Rialto Energy Ltd (RIA) - Appointment of Interim CEO
RNS Number : 8650R
Rialto Energy Limited
23 November 2012
To: Company Announcements Office
ASX Limited, Exchange Centre
20 Bridge Street
ASX Code and AIM Code: RIA
Rialto Energy Ltd
("Rialto" or the "Company")
Appointment of Interim CEO
The Board of Rialto is pleased to announce the appointment of Mr. Robert James
Shepherd as Interim CEO of the Company, effective Monday, 26 November 2012.
Mr. Shepherd has over 20 years of experience in the Oil & Gas industry and
brings a wealth of skills to the Company.
Rialto also announces that Mr. Jeff Schrull, who last month notified the Board
of his intention to resign as Managing Director in order to relocate to Perth
in mid-2013, will step down from this position at the end of the Company's
Annual General Meeting to be held today in Perth. Mr Schrull will continue his
employment with Rialto whilst the Company progresses a number of key
initiatives, including the identification of an industry partner for the 2013
CI-202 exploration and appraisal drilling programme. Further, Mr. Schrull will
also resign as a director once the Company finalises the appointment of a
further Australian resident director.
Rob Shepherd (aged 45) joins the Company having previously been Finance
Director of AIM Listed, African focussed, Dominion Petroleum, which was
acquired by Ophir Energy for around US$220 million in February 2012.
Mr. Shepherd's Oil & Gas executive experience also includes his role as
Non-Executive Director of Imperial Energy Corporation, a FTSE 250 oil company,
between June 2007 and December 2008.
Prior to joining Dominion, Mr. Shepherd was Senior Vice President of Emerging
Markets at ABN AMRO Bank. Mr. Shepherd graduated with a Bachelor of
Mechanical Engineering from Sheffield University and also holds a MBA from
The Rialto Board has initiated a thorough search for a full-time CEO and will
provide an update on the process in due course.
Commenting on today's announcement, Rialto's Chairman, Bruce Burrows said:
"We are delighted to have appointed Rob Shepherd as interim CEO to the Company
and are confident that he is an ideal candidate to assume the reins whilst we
continue the search for a permanent replacement for Jeff.
Rob's experience and knowledge obtained during his role as a director of a
small-cap African focussed E&P will be invaluable to the Company at this
exciting time in its development.
Whilst we accept Jeff's decision to step down from the position of Managing
Director, we are pleased that we can retain his experience and expertise to
work alongside Rob and the rest of the team as we progress the Company through
a busy pipeline of corporate and operational activity."
Buchanan Tim Thompson, Ben Romney or Helen Chan
(Financial PR London) Telephone: +44 (0)20 7466 5000
RBC Capital Markets Matthew Coakes or Daniel Conti
(NOMAD) Telephone: +44 (0)20 7653 4000
PPR Colin Hay
(Financial PR Telephone: +61 8 9388 0944 or +61 404 68 3355
Rialto Energy Limited Jade Hockie
Telephone: +44 (0)20 7042 8500
Save as disclosed above, and in accordance with AIM Rule 17, there is nothing
further to disclose under Schedule Two, paragraph (g) of the AIM Rules for
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 and Australia.
In Cote d'Ivoire, Rialto is the Operator (85% working interest) of the CI-202
block offshore, which contains the Gazelle Field.
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
MSCFEASIDFESELF -0- Nov/23/2012 07:00 GMT
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