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Rialto Completes Accra Block Farm-in with Tap Oil

Source: www.gulfoilandgas.com 5/8/2013, Location: Africa

The Company is pleased to announce that it has received notification from Tap Oil Limited that Rialto has satisfied the conditions under its Farm-in Agreement, for its acquisition of a 12.5% participating interest in the Offshore Accra Contract Area, Ghana, West Africa. This has been concluded via the posting of security for Rialto’s share of the costs for the drilling of the upcoming Starfish-1 exploration well in the Accra Block. As part of Rialto’s recently announced transaction with Vitol S.A. (Vitol), the security has been provided through a facility provided by Vitol. In return for providing the facility Vitol will receive a 20% interest in Rialto Energy (Ghana) Limited, subject to receipt of all required Ghanaian regulatory approvals.

The Starfish-1 well, which the Operator, Ophir Energy estimates to hold 292mmbbls of gross prospective un-risked mean resource (2.62 mmbbls net to Rialto), is scheduled to commence in June 2013.

Commenting on this announcement, Rialto’s Managing Director, Mr Rob Shepherd said:

“We are very pleased to have completed entry into the Accra Block. Rialto is now looking forward to participating in the drilling of the Starfish-1 well in June with the other joint venture participants with much anticipation. This is the first step in the recently announced transaction with Vitol and we continue to work hard to progress those parts of the transaction that deal with Rialto’s Block CI-202, in Cote d’Ivoire.”

For more information about related Opportunities and Key Players visit West Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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