Rialto seeking entry into offshore Ghana concession

Offshore staff

WEST PERTH, Australia – Rialto Energy is seeking to farm into the Accra block offshore Ghana.

The company has applied to Ghana’s government and state petroleum company GNPC for assignment of an 18% interest in the block, operated by Tap Oil, pursuant to its agreements with Challenger Minerals.

Rialto hopes to secure formal entry later in the current quarter.

Tap Oil recently acquired 3D seismic over the deepwater part of the block, and data processing is under way. The concession, southeast of Accra, covers 2,000 sq km (772 sq mi), in water depths ranging from 50 m (164 ft) to beyond 2,500 m (8,202 ft).

According to Rialto, Tap Oil has identified several structures on the existing 3D seismic data in shallow to moderate water depths, each of which could hold over 100 MMbbl of prospective resources.

Interpretation of the new seismic data will look for deepwater leads similar to the Jubilee discovery, with a view to maturing prospects for drilling.

In neighboring Côte d’Ivoire, Rialto operates the CI-202 license in partnership with Petroci. The focus here is on completion of subsurface and engineering studies for a field development in the Gazelle area, which could lead to first production during 1Q 2013.

By the end of the current quarter, Rialto aims to finalize all well locations and objectives for an initial drilling program which would fulfil the company’s minimum Phase I work obligation for the license.

In addition to a current two-to-three well rig contract due to start early next year, the company is trying to secure a second rig for a multi-well program starting around 3Q 2012.

Preparation and submission of a field development plan and associated reserves and resources reports all should be completed shortly, along with a gas use plan, based on integrated subsurface and facilities studies.

A 3D seismic acquisition program on the license should get under way in late 2011- early 2012. Rialto believes this will allow it to infill missing data in the south of CI-202 and the shallower water over the Gazelle area, as well as improving understanding of outboard features in the block.

08/03/2011



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