Rialto secures Vitol as partner in Côte d’Ivoire and Ghana

Rialto Energy has agreed terms with Vitol E&P to work together to develop Rialto’s interests in Côte d’Ivoire and Ghana. Subject to approvals, Vitol will acquire a 20% interest in Rialto Energy (Ghana) Ltd in exchange for providing a facility to cover Rialto’s $7.7m obligations for the drilling of the Starfish-1 exploration well in the Accra Block, which operator Ophir Energy intends to spud in June 2013. Vitol will also acquire 65% of the shares in Rialto Energy (Côte d’Ivoire) Ltd in exchange for providing $50m of capital to be invested in a work programme for Block CI-202.