Rialto Energy Ltd.’s Chief Operating Officer, Charlie Nieto, announced his resignation, effective immediately.
“I would like to thank Charlie for his significant contribution to the company over the last three years,” commented Rob Shepherd, Rialto’s managing director, in a statement. “Charlie is a highly capable COO with whom we have enjoyed working and we wish him well with his future endeavors.”
The company’s share price performance for the second quarter dropped significantly, which was “extremely disappointing for us all,” Shepherd stated in the company’s quarterly report. But the company has made strategic moves that will hopefully boost their financial and technical capabilities in the next quarter.
In April, Rialto and Vitol S.A. joined forces for projects in both Cote d’Ivoire and Ghana. When this deal launched, Rialto began revising the field development plan for the Gazelle field with hopes of bringing the field online in the near future. Initial oil rates of Gazelle are projected at 8,000 barrels of oil per day and gas rates up to 100 million cubic feet per day.
The company also terminated its contract with Vantage Drilling Company for the use of the Sapphire Driller (375’ ILC) jackup that was due to come on contract to the company in May 2013. Rialto agreed to pay a $12.4 million settlement agreement for the early termination of the rig contract.
“While the departure of our COO will result in a smaller senior management team, following the previously announced transaction with Vitol S.A. and termination of the contract with Sapphire Driller Company, the company’s operating requirements in the Cote d’Ivoire have changed significantly and it is important that our organization reflects that accordingly,” stated Shepherd.
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