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Rialto Energy Ltd. confirmed that Petroci Holdings has elected to increase its paying interest in the Gazelle field exclusive exploitation area (EEA), which is on Block CI-202 in Cote d'Ivoire, West Africa.
Petroci Holdings, which currently holds 15% interest in Block CI-202, has given notice that it will back-in for an additional 11% paying interest in the Gazelle field EEA, bringing its total interest to 26%.
As a result of the back-in by Petroci Holdings, Rialto Energy's interest in the Gazelle field EEA will reduce to 74%, whilst its interest in the remaining area of Block CI-202 outside of the Gazelle field EEA will remain at 85%.
Rialto Energy’s managing director, Jeff Schrull, said, "We are very pleased that Petroci Holdings, our joint venture partner, has shown significant confidence in the proposed Gazelle field and the work Rialto is doing to progress its development. Petroci has obviously an in-depth knowledge of the hydrocarbon potential of our block and their back-in is a positive sign consistent with the government's desire to progress the Gazelle gas development through commercial sanction and into production in a timely manner.”