Rialto’s Offshore Accra Entrance Approved
Rialto Energy Ltd. has received approval from Ghana’s state-run firm, GNPC, and the oil ministry to acquire a 12.5% participating interest in the Offshore Accra Contract Area, Ghana. The company is acquiring its interest alongside fellow new entrants Ophir Ghana (Accra) Ltd. and Vitol Upstream (Accra) Ltd.
As part of the transaction, operatorship is transferring from Tap to Ophir.
The block contains a number of prospects, including Starfish, a large, deep-water prospect, which according to the current operator is analogous to the Jubilee discovery with unrisked prospective resources estimated to be in the range of half a billion barrels. The prospect is recommended for drilling in 2013.
To complete the acquisition of its interest, Rialto is required to pay its 12.5% proportional share of past costs, which amounts to a net payment of around $3 million, and provide a bank guarantee in respect of its participating interest share of the approved work program and budget for the current exploration period.
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