1 Feb 2012capital raising announcement● Neutral
Invitation letter to eligible shareholders for the share purchase plan: up to $15,000 each at $0.30 per share, capped at $8m in total, closing 15 February 2012. Terms already announced on 27 January.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2012quarterly activities report● Neutral
December 2011 quarter: Gazelle FDP approved 15 Dec and gas sales MOU signed for up to 100 mmcf/d. The first of three wells is due to spud in Q1 2012, 3D seismic is complete, and FID is now targeted for Q3 2012 (earlier: mid-2012). AIM listing is slated for late Q1.
31 Jan 2012other● Neutral
Required cleansing notice for the share purchase plan, which offers up to 26,666,667 shares at $0.30 to raise up to $8m, opening 1 February 2012. Administrative; no new substance.
27 Jan 2012capital raising announcement▲ GoodMajor
Raising A$60m at A$0.30 per share (about 200m shares, a 14% discount to last close) in two tranches, plus an up to A$8m share purchase plan. The IFC investment is now set at about 63.7m shares at A$0.30 plus 15.9m options at A$0.50. Funds the three-well CI-202 programme; AIM listing targeted by end of quarter.
What it means for a shareholder
63.7m new shares at A$0.300 to raise about A$19.1m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.000889% to 0.00076% of the company. To keep it you'd need 566 more shares - about A$170 at the issue price.
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27 Jan 2012other● Neutral
ASX lifted the trading suspension on Rialto shares before trading on 27 January 2012, after the equity raising announcement. Administrative.
27 Jan 2012investor presentation● Neutral
Equity raising presentation repeats the A$60m placement at 30c, the A$8m purchase plan and the IFC placement. Pro forma shares are about 665m, with pro forma cash of A$129m (31 Dec 2011) and market cap about A$200m at 30c.
23 Jan 2012investor presentation● Neutral
January 2012 operations update repeats known facts: three-well CI-202 campaign from February, Gazelle FDP approval, IFC US$20m proposal, and an AIM listing intended by end of Q1 2012. Accra 18% still awaits approvals. No new information.
19 Jan 2012other▲ Good
Block-wide 3D seismic survey of 891 km2 over CI-202 (Rialto 85%, operator) is complete, with contractor Polarcus. Processing starts shortly to refine prospect maps and the five existing discoveries' resources. No new resource numbers yet.
16 Jan 2012capital raising announcement▲ GoodMajor
Agreement in principle for the World Bank's IFC to invest about US$20m via a private placement of shares and warrants, to fund the CI-202 drilling due February 2012. It needs IFC board approval after a 60-day disclosure period, plus shareholder approval. This answers the funding need flagged earlier.
28 Dec 2011security holder rights change● Neutral
Issued 9,645,000 performance rights and 4,050,000 options (exercisable at $0.43, expiring 21 Dec 2016) to employees under plans approved at the 29 Nov 2011 AGM, including to MD Schrull and COO Nieto. Routine staff incentive issue; 1,791,667 options cancelled.
16 Dec 2011regulatory community update▲ GoodMajor
Côte d'Ivoire approved the Gazelle field development plan, with a 25-year exploitation area, and a gas sales MOU was signed for up to 100 mmscfd. Production is targeted for Q4 2013 at 8,000 bopd, later than earlier targets. Drilling starts February 2012; FID is expected mid-2012.
29 Nov 2011drilling scheduled▲ Good
Gazelle field development plan was submitted on 4 November, with approval expected by year end. The GSF Monitor rig is expected to be available in late Q1 2012, and long-lead drilling items are arriving in Abidjan. A new Deputy General Manager has been hired.
31 Oct 2011quarterly activities report● Neutral
September 2011 quarter: Gazelle field development plan completed and submitted, with approval hoped by end 2011. First production is now targeted for the second half of 2013, later than the earlier end-2012 goal. Extra funding is needed; the Accra approval is still pending.
28 Oct 2011investor presentation● Neutral
October 2011 presentation at the RBC African Oil Conference in Toronto repeats the September deck: 85% of CI-202, cash about A$53m, market cap A$169m, and RPS resources. No new information.
27 Oct 2011annual report● Neutral
2011 Annual Report repeats known facts: A$59.1m cash at 30 June and no debt, two raisings totalling A$88m in the year, the RPS resource figures, and a 3-well (2 firm) programme from Q1 2012. AIM listing is still being pursued.
28 Sept 2011annual report● Neutral
Financial report for the year to 30 June 2011: net loss A$7.98m (A$3.44m prior year) on revenue of A$1.45m. The 25% C+L Natural purchase cost A$17.9m including costs. Cash was A$59.1m with no debt, per the annual report highlights.
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 2011quarterly activities report● Neutral
June 2011 quarter: CI-202 stake is now 85% after the C+L Natural purchase, with 2-3 wells planned for Q1 2012. First production, previously end 2012, may slip to the first half of 2013. The Accra 18% still awaits approvals; WA-399-P seismic is being processed.
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.