6th Nov 2014 08:38
LONDON (Alliance News) - Riverstone Energy Ltd on Thursday said Canadian Non-Operated Resources Corp (CNOR) has signed a deal with Canadian oil company Tourmaline Oil Corp for the acquisition of the Peace River High operated area in Alberta, Canada.
Under the deal, Tourmaline will sell a 25% stake in the existing complex for CAD500 million to CNOR.
The pair will form a joint venture, which will see them share any future acquisitions made by the venture shared 75% to Tourmaline and 25% to CNOR.
Riverstone, a FTSE 250-listed investment company, has so far invested USD674 million in CNOR, representing around 55% of the total capital raised by the company.
Riverstone Energy shares were up 1.4% to 859.50 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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