31st Oct 2013 13:15
LONDON (Alliance News) - Rialto Energy Limited Thursday said development of its Gazelle gas field is ongoing as the company completes fundraising process.
The oil and gas exploration and development company with operations in Africa and Australia, said it completed a AUD14.1 million fundraising during the three months ended September 30 following approval of a placing by its shareholders.
Rialto said it is working extremely closely with its joint venture partner Vitol E&P to begin significant development on its Gazelle gas field in the Ivory Coast, the two parties also signed a memorandum of understanding with the Ivory coast Ministry of Oil and Energy to amend its Production Sharing Contract.
The company said it had AUD12.9 million cash in hand on September 30.
Rialto shares were down 0.4% to 2.74 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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