Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Apr 2011quarterly activities report● Neutral
March 2011 quarter: cash A$68.9m. The EGM to approve the remaining 25% of C+L Natural is now set for 27 May 2011. WA-399-P seismic is done, Accra assignment still awaits approvals, and Cote d'Ivoire unrest may delay the work programme. A CFO was appointed; first production is still targeted for end 2012.
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.
31 Jan 2011quarterly activities report● Neutral
December 2010 quarter: reports the A$55m raising, the move to 85% of CI-202 and the Accra assignment still awaiting approvals. First CI-202 production is targeted by end 2012, and civil unrest in Cote d'Ivoire is being monitored. Mostly repeats known events.
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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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.
30 Nov 2010agm notice● Neutral
All ten resolutions at the 30 November 2010 AGM pass, including director re-elections, the remuneration report, options for Jeff Schrull and Ernst & Young replacing Deloitte as auditor. Brett Woods' re-election drew 32.5m votes against.
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 2010quarterly activities report● Neutral
September 2010 quarter: cash was A$21.06m after the placement and share purchase plan. The company aims for first CI-202 production in 2012, with a rig, field development plan and investment decision all planned for 2011. Nil debt not restated in the visible text.
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.
