30th Jul 2014 09:53
LONDON (Alliance News) - Riverstone Energy Ltd Wednesday said it made a loss in its half year, the second half-yearly results the company has released since listing, due to losses from its investments and higher expenses, as the company ramps up its operations.
The closed-ended investment company, which invests exclusively in the global energy industry, posted a total loss of USD2.4 million during the six months ended June 30 following losses from its investments totalling USD1.0 million and expenses totalling USD2.1 million.
Earlier this year, the company, which listed in London in October 2013 and was promoted to the FTSE 250 in December, posted a net profit of USD575,000 for the period from May 23, 2013 to the end of December.
To date, the company has invested in five energy companies spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, the continental US, and western Canada.
During the first six months of 2014, Riverstone made three new commitments totalling USD225 million, bringing its total commitments at June 30 to USD376 million. Money actually invested during the period totalled USD165 million, bringing its total investments to USD166 million.
The company said its investments pipeline remains robust with several exploration and production opportunities in various stages of review and negotiation.
During the period, Riverstone also announced that it had started fundraising for a new private equity fund, Fund VI, which has a target of USD7.5 billion and will be the successor to the previous Fund V as its investment partner.
"REL has continued to make good progress thus far in 2014. REL had a net asset value at the end of June of USD1.14 billion, or USD16.00 per share. We remain fully focussed on delivering the strategy we outlined at IPO," Chairman Robert Wilson said in a statement.
Riverstone Energy Shares were up 1.3% to 917.00 pence, putting it amongst the top FTSE 250 risers on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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