Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Nov 2010investor presentation● Neutral
November 2010 AGM presentation cites a market value of about A$172m with A$21m cash. It says a CI-202 development plan is due May 2011 and 5-7 wells are planned from late 2011. Accra 3D seismic starts Q1 2011.
23 Nov 2010director officer appointment● Neutral
Rialto names Charles Nieto Chief Operating Officer in London, plus William Foley and Thomas Thrasher in advisory and reservoir roles. It also lists earlier hires including Jean-Pierre Petit. Builds the team for CI-202 operations.
5 Nov 2010director officer appointment● Neutral
Vance Querio, former Chairman and Managing Director of Addax Petroleum in Nigeria, joins the board. First production is anticipated in 2012. Adds West African operating experience.
29 Oct 2010director officer appointment● Neutral
Matthew Worner, formerly company secretary at Tap Oil, becomes Company Secretary and Chief Legal Officer. Brett Woods resigns as secretary to focus on his technical role. This fills the open permanent secretary thread.
5 Oct 2010capital raising announcement▲ Good
The share purchase plan closes with 303 applications for 9,450,189 shares at 30c, raising $2,835,057, all filled in full. This is below the roughly A$4.6m maximum. It resolves the plan thread and funds CI-202 and working capital.
What it means for a shareholder
9.5m new shares at A$0.300 to raise about A$2.8m. That's 8.6% dilution: every existing holder's slice gets 8.6% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00332% to 0.00304% of the company. To keep it you'd need 314 more shares - about A$94 at the issue price.
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4 Oct 2010price query● Neutral
Responding to an ASX price query, Rialto says it knows of no unannounced information that explains the recent trading and confirms it complies with listing rules. Nothing new is disclosed.
30 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010. It reports the 63.75% CI-202 stake, the RPS resources (220 million barrels oil, 893 bcf gas recoverable), the A$30m raising and the Apache farmout. The chairman's letter cites a 20% Accra entitlement, whereas other releases say 18%.
21 Sept 2010investor presentation● Neutral
September 2010 presentation describes Rialto as West Africa focused, with a market value of about A$90m and A$21m cash as of July 2010. Multi-well drilling is planned from late 2011. Largely repeats known facts.
8 Sept 2010capital raising announcement● Neutral
Rialto offers eligible shareholders a share purchase plan of up to about $10,000 each at 30c, the same price as the placement. It could raise up to about A$4.6m, closes 30 September, and funds CI-202 work and working capital.
27 July 2010capital raising announcement▲ Good
Rialto completes the second and final A$7.5m tranche (25m shares at 30c) of its A$30m placement, resolving the condition on CI-202 completion. Chaim Lebovits, founder of C&L Natural Resources, joins as non-executive director.
What it means for a shareholder
25.0m new shares at A$0.300 to raise about A$7.5m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00332% to 0.00266% of the company. To keep it you'd need 831 more shares - about A$249 at the issue price.
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27 July 2010admin correction● Neutral
Administrative notice that 25,000,000 shares were issued on 27 July 2010 to institutional and sophisticated investors, allowing resale without a prospectus. No new substance beyond the placement already announced.
21 July 2010asset acquisition disposition▲ GoodMajor
Rialto completes the CI-202 acquisition, gaining an effective 63.75% of the Cote d'Ivoire block. Jeff Schrull becomes Managing Director and Glenn Whiddon Executive Chairman; Simon Potter and Robert Hall leave the board. Drilling is planned for 2011. This resolves the pending deal.
20 July 2010admin correction● Neutral
Administrative notice that 79,335,319 shares were issued on 20 July 2010 to institutional and sophisticated investors, allowing them to be resold without a prospectus. It carries no new substance beyond the placement already announced.
15 July 2010capital raising announcement▲ GoodMajor
Rialto completes an institutional placement of 100 million shares at 30 cents to raise A$30.0m, a 17.8% discount to the last close. A$22.5m was approved on 7 July, and A$7.5m is conditional on completion of the CI-202 acquisition. A share purchase plan at 30c follows.
15 July 2010farm in farm out completion● Neutral
Jacka Resources re-announces the revised WA-399-P farm-in agreements and the same post-deal interests: Apache 60%, Jacka 15%, Carnarvon 13%, Rialto 12%. This is a third-party repeat of the Apache farmout news.
15 July 2010farm in farm out agreement● Neutral
Rialto's own release of the WA-399-P farmout to Apache, which funds 3D seismic for a 60% interest. Rialto ends with 12% and says it keeps a material stake through any later drilling. It repeats the Carnarvon announcement.
14 July 2010farm in farm out agreement● NeutralMajor
Carnarvon and Rialto farm out WA-399-P to Apache, which will fund a 3D seismic survey for a 60% interest and operatorship. After the Jacka deal, Rialto's stake is 12%, down from the 30% expected in March. This replaces the planned 2D seismic.
1 July 2010investor presentation● Neutral
June 2010 presentation for the CI-202 acquisition raising. It states a post-completion enterprise value of about A$55m and a planned raising of about A$25m, and names the post-completion management team, including Glenn Whiddon as Executive Chairman. Largely repeats known facts.
1 July 2010resource reserve update▲ GoodMajor
An independent report on CI-202 gives contingent mean oil resources of 80 million barrels and gas of 224 bcf, plus prospective mean oil of 140 million barrels and gas of 669 bcf. It calls these initial estimates. One well plus reprocessing is estimated at about $25 million.
30 June 2010director officer appointment● NeutralMajor
Jeff Schrull, formerly of Addax Petroleum and Chevron, will become Managing Director around 20 July, subject to the CI-202 deal closing. Brett Woods moves to Technical and Exploration Director. ASX also waived a rule so up to 30 million shares can be issued to the sellers within 5 years.
18 June 2010regulatory community update▲ GoodMajor
Cote d'Ivoire's government consents to the change of control, satisfying a key CI-202 condition and giving Rialto an effective 63.75% working interest. Shareholders vote on 7 July, with completion expected mid-July after the capital raising. A drilling campaign is planned for 2011.
30 Apr 2010material agreement● Neutral
Rialto has signed formal documents for the CI-202 acquisition, still conditional on shareholder approval, the capital raising and Ivorian government consent. A Notice of Meeting is due shortly, and an investor presentation was released for briefings starting in Europe in May.
6 Apr 2010asset acquisition disposition▲ GoodMajor
Rialto says it will seek an 18% interest in the Accra Petroleum Agreement offshore Ghana, awarded to an affiliate of its Challenger Minerals JV partner. It has the right but not the obligation to take it, subject to Ghanaian government approvals. This is the first deal from the CMI venture.
6 Apr 2010asset acquisition disposition▲ GoodMajor
Rialto signs a binding agreement to ultimately acquire 75% of C&L Natural Resources, which holds 85% of offshore Cote d'Ivoire block CI-202 (13 wells drilled, 12 hit hydrocarbons). It needs shareholder approval and a roughly A$16 million raising, a major shift from the Australian permits.
9 Mar 2010director officer appointment● Neutral
Company secretary John Arbuckle, in the role since the company's start, resigns to focus on other business. MD Brett Woods takes over the role until a permanent replacement is found.
9 Mar 2010farm in farm out agreement▲ GoodMajor
Rialto agrees to farm out 20% of WA-399-P to Jacka Resources, which pays Rialto's backcosts and a promoted carry on upcoming seismic. Rialto drops from 50% to 30%, subject to approvals. A prospect with hydrocarbon indicators like nearby Macedon Trend discoveries has been mapped.
8 Mar 2010half year report▼ BadMajor
Half-year to 31 Dec 2009: loss of $2,264,996, including $1,024,232 of written-off exploration costs. Rialto notified the regulator on 8 March 2010 that it is withdrawing from WA-291-P, which it took to 100% in 2009. Ted Jacobson left the board 30 Nov 2009; Simon Potter is chairman.
25 Jan 2010security holder rights change● Neutral
Rialto cancelled 1,000,000 unlisted options (83,333 each of three series, plus 375,000 each of two) under their terms. The notice lists the remaining options. Housekeeping; no cash effect.
1 Oct 2009director officer appointment● Neutral
Non-executive director Greg Munyard, the company's initial managing director, retires from the board effective immediately. Another director departure after Laurie Brown in May.
30 Sept 2009annual report● Neutral
Annual report to 30 June 2009. Chairman says the financial crisis stopped Rialto from completing several attractive new-venture deals, which were beyond its means. WA-291-P is now 100% owned with a Late Jurassic play identified. No new results.
