Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2011investor presentation● Neutral
September 2011 presentation: cash about A$53m (down from about A$62m in July), market cap A$169m at 45c. It repeats the new CI-202 resource figures and a multi-well programme from February 2012, with FDP submission now Q4 2011.
20 Sept 2011resource reserve update▲ GoodMajor
RPS's updated report certifies CI-202 mean contingent resources of 50 MMbbl oil and 396 Bcf gas, and mean prospective resources of 511 MMbbl (up from 140 MMbbl in February) and 1,785 Bcf. Three wells start February 2012; first oil target is Q2 2013.
13 Sept 2011director officer appointment● Neutral
Neil Hackett, who is company secretary of several other listed companies, is appointed Joint Company Secretary alongside Matthew Worner, who is relocating to the London office. Administrative change.
29 July 2011admin correction● Neutral
Re-release of the June 2011 quarterly report to fix a typo in the highlights, where CI-201 should read CI-202. The company states all other information is unchanged. No new substance.
22 July 2011investor presentation● Neutral
July 2011 presentation repeats known facts, with an updated cash figure of about A$62m (down from about A$68m in March) and market cap about A$169m at 45c. Drilling is still planned from Q1 2012; Accra 18% remains subject to approvals.
20 July 2011capital raising announcement● Neutral
Rialto issued 15,000,000 shares on 19 July 2011 on achieving a CI-202 funding milestone, approved by shareholders in July 2010. This is the 15m performance-share tranche converting; the notice is a compliance filing.
20 July 2011contract award▲ GoodMajor
Rialto signed Transocean for the GSF Monitor jack-up rig to drill 2-3 CI-202 wells from Q1 2012, which would more than meet the first-phase work commitment. An Abidjan office opens in September. Follow-on drilling is now stated as subject to funding and approvals.
4 July 2011director officer appointment● Neutral
Dr Simon Barkham, with 23 years' oil and gas experience including Petro-Canada, is appointed Technical Vice President in London. Continues the build-out of the technical team after Brett Woods' resignation (an inference about the link).
3 June 2011investor presentation● Neutral
June 2011 presentation largely repeats the May deck: CI-202 at 85%, Accra 18% pending approvals, and WA-399-P 12% with seismic processing under way. RPS resources are unchanged at 196 million barrels of oil and condensate. Market cap about A$168m; no new information.
3 June 2011asset acquisition disposition▲ GoodMajor
Rialto completed the purchase of the remaining 25% of C+L Natural Resources, giving it the entire 85% contractor stake in CI-202. Settles the thread opened in December 2010. A 2-3 well programme is scheduled early Q1 2012, with 3 more wells from Q3 2012.
31 May 2011other▲ GoodMajor
Business update: Cote d'Ivoire sanctions were lifted on 3 May 2011 and in-country work resumes, with a delay of about 3-4 months. Drilling is now planned for Q1 2012, with the rig contract and FDP due Q3. Rialto plans to move operations to London and list on AIM in Q4 2011.
25 May 2011director officer appointment● Neutral
Chief Operating Officer Charles Nieto, a London-based engineer with over 30 years' experience, is appointed an executive director. This expands the board; no other change is stated.
10 May 2011investor presentation● Neutral
May 2011 presentation restates known facts: 85% of CI-202 after the C+L purchase (EGM 27 May), about A$68m cash, market cap about A$162m at 45c, and the Accra 18% awaiting approvals. FDP and reserves update planned for Q3 2011; drilling from Q1 2012.
9 May 2011director officer appointment● NeutralMajor
Bruce Burrows, finance director of JKX Oil & Gas, joins as non-executive director in London. Technical Director Brett Woods, who led Rialto's growth over 4.5 years, resigns but will work through his 3-month notice period.
6 Apr 2011security holder rights change● Neutral
ASX granted waivers for the C&L Natural 25% purchase, allowing consideration shares to ACC International and minority holders: up to 13,276,423 and 10,932,250 shares, and 6,567,559 to the minorities. Issue triggers are an 80c share price or sanctions lifting, or milestones such as FID or first well.
16 Mar 2011drilling progress report▲ Good
Operator Apache completed the Gazelle 3D seismic survey over all of WA-399-P on 11 March 2011, on schedule. Apache funded the full cost, so Rialto's 12% was carried. Data will now be processed before the joint venture decides any next exploration step.
15 Mar 2011half year report● Neutral
Half-year to 31 December 2010: gross loss of $3.91m (2009: $2.26m). Repeats the agreed purchase of the remaining 25% of C&L Natural, about $30m including costs, to lift CI-202 to 85%; the shareholder meeting is now expected in April 2011.
11 Mar 2011other● Neutral
Rialto says broker FirstEnergy Capital has started research coverage. The report is on the company website; no new company information.
4 Mar 2011other● Neutral
S&P's quarterly index rebalance list, a third-party announcement. Rialto is listed among additions to the All Ordinaries index, effective 18 March 2011. No company-specific information.
4 Mar 2011other▲ Good
Rialto notes its admission to the S&P All Ordinaries Index. It cites over A$70m cash and A$85m of institutional raisings in 2010, plus the share purchase plan. No new business developments.
1 Mar 2011drilling progress report▲ Good
Operator Apache began the 3D seismic survey over WA-399-P on 28 February 2011, expected to take about 12 days and paid by Apache. Rialto's 12% interest is carried; results will inform the next exploration step. Announcement is from partner Carnarvon.
18 Feb 2011investor presentation● Neutral
February presentation repeats the CI-202 85% acquisition terms, about 346.5m shares on issue and A$75m pro forma cash. The Accra 18% stays subject to approvals. The acquisition EGM is now March rather than February.
18 Feb 2011investor presentation● Neutral
Re-release of the 18 February investor presentation with apparently identical content. No new information.
16 Feb 2011capital raising announcement● Neutral
Notice that 38,362,668 shares, the second placement tranche, were issued on 16 February 2011. This completes the A$55m raising after shareholder approval.
14 Feb 2011resource reserve update● NeutralMajor
RPS updated CI-202 gross mean resources to 196 million barrels of oil and condensate and 1,060 bcf of gas. Mean contingent oil fell from 80 to 56 million barrels and contingent gas rose from 224 to 391 bcf, after new data showed a higher gas-to-oil ratio in the IVCO-22 well.
21 Jan 2011admin correction▼ Bad
Rialto corrects its December release: it does not yet hold an 18% Accra interest. The assignment from Challenger Minerals is still being finalised and needs approval from the Accra joint venture, GNPC and the Ministry.
6 Jan 2011capital raising announcement● Neutral
Administrative notice that 40,208,761 shares from the first placement tranche were issued on 6 January 2011. It confirms Tranche 1 settled, with Tranche 2 still awaiting shareholder approval.
4 Jan 2011other● Neutral
Rialto files its securities trading policy under Listing Rule 12.9. It is a compliance document restricting dealing by directors and staff; no new business information.
23 Dec 2010investor presentation▲ Good
Presentation backs the A$55m raising and CI-202 buy-up. It puts the deal at about US$31.5m in cash and shares, lifts Rialto's 2C resources from 51 to 68 million barrels, and shows pro forma cash of A$75m. Largely repeats the announcement.
23 Dec 2010capital raising announcement▲ GoodMajor
Rialto raises about A$55m from a placement of 78.6m shares at 70c (10.8% discount), and plans to buy the remaining 25% of C&L Natural Resources, lifting CI-202 from 63.75% to 85%. The deal needs shareholder approval; the seller group includes a director-linked company.
What it means for a shareholder
78.6m new shares at A$0.700 to raise about A$55.0m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (1,429 at the issue price), your slice goes from 0.000533% to 0.000412% of the company. To keep it you'd need 419 more shares - about A$293 at the issue price.
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