Rialto Energy (LON:RIA), the Australian oil and gas group with operations in Cote d’Ivoire, has reached target depth with its offshore Gazelle-P3 ST2 well, with oil and gas zones encountered as expected.
The latest well was a side-track designed to optimise the recently drilled Gazelle-P3 ST well in order to underpin the oil and gas development of the Gazelle field. The ST2 will further appraise the UC-1 and UC-3 reservoirs, with Rialto planning to test and ultimately use the ST2 as a future producer in UC-1.
The ST2 well was successfully drilled into the planned Albian target to a total depth of 2959m MD. Wireline logs have been run and MDT pressures and samples taken. Oil and gas PVT quality samples were recovered from the Upper Cenomanian sands, as expected.
Rialto secured its AIM quotation in April this year. It has an operated 85 percent working interest in Block CI-202 within the West African transform margin, which is one of the world’s most attractive emerging petroleum regions. CI-202 contains four significant discoveries and multiple exploration and appraisal opportunities, including the Gazelle field. Rialto has received Governmental approval for a Field Development Plan and its current focus is on the development of the field with first production anticipated by the end of 2013/Q1 2014. Rialto said that samples from the latest well would now be used to assist in the design of the Gazelle field development processing facilities.
