Rialto Energy Provides Update for Accra Contract Area

Source: www.gulfoilandgas.com 2/28/2013, Location: Africa

Rialto, the independent oil and gas company focusing principally on exploration, development and production opportunities in West Africa, is pleased to provide the following corporate update.

Ghana (Rialto working interest 12.5%)

Ophir Energy, Operator of the Accra Block in Ghana, in which Rialto was recently awarded a 12.5% working interest, is continuing with preparations to drill the Starfish-1 well. This well will target stratigraphic Turonian–Cenomanian onlap turbidite sands, the first test of the “Jubilee-type play” in Eastern Ghana. It is anticipated that Starfish-1 will be drilled later this year and Rialto looks forward to working alongside Ophir and the rest of the joint venture to progress this exciting block.

Corporate Matters

Following Mr. Rob Shepherd’s appointment as Managing Director and Mr. Bruce Burrow’s announcement of his intention to retire from the Board, the Board will, as it does each year, review its performance and composition. In addition, the composition of senior management within the Company is being reviewed to ensure that the optimum structure is achieved to drive the Company forward. Also, the Company will be shortly undertaking a review of operating costs and structure in order to ensure that both are appropriate for the scale of the Company’s ongoing operations and strategy.

Investor Communications

Rialto is committed to engaging with all shareholders, both institutional and retail, wherever possible, via regular market updates, targeted conferences and such like. Offering clear, transparent communications to our shareholders is of utmost importance to us and we will strive to deliver on this.

Whilst the Company’s operational office moved last year to London, two of our directors are based in Australia, where we maintain an office and have recently retained Perth-based MAGNUS Investor Relations + Corporate Communication to support interaction with our highly-valued Australian shareholder base.

Rob Shepherd, Managing Director of Rialto, commented:

“Whilst I am well aware of the difficult year that the Company experienced in 2012, I strongly believe that the Company has a bright future, albeit not without challenges, and I am committed to working with the excellent team we have in place to secure this future and help the Company unlock the vast potential that it currently possesses.”

For more information about related Opportunities and Key Players visit West Africa Projects


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