Rialto cops $12M payment

RIALTO Energy will have to pay Vantage Drilling Company $US12.37 million ($A11.8 million) for pulling out of its drilling contract early as a result of the partnership with Vitol.

The company was using the Sapphire drilling rig for its program in Africa but pulled out of the contract as a result of a funding agreement with Vitol.

The contract was originally worth $17.


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