6 Dec 2018drilling progress report● Neutral
Road to the Montney drill pad was completed on schedule on 4 December and 24/7 civil works have begun. Precision's rig PD379 is expected at site in the final week of December. Drilling has not yet started.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2018drilling scheduled▲ Good
Calima plans three Montney wells from December: one cored vertical well, then two horizontal wells of 2,500 m, fracture stimulated and production tested for 4-6 weeks. A consultant review of over 500 nearby wells supports the design. Drilling is still planned, not started.
14 Mar 2018resource reserve update▲ GoodMajor
McDaniel estimates gross unrisked prospective resources for the Calima Lands of 2.1 Tcf of gas and 114.4 MMbbl of liquids, about 476 MMboe. Calima's 55% share is about 262 MMboe. These are undiscovered, prospective volumes, and it delivers the resource assessment expected in Q1 2018.
7 Mar 2018farm in farm out completion▲ GoodMajor
Calima reached the C$5m Stage 1 spend and earned a 20% working interest in the Montney JV, ahead of the August 2018 deadline. Stages 2 (C$7m, by 28 Feb 2019) and 3 (C$13m, by 28 Feb 2020) can lift it to 55%. Three wells are planned from November 2018.
3 Oct 2017resource reserve update▲ Good
An independent report by McDaniel says the Montney reservoirs on the 63,800-acre Calima Lands compare favourably with Saguaro Resources' developments to the south. Pay thickness and porosity are higher. It is a qualitative geological review, not a resource estimate. It closes the McDaniel report thread.
7 Sept 2017drilling scheduled▲ Good
Calima licensed 60 km2 of 3D seismic and bought well data on its 51,455-acre Montney lands, and began planning three horizontal wells for drilling in 2018. It aims to lift acreage to 65-70,000 acres by year-end. This advances the farm-in work program.
29 Aug 2017farm in farm out completion▲ GoodMajor
The Calima acquisition and the Montney farm-in have both completed, and all prospectus securities were issued. Re-compliance with ASX listing rules is satisfied. Azonto's re-entry into oil and gas, announced on 1 May, is now done.
1 May 2017farm in farm out agreement▲ GoodMajor
Azonto re-enters oil and gas. It will farm into Canada's Montney Project to earn up to 55% by spending C$25m over three stages, and buy Calima Energy from Havoc. It plans to raise A$2.25-4.5m, consolidate shares 1-for-3, rename and reconstitute the board. Re-compliance with listing rules is required.
13 May 2014resource reserve update● NeutralMajor
An updated RPS report put Gazelle gross contingent resources at 47 bcf of gas (1C) and 92 bcf (2C), in line with Vioco's assumptions. Post-tax value to Vioco ranged from US$9-18m (1C) to US$149-168m (3C), and the field still awaited plan approval and FID.
8 Nov 2013farm in farm out completion▲ GoodMajor
New CI-202 PSC signed 7 Nov 2013 and Vitol completes its purchase of 65% of Rialto CdI for a US$50m development loan. Resolves the September MoU and Vitol deal. Rialto CdI now holds 87% of the PSC, and remains operator.
12 July 2013drilling result▼ Bad
Partner Tap Oil's final Starfish-1 update: 230m of sandstone in the main target was water wet, and the secondary target had poor, water-bearing sands. The well is being abandoned. The partners will reassess the block before the 23 September 2013 Phase 2 election. Repeats Rialto's own news.
12 July 2013drilling result▼ Bad
Rialto confirms Starfish-1 found 230m of water-wet sandstone in the main target and poor, water-bearing sands in the secondary. The MD calls it disappointing but says it is too early for firm conclusions. Rialto says its exposure was minimised by the Vitol facility.
10 July 2013drilling result▼ BadMajor
Starfish-1 reached final depth of 4,380m. Early interpretation of logs and pressure data is that no movable hydrocarbons were found. The well will be plugged and abandoned, a setback after the 20% chance-of-success prospect.
3 July 2013drilling progress report● Neutral
Starfish-1 has been drilled to 3,695m, with 13⅜-inch casing set at 3,035m. The expected drilling time is now 35 days (trouble free) to a planned 4,560m. No hydrocarbon result yet.
27 June 2013drilling progress report● Neutral
Starfish-1 in Ghana has reached 2,627m after 6 days, with 20-inch casing set at 2,218m. Target depth is 4,560m, about 40 days in total. No result yet; the well targets 292 MMBOE mean prospective resources at a 20% chance of success.
19 June 2013drilling spud▲ GoodMajor
Ophir spuds Starfish-1 offshore Ghana, in 1,500m of water targeting 3,850m, estimating 292 MMBOE mean prospective resources at a 20% chance of success. About 40 days of drilling. Rialto's net interest falls to 6.125% if it fully draws the Vitol facility.
8 May 2013farm in farm out completion▲ GoodMajor
Rialto completes entry to the Accra Block (12.5%) under its Tap Oil farm-in by posting security for its Starfish-1 well costs, funded through the Vitol facility. Vitol gets 20% of Rialto Ghana, pending Ghanaian approvals. Drilling is due June 2013.
23 Apr 2013farm in farm out agreement● NeutralMajor
Term sheet with Vitol: Vitol takes 65% of Rialto's Côte d'Ivoire company for US$50m of work funding, and 20% of Rialto Ghana for funding the US$7.7m Starfish-1 share. The Vantage rig contract is terminated. Subject to conditions due by 9 November 2013.
15 Jan 2013resource reserve update● NeutralMajor
Updated RPS report on CI-202 lifts mean prospective resources to 897 MMbbl liquids and 2,936 Bcf gas (21 prospects, 8 new from 3D seismic). Gazelle-area contingent resources fall to 40 MMbbl and 270 Bcf from 50 MMbbl and 396 Bcf, resolving the pending revised CPR.
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.
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.
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.
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.
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.
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.