Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Apr 2013farm in farm out agreement● NeutralMajor
Term sheet with Vitol: Vitol takes 65% of Rialto's Côte d'Ivoire company for US$50m of work funding, and 20% of Rialto Ghana for funding the US$7.7m Starfish-1 share. The Vantage rig contract is terminated. Subject to conditions due by 9 November 2013.
17 Apr 2013price query▼ Bad
Answering an ASX query on the price falling from $0.075 to an intraday $0.05, the company cited no undisclosed news. It said farm-out talks for CI-202 have produced no acceptable offers; failing a partner it must raise funds itself or seek another corporate transaction.
15 Mar 2013half year report▼ Bad
Half-year to 31 December 2012: net loss after tax A$4.5m (prior period A$3.3m), revenue A$112k, cash A$30.3m versus A$74.0m at June. The company is still reviewing funding for its 2013 drilling.
15 Mar 2013director officer appointment● NeutralMajor
Andrew Bartlett, a director since 17 September 2012, is confirmed as London-based Non-executive Chairman, as flagged on 28 February. Bruce Burrows has retired from the board. Gregory Stoupnitzky becomes Senior Independent Director.
6 Mar 2013security holder rights change● Neutral
Administrative notice that 10,670,000 shares will be released from escrow on 20 March 2013. They were issued in June 2011 as part of the consideration for acquiring 25% of C+L Natural Resources.
1 Mar 2013other▼ Bad
S&P index announcement lists Rialto Energy among removals from the S&P/ASX All Ordinaries index effective 15 March 2013. Index administration with no operational change; it may reduce index-fund demand (inference).
28 Feb 2013other▼ BadMajor
Corporate update: funding certainty is the board's priority, with farm-out talks and a possible equity raise under way and Rothschild engaged. A minimum two CI-202 wells are planned, with the rig due May 2013. A cost review is promised.
25 Feb 2013director officer appointment● NeutralMajor
Rob Shepherd, interim CEO since November, is appointed full-time Managing Director on a £265,000 base salary, ending the CEO search. Chairman Bruce Burrows will retire in March 2013, with Andrew Bartlett intended to take over as Chairman.
15 Feb 2013investor presentation● Neutral
Notice that a recorded webcast interview with CEO Rob Shepherd about the 2013 outlook is available. The announcement itself contains no substantive content.
11 Feb 2013investor presentation● Neutral
February presentation repeats the resource figures, the 2-3 well Sapphire programme and Starfish drilling in Q3 2013. Shows cash of A$30.3m at 31 December 2012, no debt, and market capitalisation of A$57.9m at $0.083 per share (down from A$109m in September).
5 Feb 2013price query▼ Bad
Responding to an ASX query on the share price falling from $0.095 to $0.074, the company cited weak markets and no undisclosed news. It said preliminary funding talks with overseas and Australian investors have produced nothing releasable.
30 Jan 2013investor presentation● Neutral
COO presentation at the London Africa Oil and Gas Summit recaps CI-202 (85% Rialto, 15 wells drilled on block) and confirms the company is still seeking an industry partner for 2013 drilling. Repeats known facts.
16 Jan 2013investor presentation● Neutral
Presentation and investor call following the 15 January resource report, repeating the 897 MMbbl and 2,936 Bcf prospective figures, the 2013 Sapphire rig programme, the revised Gazelle concept and the 12.5% Accra interest. No new results.
15 Jan 2013resource reserve update● NeutralMajor
Updated RPS report on CI-202 lifts mean prospective resources to 897 MMbbl liquids and 2,936 Bcf gas (21 prospects, 8 new from 3D seismic). Gazelle-area contingent resources fall to 40 MMbbl and 270 Bcf from 50 MMbbl and 396 Bcf, resolving the pending revised CPR.
21 Dec 2012director officer appointment● Neutral
Andrew Sinclair, a Sydney-based Giant Capital founder and former Macquarie banker, joins as non-executive director to meet the two-Australian-resident-director requirement. Jeff Schrull left the board on 21 December, earlier than first signalled, while a permanent Australian director is sought.
19 Dec 2012other● Neutral
Rialto appointed Investec Bank as Nomad and joint broker, effective immediately. Administrative change with no operational impact. The text does not name the Nomad it replaces.
14 Dec 2012asset acquisition disposition▲ GoodMajor
Rialto received Ghana approvals to acquire a 12.5% interest in the Accra Block, with Ophir becoming operator. It pays about US$3m of past costs and posts a bank guarantee. Its share of a 2013 exploration well is about US$10m. This resolves the pending Accra approval, at 12.5% rather than the earlier 20%.
23 Nov 2012other● Neutral
Chairman's AGM address says the Gazelle drilling had rig delays and cost overruns, and the Chouette well was dropped from the 2012 programme to preserve capital. It notes adverse markets, an ongoing industry-partner search, and a revised CPR due soon.
23 Nov 2012director officer appointment● NeutralMajor
Rob Shepherd, formerly Finance Director of Dominion Petroleum (sold to Ophir for about US$220m), becomes Interim CEO from 26 November. Jeff Schrull steps down as Managing Director at the AGM, and a full-time CEO search has begun.
30 Oct 2012investor presentation● Neutral
Africa Oil Week presentation by the COO recaps the CI-202 operations, 3D seismic and Gazelle drilling with zero lost-time injuries. It confirms Rialto is still seeking an industry partner for 2013 drilling and that the CPR is being updated. No new results.
25 Oct 2012annual report● Neutral
2012 Annual Report repeats known facts: three Gazelle wells drilled, two suspended with up to 70 mmscfd capacity, US$87m raised early in 2012, A$74m cash and no debt. Farm-in partner to be secured early 2013. Accra interest listed as 18%, pending approvals.
15 Oct 2012director officer appointment● Neutral
Gregory Stoupnitzky, a veteran investment banker (Bear Stearns, Morgan Stanley, Renaissance Capital), joins as independent non-executive director. With Bartlett's appointment, this completes the board rebuild begun after the April resignations of Lebovits and Whiddon.
4 Oct 2012director officer appointment▼ BadMajor
Managing Director Jeff Schrull will relocate to Perth by mid-2013 for personal reasons, and the board will search for a replacement. He stays on to progress the 2013 drilling, a possible CI-202 farm-out and early Gazelle planning.
28 Sept 2012annual report● Neutral
Audited results for year to 30 June 2012: net loss after tax A$10.2m (2011: A$8.0m), revenue A$725k, cash A$74.0m, no debt stated. Highlights the completed three-well Gazelle programme, revised CPR due end-2012, and Sapphire Driller rig secured for 2013.
17 Sept 2012director officer appointment▲ Good
Andrew Bartlett, a former Standard Chartered global head of oil and gas project finance and M&A, joins as independent non-executive director. This fills the board vacancy after April resignations; his debt and M&A experience is relevant to Gazelle financing and farm-in partners.
11 Sept 2012investor presentation● Neutral
Euroz conference presentation repeats known facts: Gazelle sanction targeted by end-2012, two suspended wells capable of 70 mmscf/d combined, and Petroci's back-in. It adds that a farm-in partner for 2013 exploration is still to be identified and secured.
5 Sept 2012investor presentation● Neutral
Good Oil Conference presentation repeats known points: the three-well Gazelle programme is complete, FID targeted by end-2012, a three-well 2013 programme is planned, and US$25m working capital is projected at end-2012. Market cap is stated as A$109m. No new results.
30 Aug 2012farm in farm out agreement● NeutralMajor
Petroci exercised its right to back in for an extra 11% paying interest in the Gazelle Field area, taking its total to 26%. Rialto falls to 74% (84% paying) there, stays 85% elsewhere on the block, and expects about US$10m reimbursement within six months.
30 Aug 2012drilling result▲ GoodMajor
Gazelle-P4 found a high quality Upper Cenomanian UC-5 gas reservoir and will be suspended as a future gas producer without a flow test; initial output is estimated at about 40 mmscfd of the 100 mmscfd target. Drilled within time and budget. Revised resource report due late October; rig released.
23 Aug 2012drilling result▲ Good
Gazelle-P4 reached its planned total depth of 3,522 m in 28 days, against 40 prognosed, with encouraging oil and gas shows in the Upper Cenomanian and gas shows in the Lower Cenomanian. Logging and sampling follow to evaluate them.
