16 Aug 2012drilling progress report● Neutral
Gazelle-P4 set 13 3/8-inch casing at 2,123 m and is drilling out cement before a pressure test. No hydrocarbon indications yet. Routine progress, no new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2012drilling progress report● Neutral
Gazelle-P4 has drilled to 1,358 m after setting 20-inch casing, heading to the 13 3/8-inch casing point. No hydrocarbon indications yet; prognosed time still 40 days. No new result.
9 Aug 2012drilling scheduled● NeutralMajor
Rialto will release the Transocean rig after Gazelle-P4 and plans a multi-well exploration programme in Q1 2013. It expects about US$20-25m working capital after P4. Funding the 2013 drilling and Gazelle development is planned via reserve-based lending plus an industry partner, with FID still targeted.
3 Aug 2012other● Neutral
Administrative notice: 912,500 shares were issued to staff on 3 August 2012 on conversion of performance rights. Small issue, no new business information.
2 Aug 2012drilling progress report● Neutral
Gazelle-P4 has drilled to 538 m, heading to the 20-inch casing point at 550 m, six days after spud. Prognosed time is still 40 days. No hydrocarbon indications yet; no new result.
26 July 2012drilling spud● NeutralMajor
Gazelle-P4 development well spudded 25 July 2012 to appraise six oil and gas reservoirs, taking about 45 days. Budget is US$28m, funded from existing cash. The company says P4 plus P3 results should support sanctioning Gazelle by end-2012.
18 July 2012flow test result▲ GoodMajor
Gazelle-P3 ST2 testing flowed gas at up to 19.5 mmscfd and oil at an unstabilised 760 bopd before gas channelling behind the casing stopped oil flow. Deliverability is estimated at 33 mmscfd with standard tubing. The well is suspended and the rig moves to Gazelle-P4; a revised resource report follows P4.
12 July 2012drilling progress report● Neutral
Drill stem testing of Gazelle-P3 ST2 has begun after logging, seismic profiling and coring were completed, and should take about two weeks. The well will then be suspended as a future Gazelle producer. No results yet.
26 June 2012contract award▲ GoodMajor
Petrofac was awarded Gazelle Field FEED, due October 2012, and a Vantage Drilling rig (Sapphire Driller) was secured for a 2013 CI-202 programme of three firm wells plus two options, subject to Rialto's funding. Initial output is planned at about 8,000 bopd and 100 mmscf/d; first production early 2014.
25 June 2012drilling progress report▲ Good
Gazelle-P3 ST2 found the expected oil and gas Upper Cenomanian reservoirs and will be drill stem tested over about two weeks. It will then be suspended as the first Gazelle producer, and the rig moves to Gazelle-P4.
21 June 2012other● Neutral
Share registry moves to Computershare from close of business 29 June 2012, to help trading on both ASX and the newly listed AIM. Administrative.
21 June 2012investor presentation● Neutral
June 2012 investor presentation repeats known facts: 682.0m shares, cash of US$90m at 1 June, no debt, market cap A$167m, and the three-well CI-202 programme. Nothing new.
20 June 2012drilling result▲ Good
Gazelle-P3 ST2 reached total depth of 2,959 m, found oil and gas zones as expected, and recovered oil and gas samples from the Upper Cenomanian for facility design. Prognosed drilling days rose to 106 from 95; a well test programme is being prepared.
13 June 2012drilling progress report▲ Good
Gazelle-P3 ST2 drilled to 2,784 m, with direct and cut fluorescence seen in the UC1 sands. Drilling continues to total depth in the Albian, then logging. Shows only, not a flow result.
6 June 2012drilling progress report● Neutral
Gazelle-P3 ST2 was kicked off from 1,578 m and is drilling at 1,691 m, with the Upper Cenomanian top expected at 2,570 m in about 7 days. No hydrocarbon indications yet; no new result.
5 June 2012other● Neutral
Administrative notice that 13,276,423 fully paid ordinary shares were released from escrow on 3 June 2012. No new business information.
4 June 2012investor presentation● Neutral
Link to audio of the 1 June open briefing on the Gazelle-P3 well update. No new information beyond the 1 June announcement.
1 June 2012drilling scheduled● NeutralMajor
Rialto began a second sidetrack, Gazelle-P3 ST2, taking 12-15 days, to appraise the UC-1 and UC-3 sands and test UC-1 before suspending it as a future producer. Extra drilling lifts 2012 net costs to US$85m versus US$76m forecast, which the company says existing funds cover.
30 May 2012drilling result● NeutralMajor
Gazelle-P3 ST logs show gas 200 m deeper than previously known in the Lower Cenomanian, a good UC3 oil and gas sand, and a poor UC1. Condor was hit only at its edge with low permeability gas; a follow-up well is likely in 2013. Prognosed drilling time now 95 days; a sidetrack is under review.
22 May 2012drilling progress report▲ Good
Gazelle-P3 ST reached 3,521 m with further hydrocarbon shows in the Lower Cenomanian, including the Condor prospect interval. Logging is under way, with fluid sampling to follow before a testing plan. Shows only; evaluation pending.
15 May 2012drilling progress report▲ Good
Gazelle-P3 ST drilled to 3,161 m with encouraging oil and gas shows (up to 5.64% total gas in sandstones). Evaluation by logging and sampling is due at about 3,400 m. Shows only, not a flow result.
14 May 2012regulatory community update▲ GoodMajor
Côte d'Ivoire granted Rialto an Exclusive Exploitation Area over the Gazelle Field giving 25 years' right to produce. Follows the December 2011 development plan approval. Drilling aims to convert 58 MMboe of contingent resource at Gazelle to reserves.
9 May 2012director officer appointment▲ Good
Rialto appointed Simon Zoller as Corporate Drilling Manager to run the three-well CI-202 programme and future drilling. He has over 12 years' experience, including West Africa work with Premier Oil and Tullow Oil. A senior hire, not a board change.
8 May 2012drilling progress report▼ Bad
Gazelle-P3 ST reached 2,181 m, with logging of the Upper Cenomanian reservoirs expected this week. Prognosed drilling time lengthened from 45 days to 74 days after the stuck-pipe delay. No hydrocarbon indications yet.
1 May 2012drilling progress report● Neutral
Gazelle-P3 ST drilled to 1,530 m and 13 3/8-inch casing set at 1,523 m. Next is the 12¼-inch hole through the Upper Cenomanian sands. No hydrocarbon indications yet.
24 Apr 2012drilling progress report● Neutral
The stuck pipe was freed to 870 m, a cement plug set and a sidetrack begun; the well (now Gazelle-P3 ST) is drilling at 1,302 m, with the next casing point at 1,538 m. Recovery from the earlier setback; no hydrocarbons yet.
18 Apr 2012capital raising announcement▲ GoodMajor
Settlement of the second half of the IFC investment completed: ALAC paid A$9.56m for 31,853,633 shares plus 7,963,408 options at A$0.50. Shares on issue now 682,017,491. Closes the IFC funding thread; funds go to the CI-202 three-well programme.
18 Apr 2012admin correction● Neutral
Compliance notice under section 708A(5)(e) for the 18 April issue of 31,853,633 shares and 7,963,408 options to the IFC ALAC fund. Administrative; no new information.
17 Apr 2012drilling progress report● Neutral
Gazelle-P3 remains at 1,070 m; the 17.5-inch hole is to be drilled by sidetrack, expected within 24 hours. The company says testing is expected in about 45 days. Follows the pipe-sticking setback; no hydrocarbon indications.
12 Apr 2012other▲ GoodMajor
Rialto's shares began trading on London's AIM on 12 April 2012, alongside its ASX listing, with 650,163,858 shares on issue after admission. Completes the AIM listing flagged on 5 April. Accra 18% interest still awaits Ghana approvals.