Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2012agm notice● Neutral
Administrative notice that the Annual General Meeting will be held on 23 November 2012, with the notice of meeting to follow.
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.
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.
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.
31 July 2012quarterly activities report● Neutral
June quarter report recaps Gazelle-P3 ST1/ST2 results (760 bopd, 19.5 mmscfd), the 25-year Gazelle exploitation area, Petrofac FEED, the Sapphire Driller rig, and the US$20m IFC investment. Gazelle-P4 spudded 25 July. Mostly repeats known facts.
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.
