Mar 13 - Rialto Energy Announces Interim Results - Updates West Africa Operations

Source Press Release
Company Calima Energy Limited 
Tags People, Financial & Operating Data
Date March 15, 2013

Rialto Energy,  has announced its reviewed final results for the half year ended 31 December 2012.

Operational Highlights:

Highlights for the period include:

  • Completion of the drilling of Gazelle P-4, the third well of the first phase Gazelle appraisal drilling campaign.
  • Completion of processing and interpretation of new acquired block-wide 3D seismic data, yielding several new exploration prospects as well as an increased understanding of already identified prospects and existing discoveries.
  • Preparation by the Company for a planned 2-3 well 2013 exploration drilling campaign.
  • The increase by Petroci of its participating interest in the Gazelle Exclusive Exploitation Area ("EEA") by 11%, up to a 26%paying interest.
  • Receipt of Ghanaian Government approval for Rialto's entry into the Offshore Accra Contract Area for a 12.5% participating interest along with fellow new Joint Venture Partners, Ophir Energy and Vitol.
  • Rob Shepherd being appointed as CEO of the Company.

Financial Highlights:

  • The Group's revenue for the half year ended 31 December 2012 was $112,485 (2011: $422,845)
  • The net loss before tax was $4,449,807 (2011: $3,316,718) and the net loss after tax was $4,516,572 (2011: $3,348,636)
  • Cash and cash equivalents at 31 December 2012 were $30,333,169 (2011: $44,367,172) and the net cash used for investing activities was $39.825.571 (2011: $12,689,654).
  • Company continues to review its funding options ahead of it planned drilling programme
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