholder approval. A share purchase plan of up to A$5m at the same price follows.
What it means for a shareholder
472m new shares at A$0.030 to raise about A$14.1m. That's 41% dilution: every existing holder's slice gets 41% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00488% to 0.00289% of the company. To keep it you'd need 23,018 more shares - about A$691 at the issue price.
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24 June 2013other● Neutral
Company requests a voluntary suspension of trading, following a trading halt, until the equity raising announcement, expected before market open on 25 June. Procedural step in the capital raising.
20 June 2013capital raising announcement● NeutralMajor
Rialto proposes to raise up to A$16m via a placing, plus a share purchase plan of up to A$5m. Funds are for Côte d'Ivoire work, including its share of the likely Hippo North well. The raising follows the Vitol term sheet and the open funding thread.
19 June 2013director officer appointment▼ Bad
CFO Patrick Garo resigns with immediate effect. The company says a smaller senior team can run it cost-effectively, continuing the overhead-reduction theme from the board departures a week earlier.
19 June 2013drilling spud▲ GoodMajor
Ophir spuds Starfish-1 offshore Ghana, in 1,500m of water targeting 3,850m, estimating 292 MMBOE mean prospective resources at a 20% chance of success. About 40 days of drilling. Rialto's net interest falls to 6.125% if it fully draws the Vitol facility.
12 June 2013director officer appointment▼ Bad
Directors Charles Nieto and Vance Querio resign, as does Company Secretary and Chief Legal Officer Matthew Worner. Nieto stays on as COO pending review. A part-time General Counsel is hired, and further overhead cuts are expected after the Vitol deal.
9 May 2013admin correction● Neutral
Corrects the previous day's announcement: Starfish-1 net resource to Rialto is 26.28 mmbbls, not 2.62 mmbbls. The rest repeats the Accra Block entry news.
8 May 2013farm in farm out completion▲ GoodMajor
Rialto completes entry to the Accra Block (12.5%) under its Tap Oil farm-in by posting security for its Starfish-1 well costs, funded through the Vitol facility. Vitol gets 20% of Rialto Ghana, pending Ghanaian approvals. Drilling is due June 2013.
1 May 2013material agreement termination▼ BadMajor
Rialto settles the early termination of the Vantage Sapphire rig contract for US$12.375m (75 days), against US$17.325m originally. A final US$7.425m is due, US$5.425m paid now and US$2m later. Cash after payment is about US$9.4m.
