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RIALTO ENERGY LIMITED (RIA)


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General Information
Company Name: Rialto Energy Limited
Stock Code: RIA
Website: www.rialtoenergy.com
GICS Sub-Industry: Oil & Gas Exploration & Production
Market Cap ($M): 29
Equiv. Shares (M): 683

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.042 $ 0.037 $ 0.046 $ 0.037 $ 0.037 2,660,206 $ 0.005  13.514 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 24th Apr 2013
12 Month Target Price (average): $0.25
Brokers Surveyed: 1

Company Overview

Business Description:
Rialto Energy Limited (RIA) is an oil and gas exploration and production company with offices in Perth (Australia), London (United Kingdom) and Abidjan (Cote d'Ivoire). Currently, RIA has a portfolio of projects located in Australia and selected West African countries.

Strategy Analysis:
RIA aims to invest in oil and gas exploration and production projects in Australia and internationally. Rialto Energy announced the commencement of drilling of the Gazelle-P3 production well on the CI-202 block. The Company is Operator of the Block with an 85% working interest. The Gazelle-P3 well was spudded on 12 March 2012 using the Transocean GSF Monitor jack-up drilling rig. The well is planned to be drilled to a total depth of approx. 3400 mMDRT (-2926 mTVDSS) and is expected to take around 60-70 days to drill and test. The well is the first of an overall three well drilling programme on CI-202 that is anticipated to take six months to complete, together with testing.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A -10.2 -2.2 -- 0.0 0.0 0.0 --
2011  A -8.0 -2.8 -- 0.0 0.0 0.0 --
2010  A -3.4 -7.5 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Beach Energy (BPT) $1,534 M 0.7828 -0.2483 0.1432 11.4259 15.2010 13.2967 0.0186 0.0186 0.0186
Oil Search (OSH) $10,841 M -0.3691 0.0607 1.8198 73.2790 69.0863 24.5003 0.0048 0.0050 0.0050
Rialto Energy (RIA) $25 M -- -- -- -- -- -- 0.0000 -- --
Santos (STO) $12,401 M -0.1141 0.3991 0.2473 28.5587 20.4127 16.3655 0.0233 0.0233 0.0233
Woodside Petroleum (WPL) $30,872 M 0.1834 0.0140 0.1160 15.3811 15.1682 13.5914 0.0334 0.0530 0.0588

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
RIA -- -- 0.14 -- --
Market 0.83 14.4 1.22 1.88 1.72
Sector 1.36 15.1 0.77 2.18 5.20

Directors
Name Position Start Date
Mr Charles Nieto Chief Operating Officer,Executive Director 01 November 2010
Mr Neil Hackett Joint Company Secretary,Non-Executive Director 26 March 2012
Mr Robert James Shepherd Managing Director 25 February 2013
Mr Andrew Donald Bartlett Non-Executive Chairman 17 September 2012
Mr Andrew Ian Sinclair Non-Executive Director 20 December 2012
Mr Vance Querio Non-Executive Director 05 November 2010
Mr Gregory Alexis Stoupnitzky Non-Executive Director,Senior Independent Director 15 October 2012

Management
Name Position
Patrick Garo Chief Financial Officer
Matthew Worner Company Secretary

Substantial Shareholders
Holding Name
63,707,267 (9.33%) International Finance Corporation (IFC)
46,842,822 (6.86%) Glenn Ross Whiddon
41,837,994 (6.13%) Commonwealth Bank of Australia
41,599,932 (6.09%) BlackRock Investment Management (Australia) Limited (formerly Barclays Global Investors Australia)

Calendar of Events
Date Event
29 April 2014 Report (Quarterly)
30 January 2014 Report (Quarterly)
30 October 2013 Report (Quarterly)
24 October 2013 Report (Annual)
30 July 2013 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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