Pipestone Energy Sale & Share Buyback Programme

- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -

LEI: 213800HAZOW1AWRSZR47

8 February 2022

Riverstone Energy Limited

Pipestone Energy Sale & Share Buyback Programme Authorised Increase

REL is pleased to announce the 4 February 2022 sale of its entire position in Pipestone Energy Corp. ("Pipestone"), a Calgary-based oil and gas exploration company publicly listed on the Toronto Stock Exchange for 4.55 CAD per share. This gross per-share price represents a 5.4 per cent. discount to the price at the time of the agreement with the buyer, a 6.8 per cent. discount to the closing price on 4 February 2022 and a 2.0 per cent. premium to the 30-day volume-weighted average price. The 11.72 million-share block sale, 27 times the stock's average daily trading volume, generated 53.0 million CAD in net proceeds, resulting in an aggregate Gross MOIC of 0.64x, inclusive of previously realised proceeds and based on CAD/USD FX rate of 1.276, which is slightly higher than its fourth-quarter 2021 mark of 0.57x. REL will use the proceeds to contribute to additional investments in decarbonisation and energy transition, as well as the announced increase of its share buyback programme. The share buyback programme will be subject to an extraordinary general meeting ("EGM"), as detailed below.

The Company intends to recommence its share buyback programme following publication of its 2021 annual report and audited financial statements currently scheduled for 24 February 2022.

Since the Company's announcement on 11 May 2021, 7,744,935 ordinary shares have been bought back at a total cost of approximately £36.0 million, with £4.0 million remaining of the £40.0 million allocated to the repurchases in May and October 2021. The Board and the Investment Manager have now agreed to allocate an additional £46.0 million to the programme.

The Company currently has the authority to repurchase 1,799,944 shares pursuant to the authority granted at its 2021 annual general meeting. The Board will convene an EGM to seek shareholder approval to renew the Company's authority to repurchase up to 14.99 per cent. of the shares outstanding as at the date of the meeting. A circular regarding the EGM will be sent to Shareholders shortly.

About Pipestone Energy Corp.:

Pipestone is an oil and gas exploration and production company focused on developing its large contiguous and condensate rich Montney asset base in the Pipestone area near Grande Prairie. Pipestone is fully funded to grow its production from 25 Mboe/d in 2021 to 35 Mboe/d (midpoint) in 2022, while generating significant free cash flow and de-leveraging the business. Pipestone is committed to building long term value for its shareholders while maintaining the highest possible environmental and operating standards, as well as being an active and contributing member to the communities in which it operates. Pipestone shares trade under the symbol PIPE on the TSX. For more information, visit www.pipestonecorp.com.

About Riverstone Energy Limited:

REL is a closed-ended investment company that invests exclusively in the global energy industry across all sectors. REL aims to capitalise on the opportunities presented by Riverstone's energy investment platform. REL's ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. REL has 14 active investments spanning decarbonisation, oil and gas, renewable energy and power in the Continental U.S., Western Canada, Gulf of Mexico and Europe.

For further details, see www.RiverstoneREL.com

Neither the contents of Riverstone Energy Limited's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.

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