Rialto Energy has signed a Memorandum of Understanding (MoU) to replace the existing production sharing contract (PSC) for an offshore Cote d’ Ivoire block with an amended one
The deal was signed with the Cote d’Ivoire Ministry of Oil & Energy, the state-owned PETROCI, and Vitol E&P for Block CI-202
The key amendments include the signing of the new PSC before 9 November 2013 when the second exploration period under the current PSC comes to an end. The contract is expected to also have three consecutive exploration periods over a total of seven years from signature, Rialto Energy said.
The amendment also gave provision for the entry of Vitol E&P into partnership, the company added.
Rob Shepherd, managing director of Rialto Energy, said, “We are extremely pleased to be able to announce the signing of the MoU that sets out a clear path for resolution of the key remaining uncertainties surrounding the company and hence should enable our shareholders to look beyond the present to focus on the future potential of our company and its assets.
“Certainly work remains to be done, but this agreement gives us a solid foundation upon which to build our planned exploitation and exploration of Block CI-202 and the surrounding area.”
