22nd May 2019 10:28
LONDON (Alliance News) - Riverstone Energy Ltd on Wednesday said its net asset value fell by 16% in the first quarter of its current financial year.
The investment company said NAV per share as at March 31 was GBP11.72, down from GBP14.06 per share reported at the end of 2018.
In the three months to the end of March, the company said it invested a total of USD13 million in three companies: Ridgebury H3 LLC, ILX Holdings III LLC and Castex Energy 2014 LLC.
Total realisations during the period of USD123 million were seen from Meritage Midstream Services III LP, Sierra Oil & Gas and Carrier Energy Partners II LLC.
"The macro backdrop for the upstream sector has continued to be challenging, as public indices and trading multiples have remained at muted levels," said Co-Founders David Leuschen and Pierre Lapeyre.
"A constructive geopolitical environment and increase in capital markets and M&A activity will be important to a recovery in valuations over the long-term." the duo added.
The stock was down 0.8% in early trade on Wednesday at 912.70 pence a share.
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