Rialto Energy enters Ghana deepwater exploration block

12/17/2012

Rialto Energy enters Ghana deepwater exploration block

ACCRA -- Rialto Energy announced that it has received Ministerial and Ghana National Petroleum Corporation (GNPC) approval to acquire a 12.5% participating interest in the Offshore Accra contract Area, Ghana,(the “Accra Block”).

The company is acquiring its interest alongside fellow new entrants Ophir Ghana “Ophir”, 20% and Vitol Upstream 30%, joining existing partners Afex Oil 20% and Tap Oil 17.5%, together the “contractor group”. As part of the transaction, operatorship is transferring from Tap to Ophir.

The Accra Block contains a number of prospects, including Starfish, a large, deepwater prospect, which according to the current operator is analogous to the Jubilee discovery with unrisked prospective resources stimated to be in the range of half a Bbo (431 MMbbl (P50); 65 MMbbl (PMean)). The prospect is recommended for drilling in 2013.

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