Rialto Eng Share Discussion Threads

[yorkie14] 22/11/2013 19:32

No mention of de-listing on ASX yet from rns.

[treacle32] 22/11/2013 19:03

3 out of 4 bullish harami cross candlesticks for past few trading days which ties in with chart and level 2 picture.

Last Pattern: BULLISH HARAMI CROSS

[gwr7] 22/11/2013 18:52

I wouldn't hold that against him. Too much of a trek from here to Perth just for a Rialto meeting. If you like cricket it's a different matter.

[cougar99] 22/11/2013 17:39

Boz2112 ... thanks for update .... perhaps at same time that Rialto do a clean break with name change then we can have a clean start with an advfn thread ... do we take it that RIA's biggest fan (Treacle) didn't go to the Meeting - he usually seems to be free on Fridays......

[treacle32] 22/11/2013 17:00

When the price finally moves again, it'll only be upwards.

[gwr7] 22/11/2013 16:19

It seems obvious to me the price started dropping when it appeared there'd been a smoke and mirror routine on the Vitol deal (first use of the loan word on 8th November - check the chart). Judging by what Rob said at the meeting about brokers, Rialto has a bad reputation. Hence the name change to Azonto. It's alright blaming former management for that reputation but using their tactics will not restore confidence in my opinion.

[house atreides] 22/11/2013 15:24

Wtf !

We're responsible for the decline in volume now !?

Always thought trickles grasp on reality was tenuous but this...

[gwr7] 22/11/2013 15:14

You're the biggest clown on here.

[treacle32] 22/11/2013 15:00

Some nibbles on ISDX



- Volume been dead when constantly 5m before - no surprise and coincided when some of the people here decided to make the board a comedy circus.

[gwr7] 22/11/2013 14:14

What did he say about recoverable costs Boz? Do they remain Rialto's or are they shared with Vitol? Makes over $80m difference to Rialto.

[treacle32] 22/11/2013 12:59

Now looking to the future:

- Active programme with near-term focus on Gazelle project
- Actively considering new opportunities

[treacle32] 22/11/2013 12:56

AGM Presentation now uploaded on website.

[house atreides] 22/11/2013 12:50

thanks boz - much appreciated. Was looking at the vitol website yesterday
and yeah they are pros. 50m is a lot - obviously a loan impacts us more so than sale of equity but even so, given the state the company were in ...

And the high influence from vitol is encouraging.

Thanks for posting

HA

[boz2112] 22/11/2013 12:43

Another thing apparently costs are down from 11 million a year to 5 million and they are getting lower

[boz2112] 22/11/2013 12:39

The following is my interpretation of events from the agm, do not treat it as facts. I am out for work drinks atm and on phone so proceed at own risk!

OK agm was good much more positive then the egm. Not much to report other then the gas price, rob said a comparable company in ivory coast had an agreement with the gov of 5 dollars, rob said they secured a price north of that. Debt financing of gazelle negotiations has begun as well, rob said they are aiming for 60 Us million, but they need gas agreement first. Was cautioned as being at very early stages I think. Reason for the name change was also highlighted, rob said, in jest that brokers would hang up as soon as the name Rialto was mentioned. Will be a clean break for the company given management has compl etly changed. Fringe benefits of the vitol deal were highlighted, apparently they played a huge role in negotiations with the government, CEO visited ivory coast and everything. Board highlighted vitol are mainly interested in what follows from gazelle, is highly prospective block. Staff in London are apparently being seconded between companies. Rob mentioned they are a completely no nonsense group want to see results asap, no sitting on hands etc. I think vitol is a huge net positive now even if we did get screwed initially, we needed them to proceed in more ways then one.

[house atreides] 22/11/2013 11:58

Christ it's like verbal diarrhoea.

He's obsessed with delisting.

Good news on the director buys.

Boz - irritating as trickle can be am not sure
banning him is the answer. We can filter if we want.
Freedom of speech and all that.

Please post anything you think relevant from agm.
All the best.

HA

[treacle32] 22/11/2013 11:24

Reiterated from 2 days ago..

"the dual listing is being reviewed".

[treacle32] 22/11/2013 11:14

Simple as for the long term story here...

'Vitol has not come in for a 40 bcf development and a US$50 million investment. Total unrisked mean prospective recoverable resources have been estimated to be 897 mmbbl of liquids and 2,936 bcf of gas, suggesting significant exploration upside'.

[treacle32] 22/11/2013 11:11

November 20, 2013

Rialto Energy Nails Down A New PSC Which Paves The Way For The Development Of The Gazelle Field In Cote d'Ivoire

Rob Shepherd, apart from being the new CEO of AIM and ASX-listed Rialto Energy is a droll and witty man with a good line in self depreciation. At the Oilbarrel conference last October 7 he said he would not be offended if some of the knowledgeable investors in the packed conference room started to walk out, "especially if you have been following the company for the past 18 months".Rob was persuaded to join Rialto as interim CEO after a stint as CFO of Dominion Petroleum which was, like Rialto, focused on Africa. Dominion, of course was sold to London listed Ophir Energy in October 2011, a decision driven by funding challenges for the small cap trying to wildcat in deep water frontier areas

Joining Rialto must have been like jumping from the frying pan into the fire for Rob. As he said when he arrived at the company in October 2012, Rialto had been a "dog's breakfast" since its 2012 debut on Aim. One of the reasons for the mess was the participation in the Starfish well offshore Ghana earlier this year. This was always a long shot and explorers will always drill more dry holes than they do discoveries. The problem at Rialto has been that its supposedly low risk wells on Block CI-202 offshore Cote d'Ivoire also proved disappointing. This meant Rialto had a severe funding problem and a PSC for the block with commitments it could not possibly meet.

Since Rob's arrival at the troubled Rialto, there has been a clear sweep at the top, G & A has been slashed, the dual listing is being reviewed, Vitol has been introduced as a partner, A$14 million has been raised over the summer with the backing of key shareholders and the company has dealt with the painful issue of the overhanging rig contract, which led to a US$11 million termination cost, on a US$17 million fee arrangement for a rig that did nothing.

But then a turning point was reached. At the October conference Rob said he only felt brave enough to present at the gathering following September's MoU with Vitol for a farm out on Block CI-202, which should pave the way for the renegotiation of the PSC. The MoU was an
important step because it should allow the development of the flagship field Gazelle gas field. But any development was contingent on the PSC being re-jigged.

Now the other shoe has dropped (just to mix my metaphors) in that the PSC has recently been renegotiated and this fulfils the last condition precedent to the completion of the MoU. The new PSC was signed in Abidja0n on November 7. Rob has been full of praise for the helpfulness of the Cote d,Ivoire authorities and officials of the state owned oil and gas company PETROCI, which has an interest in the PSC.

Under the transaction Vitol has acquired 65 per cent of the shares in Rialto CdI in exchange for providing US$50 million of loan capital .The Vitol loan will fund the first US$50 million of the Gazelle Field development work programme. This is good news if only because Vitol is technically experienced and well funded with assets in Rialto's area of operations in in Cote d' Ivoire and Ghana.

But the Gazelle field is a material resource. Rialto is taking a conservative approach going for a low cost phased development targeting 40 bcf of 1P reserves and 80 bcf of 2P It will take 14-18 months from the final investment decision to reach first gas.

But Vitol has not come in for a 40 bcf development and a US$50 million investment. Total unrisked mean prospective recoverable resources have been estimated to be 897 mmbbl of liquids and 2,936 bcf of gas, suggesting significant exploration upside. Rob Shepherd says there are existing discoveries and shut-in fields as well as contingent resources in the immediate vicinity. The important thing Rob says is: "With the restructuring of the PSC we will have three years to drill our first exploration well compared to five months to drill two, which was the situation when I joined the company.

[treacle32] 22/11/2013 10:45

Nothing on ASX listing - still a grey area imo and need to send clear message out to ASX investors if keeping the listing or not. New company name to follow soon.

13) Change of Company Name
The instructions given to validly appointed proxies in respect
of the resolution were as follows:

For Against Abstain Proxy's discretion
--------------- --------------- ----------- ----------------------
285,997,514 76,683,106 3,617,554 4,072,518

[treacle32] 22/11/2013 10:22

More director buying, one of the trades I referred too yesterday.

22 November 2013

ASX Code and AIM Code: RIA

Rialto Energy Ltd

("Rialto" or the "Company")

Director Dealing

Rialto was informed on 22 November 2013 that Andrew Bartlett, Non-executive Director, purchased, on 22 November 2013, a total of 470,000 ordinary shares in the Company at an average price of 2.10 pence per share. Mr Bartlett is now beneficially interested in 2,136,667 ordinary shares.

[treacle32] 22/11/2013 08:05

AGM Today - we may get a RNS later.