Under the deal, signed with Challenger Minerals (CMI), a subsidiary of GlobalSantaFe, Rialto has the option for the next three years to acquire and participate as a co-venturer in global offshore oil and gas opportunities that become available to CMI.
Rialto said it is assured of at least 10% of available equity and may acquire more by agreement on a case-by-case basis. The international deal excludes acreage in the US Gulf of Mexico and the North Sea region.
Rialto said the agreement will give it access to a range of “high quality” exploration, development or production opportunities.
It will also provide the company with access to offshore drilling expertise and drilling management services, enhancing its ability to deliver on projects in today’s tightly constrained drilling services market, it said.
CMI is the upstream oil and gas arm of GlobalSantaFe and holds interests in over 70 oil and gas properties worldwide. GlobalSantaFe, which operates a fleet of 59 offshore drilling rigs, is listed on the New York Stock Exchange and currently has a market capitalisation of about $US14.5 billion ($A17.4 billion).
