29th Oct 2014 07:44
LONDON (Alliance News) - Riverstone Energy Ltd Wednesday said its net asset value increased over the third quarter, buoyed by valuation changes for its investments in Fieldwood and Canadian International Oil Corp, and it has now committed over half the capital it raised in its recent initial public offering.
Its net asset value stood at USD1.15 billion on Sepetmber 30, up from USD1.14 billion at the end of June, and its net asset value per share had increased to USD16.19, from USD16.00. It swung to a USD13.4 million profit in the third quarter, compared with the USD2.4 million loss it posted in the first half of the year.
"The directors and I are pleased with our performance in the third quarter of the year, as demonstrated by new commitments totalling USD299 million to CNOR, Sierra, Castex and Origo and by the increase in NAV resulting from the valuation changes for Fieldwood and CIOC," Chairman Robert Wilson said in a statement.
"In each of the four commitments made this quarter - CNOR, Sierra, Castex and Origo - we are investing alongside proven management teams focusing on exploration and production. While all nine REL investments are still in their initial stages, we are very excited about their near term prospects and are encouraged by the early returns the portfolio is beginning to generate in terms of MOIC," Riverstone co-founders David Leuschen and Pierre Lapeyre Jr said.
It said its investment pipeline remains "robust", with several exploration & production and midstream investments in various stages of review and negotiation.
"Like the nine investments completed to date, the opportunities in the pipeline are led by world-class management teams who are well known to Riverstone and have extensive track records in their specific areas of operation," it said.
By Steve McGrath; [email protected]; @stevemcgrath1
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