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Rialto Energy Limited  -  AZO   

Appointment of Managing Director and Board Changes

Released 07:00 25-Feb-2013

RNS Number : 5406Y
Rialto Energy Limited
25 February 2013
 



 

25 February 2013

ASX Code and AIM Code: RIA

Rialto Energy Ltd

("Rialto" or the "Company")

 

Appointment of Managing Director and Board Changes

The Board of Directors of Rialto is very pleased to announce Mr. Robert Shepherd, who has been Interim CEO since 26 November 2012, has been appointed to the fulltime position of Managing Director, based in London. 

Further to the appointment of Mr. Shepherd, Rialto announces that Mr. Bruce Burrows has advised the Company of his intention to retire from Board during the course of March 2013 due to increasing time commitments elsewhere. 

Commenting on today's announcements Chairman Mr. Bruce Burrows said:

"The Board is very pleased to welcome Mr. Shepherd to the Company in a fulltime capacity.  His appointment comes after an extensive international executive search in which we canvassed many excellent candidates.  Mr. Shepherd's commitment and enthusiasm in his interim role has led to his appointment and the Board believes he and the rest of the Rialto team are well equipped to continue advancing the Company.

I would also take this opportunity to advise that I will be retiring from the Board of the Company during March 2013 when it is intended that Mr. Andrew Bartlett will assume the role of Chairman.  This decision comes at a time when the Company has gone through a process of rejuvenation and strengthening in terms of Board and Management.  I have enjoyed my time with Rialto immensely and will leave the Board knowing the Company is well placed to move forward with its future endeavours."

Newly appointed Managing Director, Rob Shepherd commented:

"I am very pleased that the Board has decided to appoint me to the post of Managing Director.  Whilst the Company has been through a difficult 2012, Rialto has a great team and excellent assets and I will do all that I can to ensure that both existing and future shareholders can focus on a potentially highly rewarding 2013 and beyond."

Mr. Shepherd's base salary will be £265,000 per annum along with incentive bonuses to be determined by the Board including, subject to shareholder approval, participation in Rialto's Employee Performance Rights Plan.

Enquiries to:

Rialto Energy Limited

Rob Shepherd

Telephone:

Email:

 

+44 (0)20 7042 8500

IR@rialtoenergy.com

 

Investec

Ben Colegrave, Chris Sim and Neil Elliot



Telephone:

 

+44 (0)20 7597 4000

Buchanan

Ben Romney or Tim Thompson


(Financial PR London)

Telephone:

Email:

+44 (0)20 7466 5000

rialtoenergy@buchanan.uk.com 

 

MAGNUS Investor Relations

 John Gardner


(Financial PR and Investor Relations Australia)

Telephone:

+61 8 9212 0101 or +61 413 355 997


Email:

jgardner@magnus.net.au

 






 

About Rialto Energy Ltd

 

Rialto Energy Limited (ASX:RIA, AIM:RIA) is an oil and gas exploration and production company with current operations in the Côte d'Ivoire, Ghana and Australia.

 

In Cote d'Ivoire, Rialto is the Operator (85% working interest) of the CI-202 block offshore, which contains the Gazelle Field.

 

In Ghana, Rialto has a 12.5% interest in the Offshore Accra Contract Area, operated by Ophir Energy.

 

Rialto also has an interest in the Apache operated WA-399-P Block in the Carnarvon Basin, Western Australia.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Appointment of Managing Director and Board Changes - RNS