28th Dec 2016 08:40
LONDON (Alliance News) - Riverstone Energy Ltd said Wednesday it is making an additional USD93.0 million investment into US-focused Centennial Resource Development Inc.
FTSE 250-listed Riverstone said it has made the investment in Centennial shares at price of USD14.54 a share. Although Riverstone did not disclose the number of shares purchased or the size of its resulting holding in Centennial, the investment amount and share price implies a purchase of around 6.4 million shares.
The investment is directly related to Centennial's acquisition of fellow Delaware-focused oil and gas company Silverback Exploration, said Riverstone.
The investment was financed from the proceeds of a USD100.0 million bank loan, with a security against Riverstone's entire investment in Centennial.
Shares in Riverstone Energy were up 1.0% early Wednesday to 1,339.00 pence.
By Adam Clark; [email protected]
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