Rialto Energy Provides Update on Gazelle-P3 ST2 Well

Rialto Energy Limited provides a weekly update on drilling operations at the Gazelle-P3 ST2 Well, Offshore Cote D’Ivoire as at 06:00hrs, 5 June 2012 (GMT). The Gazelle-P3 well was spudded on 12 March 2012 using the Transocean GSF Monitor jack-up drilling rig. The well is the first of an overall three well drilling programme on permit CI-202.

Since the last report the well has been plugged back to the 13 3/8” casing and Gazelle-P3 ST2 was kicked-off from 1578m MD (1404m TVDSS). The well is currently drilling ahead under directional control at 1691m MD (1457m TVDSS). The top of the Upper Cenomanian reservoir is expected at 2570mMD and 2352mTVD. Drilling to this depth is expected to take 7 days.

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• Exploration