Rialto has entered into a term sheet with Vitol E&P (Vitol) setting out the terms upon which Rialto and Vitol will work together to develop the Company's interests in Côte d'Ivoire and Ghana.

Transaction Overview

• Vitol to acquire, subject to regulatory and joint venture partner approval, a 20% interest in Rialto Energy (Ghana) Limited (Rialto Ghana) in exchange for providing a facility to cover Rialto's US$ 7.7 million obligations for the drilling of the high-impact Starfish-1 exploration well in the Accra Block, Ghana, due to spud in June 2013; • Vitol to acquire 65% of the shares in Rialto Energy (Côte d'Ivoire) Limited (Rialto CdI) in exchange for providing US$ 50 million of capital to be invested in a to be agreed Block CI-202 work programme subject to the conditions outlined hereunder; and

• Release of Vantage Sapphire drilling rig which had been due to be on Block CI-202 in May 2013.

Tags: Rialto Energy