Rialto field plan approved

The government has approved Rialto Energy’s field development plan for the Gazelle oil and gas field on Block CI-202.  Rialto is aiming for production start-up in Q4 2013 at initial production rates of 8,000 b/d of oil and up to 100mcf/d of gas. The World Bank’s International Finance Corporation private finance arm has agreed to invest $20m in Rialto via a non-brokered private placement, to support the field development.