Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2012quarterly activities report● Neutral
March-quarter report: A$86.4m raised to fund the three-well CI-202 programme, Gazelle-P3 sidetracked after the stuck pipe and drilling ahead, AIM listing done. Targets Gazelle FID in 2012 and first production end-2013/early 2014; Condor/Chouette plans repeat known points. Text truncated.
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.
10 Apr 2012drilling progress report● Neutral
Gazelle-P3 repairs to the rig's top drive are complete; crews are now fishing for the stuck pipe at 1,070 m, with drilling expected to resume within days. Continues the 2 April setback; no hydrocarbon indications yet.
5 Apr 2012other▲ GoodMajor
Rialto published its AIM Admission Document on 5 April 2012, with admission expected around 12 April. No funds are raised; the whole share capital is admitted, making Rialto dual-listed on AIM and ASX. Follows the Q1 target slightly late.
5 Apr 2012director officer appointment● Neutral
Non-executive director Chaim Lebovits, founder of C&L Natural Resources (sold to Rialto, holder of the CI-202 interest), stood down from the board on 5 April 2012. Second non-executive departure in about two weeks.
2 Apr 2012drilling progress report▼ BadMajor
Gazelle-P3 drill pipe stuck at 1,070 m; during freeing attempts the drill string parted and rig equipment failed. Transocean estimates two weeks of repairs and fishing before drilling resumes. First setback for the three-well programme; total days now prognosed at 59.
27 Mar 2012drilling progress report● Neutral
Gazelle-P3 drilled to 1,000 m after setting 20-inch casing at 545 m; no hydrocarbon indications yet. Prognosed total time is 45 days to drill. Next step is setting 13 3/8-inch casing at 1,540 m.
27 Mar 2012capital raising announcement▲ GoodMajor
IFC and its ALAC fund signed the subscription agreement for about US$20m: 63,707,267 shares at A$0.30 (A$19.1m) plus 15.9m options. IFC board approved 22 March; closing expected mid-April. This resolves the IFC funding thread opened in January.
What it means for a shareholder
63.7m new shares at A$0.300 to raise about A$19.1m. That's 9.3% dilution: every existing holder's slice gets 9.3% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.000539% to 0.000489% of the company. To keep it you'd need 343 more shares - about A$103 at the issue price.
Create a free account to see this worked out for your own holding.
26 Mar 2012director officer appointment● Neutral
Non-executive director Glenn Whiddon resigned immediately, only weeks after becoming a non-executive director when Bruce Burrows became chair. Joint Company Secretary Neil Hackett joins the board as non-executive director while a replacement is sought.
20 Mar 2012drilling progress report● Neutral
Gazelle-P3 reached 550 m with 20-inch casing being set. Planned depth is now about 3,685 m, still 60-70 days to drill and test. No new results.
14 Mar 2012half year report● Neutral
Half-year report to 31 December 2011 shows a gross loss of A$3.35m (prior year A$3.91m). It restates the RPS resource estimates and Gazelle development progress. Text provided is truncated, so no further figures are confirmed.
13 Mar 2012agm notice● Neutral
Rialto lodged its amended constitution, adopted by special resolution at the 6 March 2012 shareholder meeting. Administrative; the text provided does not describe what changed.
13 Mar 2012drilling spud▲ GoodMajor
Gazelle-P3 spudded 12 March 2012 on the GSF Monitor, first of three CI-202 wells (85% Rialto, operator). Planned depth about 3,400 m, 60-70 days to drill and test. FID now targeted Q3 or Q4 2012; first production by end 2013.
8 Mar 2012capital raising announcement● Neutral
Rialto issued 144,750,000 shares on 8 March 2012 to directors and institutional and sophisticated investors, with the required compliance notice. This matches Tranche 2 of the A$60m placement at A$0.30 (inference on link), completing the placement after shareholder approval.
7 Mar 2012investor presentation● Neutral
Euroz conference presentation repeats known points: A$200m pro forma market cap, enterprise value A$71m, three-well CI-202 programme, RPS resource figures, and AIM listing by end of Q1. Still says drilling expected to start in February. No new information.
5 Mar 2012security holder rights change● Neutral
Rialto will move to amend the 6 March meeting resolution so the IFC placement of up to 63,707,267 shares (with 1 option per 4 shares) can be issued to IFC or associates. Half is intended for IFC's ALAC Fund, subject to finalising the subscription.
2 Mar 2012director officer appointment● NeutralMajor
Non-executive director Bruce Burrows becomes Non-Executive Chairman from 7 March 2012, with Glenn Whiddon moving to non-executive director. Linked to the London relocation and planned AIM listing. The company says the three-well programme is now fully funded.
27 Feb 2012drilling scheduled▲ Good
Transocean's GSF Monitor rig has been released to Rialto and will be towed from Nigeria to CI-202. The Gazelle-P3 well is expected to spud before mid-March 2012, taking 60-70 days to drill and test. The three-well programme should take about six months; the rig has been delayed from the earlier February plan.
2 Feb 2012capital raising announcement● Neutral
Rialto issued 56,250,000 shares to employees and institutional investors on 2 February 2012, with the required compliance notice. This appears to be the first tranche of the placement (announced as about 55.25m shares), plus some employee shares (inference).
