Ann: Rialto completes transaction with Vitol and , page-24

re: Ann: Rialto completes transaction with Vi... If anyone wants to listen to the conference call, its on playback.

Phone Number - 0292734283
Participant ID - 643654#

The call is pretty short, was probably expecting a few more analyst questions but there was only 1!!

My quick notes from this are:

Carried forward cost pool is $130m - I didn't quite pick up if Vitol were allowed to access this

There was a financial penalty in the new PSC due to not having completed the work commitments of the last PSC, hence why Petroci have the option to acquire upto 29% now in the EEAA rather than the previous 26% (I added the last bit but Rob stated it was single digit).

Project team is in place and working on the FDP so they can be issued a new EEAA.

Gas sales agreement, already recommenced discussions and we should hear something in the coming weeks. As previously stated price is calculated on a 15% IRR basis using P90 resources. My calculations are that this will be around $5. Rob has stated that the price will ne north of the price agreed previously by Jeff Schrull and his cronies.

Pretty much it, far shorter than I am used to, but it filled some info in.

They didn't state when they expect FID, but I think the only things they need now for this (and booking 2P reserves) is the gas sales agreement, the EEAA and financing. All is coming along, so I would expect to get to FID early in the new year.