Rialto rises on Vitol partnership

Rialto Energy shares surged yesterday after it announced a new partnership with Vitol in west Africa, closing up 23.7 per cent. As part of the deal, Vitol will acquire a 20 per cent stake in Rialto’s Ghana unit, as well as $7.7m (£5m) financing to cover planned drilling of an exploration well. Vitol will also acquire 65 per cent of Rialto’s Cote d’Ivoire operations in exchange for $50m to be invested in a new programme.