29th Jul 2015 07:21
LONDON (Alliance News) - Riverstone Energy Ltd Wednesday said its net asset value rose in the first half of 2015 and said its investment pipeline remains strong and the company is well positioned to take further advantage in the current lower priced commodity markets.
The energy investment company said its net asset value per share rose to USD16.36 as of June 30, rising from USD16.00 per share a year earlier as its net asset value rose to USD1.24 billion from USD1.13 billion.
Basic earnings per share swung to 5.33 cents in the first half of 2015, from a 3.33 cent loss per share a year earlier. Its profit for the period came in at USD4.1 million, swinging from a USD2.4 million loss.
"Riverstone Energy continues to execute on its strategy and now has a strong portfolio of fifteen investments in the Gulf of Mexico, Continental US, Canada, Mexico, and the Norwegian and UK continental shelves, covering both onshore and offshore as well as conventional and unconventional exploration & production, midstream and credit," said the company in a statement.
The company said its investment pipeline remains strong, with USD671 million of uninvested cash at the end of June. It said it is "well positioned" to pounce on opportunities in the current lower priced commodity markets.
"The decline in oil prices underpins the investment opportunity set for companies with strong balance sheets and deep expertise, such as Riverstone Energy," it said.
Riverstone shares were untraded on Wednesday, last trading at 966.0 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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