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Rialto Energy says Gazelle well encounters 'encouraging' oil and gas shows

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Rialto Energy’s (LON:RIA, ASX:RIA) Gazelle-P3 ST well has encountered encouraging oil and gas shows, the Ivory Coast focused oil and gas explorer said today in its latest drilling report.

Gazelle-P3 ST 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.

The well, which was spudded on 12 March, has been drilled to a depth of 3161m MDRT and will be evaluated by wire line logging and fluid and pressure sampling once it reaches an estimated depth of 3400 MDRT.

Rialto said it will provide a further update once the drilling and subsequent logging programme is completed, while the next drilling report is due on 22 May.

The aim of the programme is to convert the 58mmboe of gross mean contingent resource at Gazelle to reserves as well as testing the high impact Chouette oil prospect, which contains a gross mean prospective resource of 84mmbbls.

Rialto is a pure play on the Ivory Coast where it has a number of appraisal stage oil and gas discoveries within the 85 per cent owned CI-202 block.

Some of its assets are almost adjacent to Tullow Oil’s massive Jubilee field, which is in Ghanaian waters.

 

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