Petroleum Africa
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Friday, December 16, 2011
Rialto Energy Ltd. has received approval from the government of Cote d’Ivoire for its Field Development Plan (FDP) for the Gazelle Field on block CI-202. The FDP approval will allow the fast track development of the Gazelle Field resulting in a production start-up target of Q4 2013 at initial oil rates of 8,000 bpd and gas rates up to 100 Mmscf/d.
Rialto said that the field’s development will utilize a production platform in 40 meters water depth, with production being processed and exported via bundled pipelines to existing onshore infrastructure. initial production from the Gazelle Field is anticipated at 8,000 bpd of oil and condensate and up to 100 Mmcf/d of gas. The pipelines taking the production onshore have capacities of up to 40,000 bpd and 230 Mmcf/d to allow for further infill drilling at Gazelle and tieback of existing satellite fields.
The location of the Gazelle Field Facilities will allow it to become an important hub for low cost development of future discoveries within CI-202.
Subsequent to the approval of the FDP, Rialto will be formally granted an Exclusive Exploitation Area over the Gazelle Field, which will cover an area of 58.5 sq km and will cover a period of 25 years.
The Gazelle Field Development is the beginning of the monetization of the significant contingent and prospective oil and gas resources within CI-202.
Rialto signed a MoU for gas sales on December 14 which stipulates the essential terms of a final, binding take-or-pay Gas Sales Agreement which will be executed prior to the FID being taken. The FID is expected to occur in mid-2012 following completion of Rialto’s Q1 and Q2 2012 drilling program. The MoU provides the commercial terms for the delivery of gas quantities of up to 100 Mmscf/d, based on a minimum seven year production profile generated using the Mean Contingent Resources identified within the Gazelle Field.
The company’s Q1 and Q2 drilling program will commence with the drilling of the first two development wells in February 2012. Drilling will be conducted using the GSF Monitor jack-up rig. Additionally a third well will test the high impact Chouette prospect. Rialto’s technical team are finalizing the detailed evaluation and testing programs for the three wells and will work with Petroci, its JV partner, over the coming weeks to finalize the well proposals.
Jeff Schrull, managing director, commented: “The Gazelle FDP approval and the execution of the Gas MOU are key milestones for the company and we look forward to our active drilling program in 2012. This will move us closer to our goal of becoming an established oil and gas producer with significant low risk growth potential. It is also very important to Rialto that this project will contribute to meeting the energy needs of Cote d’Ivoire.”
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