Rialto declared that Mr. Chaim Lebovits is standing down as a Non-Executive Director with effect from April 5, 2012.
Chaim Lebovits is the founder of C&L Natural Resources Limited (C&L) and was pivotal in advancing its activities prior to the sale of C&L to Rialto. C&L is the Operator and 85 percent holder of Rialto's key asset, Block CI-202 offshore Côte d'Ivoire, where the Company has commenced a three well drilling program in March 2012. Mr. Lebovits was a key member of the team that has developed Rialto into the exciting oil and gas exploration and production company it is today.
"I would like to express my sincere thanks to Chaim Lebovits for his significant contribution to both C&L and Rialto. Chaim has been a valued source of advice to the Company and he has been instrumental in helping Rialto reach this exciting phase of growth. On behalf of the Board we wish him well for the future," said Non-Executive Chairman Bruce Burrows.