8th Nov 2013 10:26
LONDON (Alliance News) - Rialto Energy Limited Friday said it has completed a previously announced transaction with Vitol E&P, and signed a new production sharing contract in the Ivory Coast.
The oil and gas exploration and development company with operations in Africa and Australia, said its subsidiary Rialto Energy (Cote d'Ivoire) Ltd. completed a deal in which Vitol, part of Vitol Holding BV of the Netherlands, has acquired 65% of the shares in the Rialto subsidiary in exchange for a USD50 million loan programme to be invested in a Block CI-202 work programme.
Rialto said it has replaced the existing PSC for block CI-202 with a new amended document which will have three consecutive exploration periods over a total of seven years from signature.
The company also said all remaining liabilities under the previous PSC have been deemed satisfied and the Ivory Coast Ministry of Petroleum & Energy has ratified the entry of Vitol into partnership with Rialto.
Rialto Energy shares were down 8.3% to 2.50, putting it in the top ten AIM losers in early trading Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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