The Government of Ivory Coast has given a green light for Rialto Energy’s Field Development Plan (“FDP”) for the Gazelle Field located in CI-202 . The FDP approval will allow the fast track development of the Gazelle Field resulting in production start-up in Fourth Quarter 2013 at initial oil rates of 8000 bopd and gas rates up to 100mmscfd.
The Gazelle Field Development will utilise a production platform in 40m water depth, where oil and gas production will be processed and exported via bundled pipelines to existing onshore infrastructure, located 30 km to the North-West of CI-202. Initial production from the Gazelle Field is anticipated at 8,000 bpd of oil and condensate and up to 100 mmcfd of gas; however, the pipelines will have capacities of up to 40,000 bopd and 230 mmcfd to allow for further infill drilling at Gazelle and tieback of existing satellite fields. The location of the Gazelle Field Facilities will allow it to become an important hub for low cost development of future discoveries within CI-202.
Consequent to the approval of the FDP, Rialto will be formally granted an Exclusive Exploitation Area over the Gazelle Field, which will cover an area of 58.5 km2 and will be for a period of 25 years.
The Gazelle Field Development is the beginning of the monetization of the significant contingent and prospective oil and gas resources within CI-202.
Jeff Schrull, Managing Director, commented:
“The Gazelle FDP approval and the execution of the Gas MOU are key milestones for the Company and we look forward to our active drilling programme in 2012. This will move us closer to our goal of becoming an established oil and gas producer with significant low risk growth potential. It is also very important to Rialto that this project will contribute to meeting the energy needs of Cote d’Ivoire.”
Rialto Energy Limited holds 85% working interest and operates Block CI-202 located offshore, Cote d’Ivoire in West Africa (“CI-202”) and is Operator of the Block.
[mappress] Offshore Energy Today Staff, December 16, 2011