Weekly Drilling Progress Report for Gazelle-P3 ST Well

Rialto Energy Limited, provides the following weekly update on drilling operations at the Gazelle-P3 ST Well. The Gazelle-P3 ST well was spudded on 12 March 2012 using the Transocean GSF Monitor jack-up drilling rig. The well is the first of an overall three well drilling programme on CI-202 that is anticipated to take six months to complete, together with testing.

Since the last report, the stuck pipe was freed to a depth of 870 metres MD, a cement plug was set and a sidetrack started. As of 12:00 GMT 23rd April, the well is drilling ahead at 1302 metres MD. The next casing point is at 1538 metres MD.

• Tendeka Wins Contract to Provide Swell Packers in Doha 
• Pipe Recovery in Extended Reach Well, Ivory Coast 
• TDW & BP Sign Global Services Contract 
• Deep Casing Tools Awarded an Order by CNR International 
• TDW Completes Subsea Pipeline Isolation in Gulf Of Mexico 
• Greenfields Announced Bahar Development Operations Update 
• Pancontinental Provides Casing Update on Mbawa Well 
• Deep Casing Tools Wins First Order for Tools in Oseberg Field 
• Deep Casing Tools Awarded Significant Order in Saudi Arabia 
• Deep Casing Tools Wins Significant Order in Saudi Arabia 

• Rialto Energy Resumes Cote d'Ivoire Operations 
• Rialto Energy Completes Acquisition of C&L Natural Resources Limited 
• Rialto Provides Drilling Update for Gazelle-P3 ST Well 
• Weekly Report for Gazelle-P3 ST Well for 2nd Week of May 
• Exploration