27th Mar 2014 14:25
LONDON (Alliance News) - Riverstone Energy Ltd Thursday announced an equity commitment of CAD200 million to Canadian International Oil Corp, a private exploration and production company focused on liquids-rich unconventional resources in Western Canada.
The UK-based closed-ended energy company focused on investing across the oil and gas sectors, said that the CAD200 million equity commitment comprises of CAD133 million from Riverstone Global Energy and Power Fund V, and CAD67 million from Riverstone Energy Limited.
Riverstone Energy said that an initial capital call of approximately CAD100 million has been funded Thursday, to support near-term drilling.
Canadian International Oil Corp was established in 2010, and has aggregated one of the largest and most advantaged land positions in the emerging Montney and Duvernay formations of Western Canada's Deep Basin. It control and operates 100% of this asset base, which comprises approximately 400,000 acres, currently produces approximately 3,000 barrels of oil equivalent per day, and includes one of the highest performing liquids wells across the Montney trend.
It is currently in the process of further delineating its resource base through a combination of development wells and step-out pilot drilling.
Shares in Riverstone Energy were down 0.1% at 888 pence per share Thursday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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