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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter report recaps the Vitol term sheet, rig termination and Starfish-1 drilling set for June. It describes ongoing seismic reprocessing work on CI-202 and says exploration drilling there is deferred. Mostly repeats the 23 April announcement.
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.
31 Jan 2013quarterly activities report● Neutral
December quarter report recaps the new resource report, Accra entry and CEO appointment. It says lower Gazelle gas volumes reflect a shallower oil-water contact, a 25% block area was relinquished, and funding options including a farm-out are still under review. Cash is not shown in the extract.
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 2012agm notice▼ Bad
At the AGM the remuneration report was voted down on a poll (117.4m for, 214.9m against). Director re-elections and option issues to directors passed. The 10% placement capacity resolution was withdrawn.
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.
31 Oct 2012quarterly activities report● Neutral
September quarter report recaps the Gazelle-P4 completion, Petroci's back-in, ongoing FEED and 3D seismic work. It adds that a Q4 2012 farm-out process will start to find partners to fund the 2013 drilling. Mostly repeats known facts.
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.