5th Dec 2018 08:45
LONDON (Alliance News) - Riverstone Holdings LLC, the manager of Riverstone Energy Ltd, on Wednesday said it has agreed to sell 100% of its membership interests in portfolio company Sierra Oil & Gas S de RL de CV to a German exploration and production firm.
Sierra is an oil and gas firm focused on the Sureste Basin in offshore Mexico, and will be sold for an amount that has not been disclosed.
DEA Deutsche Erdoel AG will buy the Sierra interests and will pay cash upfront, net of interim funding. Riverstone Energy said the deal is in line with Sierra Oil & Gas's current valuation.
DEA will also make subsequent earn-out and adjustment payments for Sierra based on the results of appraisal and exploration activities, as well as the unitization of Sierra's Zama discovery. The amounts of these payments was also undisclosed.
Shares in Riverstone Energy were down 0.5% at 1,190.00 pence on Wednesday.
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