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The company aims to explore its sole permit, WA-291-P (R1), which is 70% held by operator Tap Oil.
Rialto will earn its 30% participating interest by funding 60% of a planned 2D seismic survey program (i.e. a 2:1 promote) to a maximum amount of $900,000 for its share, paying at equity thereafter.
This offshore block is in the under-explored Beagle Sub-basin, within the greater Northern Carnarvon Basin.
It is close to two significant discoveries: the 5 million barrel Nebo find made by Kufpec in 1993 is immediately north of the permit, and the large Phoenix gas discovery made by BP in 1980 is just northeast of the block.
