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RNS out, cost reduction on board.


Rialto Energy Limited Director and Company Secretary Resignation
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RNS Number : 8696G

Rialto Energy Limited

12 June 2013

12 June 2013

ASX Code and AIM Code: RIA

Rialto Energy Ltd

("Rialto" or the "Company")

Director and Company Secretary Resignation

Rialto Energy Limited advises that Mr Charles Nieto and Mr Vance Querio have resigned from the Board of the Company with immediate effect. In addition, Mr Matthew Worner has resigned his position as Company Secretary and Chief Legal Officer.

Mr Nieto, who was an Executive Director of the Company, remains employed as Chief Operating Officer pending a review of the Company's operating needs at the conclusion of the previously announced proposed transaction with Vitol. Mr Querio and Mr Worner have both resigned in order to pursue other business opportunities. In addition, the Company is pleased to advise that Ms. Sandra Rosignoli, an experienced oil and gas lawyer, will be joining Rialto as General Counsel in London in a part-time capacity.

Commenting on today's announcement, Chairman, Mr Andy Bartlett said:

"On behalf of the Board and the Company I wish to thank Mr Nieto, Mr Querio and Mr Worner for their contributions to Rialto over nearly a three year period.

"Acting on feedback from the Company's shareholders, we continue to look to identify ways to reduce the Company's overhead given the financial constraints we are presently facing. We expect further cost reductions to be implemented at the conclusion of the Vitol transaction due to the ability of the two companies to together supply resources to the progression of our business in Cote d'Ivoire."