Australia-based independent oil and gas company Rialto Energy has entered a principle agreement with the International Finance Corporation (IFC) for a proposed investment of $20m in an oilfield offshore the Ivory Coast.
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The funding, which was received through a non-brokered private placement, will be used for drilling operations at the Gazelle field in block CI-202. Drilling operations will begin next month.
The 675km2 block contains four oil and gas discoveries: Gazelle, Hippo-1, Bubale and Addax, all located in water depths of 50-100m. They hold mean contingent resources totalling 50 million barrels of liquids and 396 billion cubic feet of gas.
The investment is still subject to approval from the IFC board at the end of the required 60-day public disclosure period and the approval of Rialto shareholders.
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The Gazelle Field is located in shallow waters, which lie in close proximity to the onshore production infrastructure. Production will be processed and transported to shore through bundled pipelines, and development will commence with the drilling of two wells this quarter. Initial production from the Gazelle Field is planned for the fourth quarter of 2013, with an output of 8,000 barrels of oil per day and 100 million cubic feet of gas per day.
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By GlobalDataA final investment decision for the development will take place by mid-2012 after Rialto wraps up its planned drilling campaign.
The company recently executed a gas sales memorandum of understanding with the Ivory Coast Government to facilitate the commercialisation of Gazelle’s gas resources. The gas sales agreement will be executed ahead of a final investment decision for the Gazelle Field in mid-2012.
Caption: Block CI-202 will be drilled offshore the Ivory Coast.
