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Cote Dlvoire : RIALTO inks MOU to replace existing PSC for Block CI-202.

Rialto Energy has announced that its arm Rialto CdI has inked a memorandum of understanding (MoU) with the Cote d'Ivoire Ministry of Oil & Energy, the government-owned oil & gas company PETROCI, and Vitol E&P to replace the current PSC for Block CI-202 with a new PSC on revised terms.

The company said the revised PSC would be signed before 9 November 2013 when the second exploration period under the existing PSC ends and will have 3 successive exploration periods over 7 years from signature.

The planned entry of Vitol into partnership with Rialto has been acknowledged by the Ministry on the basis that all petroleum costs incurred so far by Rialto will be recovered in the new PSC; and remaining exploration expenditure commitments under the existing PSC will be viewed as satisfied once the new agreement is awarded.

The new PSC will meet the major term needed to conclude the transaction with Vitol announced in April in which Rialto agreed to sell a 65% stake in Rialto CdI to Vitol for an initial US$50 million to fund appraisal and development programs.

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Publication:Mena Report
Date:Sep 16, 2013
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