Rialto to Release Rig in Cote d’Ivoire

Rialto Energy reported that the JV for Block CI-202 offshore Cote d’Ivoire has chosen to release the Transocean GSF Monitor drilling rig after the completion of drilling and testing of the Gazelle-P4 development well. The company said that this will allow the JV to focus on the FEED for the Gazelle field development and to further refine exploration options for its Cote d'Ivoire acreage. Gazelle-P4 will be the third and final well under the drilling contract for the Transocean GSF Monitor.

Rialto said that based on the recent success of its wells and the newly processed volumes of the recently acquired block-wide 3D seismic survey, it is now assessing the full exploration potential of the block. This review is being undertaken in order to rank the growing number of exploration and appraisal targets for consideration as part of the 2013 drilling campaign. Many new prospects have been identified and involve deeper targets which will be more easily penetrated using the recently contracted Vantage Sapphire jack-up drilling rig.

The current, in-depth studies being undertaken by Rialto will include a strong focus on the recent Condor discovery and the Choutte Prospect. The studies will also incorporate the recently acquired drilling and seismic data. As well as a strong focus on the exploration potential which exists in Block CI-202; Rialto will continue to develop its understanding of the four significant existing discoveries located on the block. These discoveries will be the subject of future appraisal/development drilling, with future tie-backs to the Gazelle development.

Following completion of the drilling of the Gazelle-P4 well and subsequent release of the rig, Rialto will have completed its appraisal and development drilling program of the Gazelle Field via three additional penetrations of the Gazelle structure and appropriate testing.