Rialto MD Leaves for Personal Reasons

Rialto reports that the Company’s Managing Director Jeff Schrull has informed the Board that he intends to relocate back to Perth, Western Australia from the Company’s current base of operations in London by mid-2013.

The decision by Schrull is further to a number of ongoing Rialto Board discussions on strategy, near term work programme, Board composition and succession planning which have taken place over recent months.

As a result of Schrull’s decision, the Board will instigate a process to appoint a replacement to take Rialto into its new phase of growth. In the interim, Schrull has confirmed his commitment to the Company and in particular to progressing a number of key initiatives within  Rialto including the 2013 CI-202 exploration and appraisal drilling programme, matters relating to the potential farm-out of CI- 202 and early stage planning for any Gazelle Development.

Up until his departure, Schrull will remain on the Board and work closely with management to continue with ongoing business growth and operations to ensure a smooth transition.

Commenting on Schrull’s decision, the Chairman Bruce Burrows said, “Jeff has been, and will continue to be, a significant resource integral to establishing the Company’s operatorship credentials and progressing the appraisal of Block CI-202. He will be greatly missed when he departs, but the Company has sufficient time to conduct a full process to identify a suitable successor.”

Schrull said, “I have elected to plan for a return to Perth for personal reasons. In the meantime I look forward to maintaining Rialto’s focus on executing our development and exploration strategy in Côte d’Ivoire”.

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Press Release, October 4, 2012