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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Rialto Eng | RIA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.725 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.725 | 1.725 |
| Top Posts |
|---|
Posted at 26/11/2013 08:30 by gwr7 Good luck with that. I converted an average of 1.4p to 2.6p and money can be made speculating on this. I've said all I have to say on the thread apart from hope all investors here have a good Christmas and a prosperous New Year (apart from Treacle the skunk ;-) |
Posted at 25/11/2013 07:39 by stockologist From DPL threadoilbuy 28 Jan'12 - 23:32 - 1908 of 1918 0 0 Private investors sold up the river here , the most valuable east african assets given away for a song . bones30 29 Jan'12 - 01:06 - 1909 of 1918 0 0 oilbuy, its looking that way isn't it? oilbuy 29 Jan'12 - 13:06 - 1910 of 1918 0 0 Yeah a disgrace , shareholder value my eye ! Ill bet theres more that 1 billion recoverable reserves of oil on block 7 . With a valuation of 100 m for block 7 and that was at the cheap end of the scale . 20 million for 20% a give away . |
Posted at 22/11/2013 11:11 by treacle32 November 20, 2013Rialto 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. |
Posted at 22/11/2013 10:45 by treacle32 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 |
Posted at 20/11/2013 00:28 by house atreides Boz - I would add the institutional investors who haven't cut there losses, artemis etc.quiet down under this evening. |
Posted at 19/11/2013 09:19 by boz2112 I don't think it is as dire as you make it out to be GWR7, but it's not as good as Treacle makes out either (30c by 2014!). I think we had an intraday high on the ASX of 4.8c last month some time. Vitol have to pay 65% of development costs from here on in, and have a vested interest in keeping Rialto afloat now that the "raping" has occurred and is binding. The paying back of the loan will only occur once Gazelle is generating revenue anyway so it is not the end of the world. 55% is very low but Mr Sheaperd has been fond of saying that he wants the company to underpromise and overdeliver. This is why very conservative valuation in Annual report etc. A lot of risk has been taken out of the equation now, I cannot see us going bankrupt now where it was possible a few months back. I cant see all the investors during the capital raising plowing in 14Aud million (with the substantial risk that existed at the time) to get to 5c in 4 years. They knew everything about the Vitol deal as well. |
Posted at 18/11/2013 17:59 by house atreides we're gonna get to point soon when Treacle has everyonefiltered ! all this nonsense about being in the cupboard, back-stabbing and blaming him, moaning on bulletin boards, anyone who disagrees doesn't own any shares. completely mental. what, no-one is allowed to post unless a) they cede to treacles superior knowledge at all times, and b) they bought at the same time or before him ? all I see is a bunch of investors understandably trying to determine what the chances of success are with RIA, in particular what the details of Vitol deal are going to be. sooner he sets his own thread up the better. |
Posted at 14/11/2013 10:19 by gwr7 I'm not saying Rialto won't delist in order to save costs Treacle, but I'm sure there will be a mechanism to allow Australians to keep holding if they want to so do not see delisting as an issue that should be pushing down the price now. Forcing Australian investors to sell now would be stupid imo.Boz, Vitol don't own 65% of Rialto PLC. They have 65% of Rialto CDI which is a separate limited company. Rialto PLC have the other 35% of Rialto CDI. My hope is that Rialto PLC retains the recoverable costs but I think not. If Rialto have given away 65% of recoverable costs it seems to me they effectively paid Vitol about $70m to take 65% of their interest in the block. That would surely be the worst farmout in history. |
Posted at 31/10/2013 19:41 by minho The DUAL listings were to prompt ISA investors. END game , now all AIM stocks can be in an ISA as of AUG this year That is why MMs are filling there boots here in the UK. The AIM market is a tough game, with many UPstarts looking to make a fortune quick like the MMs. NO RULES. The shear corruption within the EU is mind boggelling, and the idiot voters agree with it all , no grey matter between their ears. Nothing like HERD instinct. There is NO stability or values left, it is every man for him self NOW. A planet shagging its self into extinction. IE humaniods. It is all a good laugh. Let the OIL flow, we need it. SO if you are a smart investor you can make millions TAX FREE>. Leverage and exponential dealings, GO for it young man. Some of us have been there, done it all , and nothing can take it away now. Just a hobby. Let me know when it reaches 40p. |
Posted at 10/10/2013 13:54 by treacle32 October 09, 2013Conference Report 2: Rialto Energy Delivers Bracing Account Of Recent Challenges As It Looks To The Future While Petroceltic International Discusses Sonatrach's Pre-emption In Algeria And The Opportunities Across Its Expanded Portfolio By Amy McLellan Oilbarrel.com's 61st conference was our first event to be held on a Monday and it seemed the early start to the week didn't deter delegates, with the event one of the busiest of the year to date. After the coffee break, numbers rose as more delegates arrived to be sure to see the much-anticipated presentation from Tom Hickey, CFO of Petroceltic International, a favourite with oilbarrel.com regulars. There was an audible buzz when it became clear the Petroceltic team, flying in from Dublin, had been delayed and Rob Shepherd, new CEO of Rialto Energy, filled the spot while Hickey dashed across London. Shepherd had an unenviable task: a packed conference room full of knowledgeable investors and a stock that has, in his words, been a "dog's breakfast" since its 2012 debut on AIM. "I know you've come to see Tom and won't be offended if you leave, especially if you've followed the company over the last 18 months," said Shepherd, who was persuaded to join Rialto as interim CEO following his stint as CFO at Dominion Petroleum. Dominion, of course, was sold to London-listed Ophir Energy in October 2011, a decision driven by the funding challenges facing junior explorers although Shepherd said the test of that decision will come when Ophir next year drills the four prospects on Block 7 offshore Tanzania a deepwater project that was beyond the scope of Dominion's financing capabilities but could have proved transformational. As Shepherd points out, wildcatting is a high risk gamble as evidenced by Rialto's participation in the disappointing 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, which is dual listed on the ASX, has been that its supposedly low risk development wells on Block CI-202 offshore Cote d'Ivoire also proved disappointing. "One of the things I liked about Rialto was that it was more a development portfolio," said Shepherd. Yet as Rialto investors will be only too aware, the development in question, the Gazelle gas field, swiftly ran into problems, leading to the collapse of the share price and a massive funding gap. As Shepherd says, it's hard to argue with the analysis that Rialto had a "bad strategy, poorly executed". The former Dominion and Shell executive got involved in October 2012, a decision he describes as "naive". "I wasn't looking for a small illiquid company with issues." Since Shepherd's arrival at the troubled small cap, 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 partner, A$14 million 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 fee for a rig that did nothing. "From a glass half full perspective, it saved us US$6 million on the minimum contract value," said Shepherd, but it was clear to delegates this had been a bitter draught to drink. Shepherd said he only felt brave enough to present at oilbarrel.com after last month's MoU that paves the way for the renegotiation of the PSC for Block CI-202 and the conclusion of the critical Vitol farm-out. Shepherd was full of praise for the Cote d'Ivoire authorities, who had previously expected Gazelle to be onstream by now, for the "extremely constructive" discussions that will allow this potentially strategic gas monetisation project to move forward. This is still a company in the very early stages of recovery and Shepherd said the proof of his success will be the delivery of the new PSC and the Gazelle development. The company is taking a conservative approach, going for a low cost, phased development targeting the initial development of 40 BCF of 1P reserves and 80 BCF of 2P reserves. It will take 14-18 months from the final investment decision to reach first gas, which it is targeting for mid-2015 at a development cost of US$120-130 million. Although gas pricing is confidential, Shepherd said the sales contract would deliver a 15 per cent IRR on a P90 conservative case and would be "well north of US$1 per MCF": he pointed out that an existing gas producer in Cote d'Ivoire gets US$5 per MCF. He also highlighted that Gazelle is only the beginning: "Vitol hasn't come in for a 40 BCF development". There are existing discoveries and shut-in fields on the block as well as other contingent resources in the immediate vicinity plus some exciting exploration upside but that's for the future. "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," he noted. This was an honest and bracing account of Rialto's recent history and the steps taken to put the small cap into turnaround. There was warm applause after Shepherd's performance and it's fair to say delegates will be keen to see his return to oilbarrel.com developments. [...] |
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