14th May 2015 07:33
LONDON (Alliance News) - Riverstone Energy Ltd Thursday said its net asset value per share fell in the first quarter of 2015 as the investment vehicle made a loss in the first three months.
The FTSE 250-listed vehicle said its net asset value per share at the end of March was USD16.26, compared with USD16.31 at the end of December. Its total net asset value at the end of March was USD1.236 billion, down from USD1.240 billion at the end of December.
The group said it made a USD3.7 million loss in the period.
"It has been a busy quarter for the company with fresh commitments of USD185 million to RCO and CanEra III and a further USD77 million of capital invested. Despite the continued volatility in the energy market, we are confident that our disciplined investment strategy, strong capital position and close partnerships with world-class management teams will enable us to capitalise on the current market dislocation," said Riverstone Chairman Robert Wilson.
While the investment pace remains robust and we are 91% committed as of today, it is important to note that we have over USD700 million of cash available to be invested in the current environment," Wilson added.
Riverstone shares were untraded after the open on Thursday, having last traded at 1,068.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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