13 June 2012drilling progress report▲ Good
Gazelle-P3 ST2 drilled to 2,784 m, with direct and cut fluorescence seen in the UC1 sands. Drilling continues to total depth in the Albian, then logging. Shows only, not a flow result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 June 2012drilling progress report● Neutral
Gazelle-P3 ST2 was kicked off from 1,578 m and is drilling at 1,691 m, with the Upper Cenomanian top expected at 2,570 m in about 7 days. No hydrocarbon indications yet; no new result.
1 June 2012drilling scheduled● NeutralMajor
Rialto began a second sidetrack, Gazelle-P3 ST2, taking 12-15 days, to appraise the UC-1 and UC-3 sands and test UC-1 before suspending it as a future producer. Extra drilling lifts 2012 net costs to US$85m versus US$76m forecast, which the company says existing funds cover.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
3 May 2007farm in farm out completion▲ GoodMajor
Completion of 750km of 2D seismic in WA-291-P means Rialto has earned its 30% interest; Tap Oil holds 70% and operates. Processing is due by June 2007, with a ranked prospect list expected in the second half of 2007.
4 Apr 2007drilling progress report● Neutral
Announcement of the start of the 2D seismic survey in WA-291-P. Only a survey map is readable, so no further detail is available.