20th May 2016 06:25
LONDON (Alliance News) - Riverstone Energy Ltd on Friday said its net asset value and share price both declined over the first three months of the year as the investment firm reported a wider loss.
The closed-ended energy investment company said its net asset value at the end of March stood at USD1.33 billion, falling from USD1.34 billion at the end of 2015, causing its net asset value per share to drop to USD15.85 from USD15.95.
The overall loss for the first quarter of 2016 amounted to USD8.2 million, whilst the loss per share equalled 9.65 cents, compared to a year earlier when it booked a USD3.7 million loss and a loss per share of 4.86 cents.
Riverstone said its share price has dwindled since the end of last year, closing at GBP8.12 on the last day of March compared to GBP10.66 per share at the end of last year - a 24% fall over the three month period. The stock closed Thursday at GBP8.72.
As a result, its market capitalisation fell to GBP686.0 million at the end of March from GBP833.0 million at the end of 2015.
Riverstone said it invested a total of USD169.0 million worth of capital in the period in Carrier Energy Partners II LLC, Three Rivers Natural Resources Holdings III LLC, Rock Oil Holdings PLC and other portfolio companies. In the first quarter of 2015, Riverstone invested a total of USD77.0 million.
Riverstone said total committed capital at the end of March stood at USD1.72 billion whilst total invested capital amounted to USD1.01 billion, with USD346.0 million left to invest.
"I am pleased to have been elected chairman of Riverstone Energy during this exciting time for the energy industry and I look forward to working closely with the board and the Investment Manager to achieve full value for our current and future investments. As evidenced by today's statement, Riverstone Energy is well positioned to take advantage of industry upheaval," said Chairman Richard Hayden in a statement.
By Joshua Warner; [email protected]; @JoshAlliance
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