19th Aug 2020 10:15
(Alliance News) -Â Riverstone Energy Ltd on Wednesday reported a sharp fall in net asset value in the first half amid energy market volatility.
The energy industry-focused investor said its net asset value per share at June 30 was USD5.48, down sharply on USD9.66 at the end of December and USD13.24 at June 30, 2019.
During the half, Riverstone said its portfolio saw "significant reductions" in valuation, reflecting energy market volatility.
"The first half of 2020 has been a very difficult period as the coronavirus pandemic spread around the entire world. This has led to another six months of extremely weak performance for REL. A confluence of events has resulted in an immense supply-demand imbalance for oil and gas as well as a turbulent market environment. The outlook remains challenging for several of our portfolio companies," the company said.
Shares in Riverstone were up 7.1% at 310.50 pence in London on Wednesday.
By Lucy Heming;Â [email protected]
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