Sale of Whitecap Resources Inc.

LEI: 213800HAZOW1AWRSZR47

15 September 2025

Riverstone Energy Limited (the "Company" or "REL")

Sale of Whitecap Resources Inc.

Further to the commencement of the Company's managed wind-down on 22 August 2025, the Company is pleased to announce that, on 11 September 2025, it sold its entire position in Whitecap Resources Inc. ("Whitecap Resources"), a leading Canadian energy company focussed on the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin for CAD10.29 per share. The gross per share price received by REL represents a 1.9% discount to the closing price on 11 September 2025 and an approximate 1.0% premium to the 30-day volume-weighted average price.

REL provided an initial equity commitment of US$296 million to Hammerhead Energy Inc. in Q1 2014. Since that initial commitment, REL made several additional investments into Hammerhead Energy, which was subsequently acquired by Veren Inc. (formerly Crescent Point Energy). In May 2025, Veren and Whitecap Resources completed an all-stock combination of the two companies.

The approximately 8.72 million-share block sale generated approximately CAD90 million (approximately US$65 million) in gross proceeds for the Company (excluding applicable taxes and expenses), resulting in an aggregate Gross MOIC of 0.90x, inclusive of previously realised proceeds. This is slightly higher than the valuation of the Company's investment in Whitecap Resources as at 30 June 2025 which was 0.87x Gross MOIC or US$259 million (Realised: US$200 million, Unrealised: US$59 million).

Following completion of this transaction, the Company will hold net cash of approximately US$115 million. In accordance with the objectives of its managed wind-down, the Company expects to return close to this amount to shareholders by way of a pro rata compulsory redemption of ordinary shares, further details of which will be announced by the Company in due course.

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) are incorporated into, or form part of, this announcement.

Media Contacts

For Riverstone Energy Limited: [email protected]

Deutsche Numis - Corporate Broker:

Hugh Jonathan

Matt Goss

+44 (0) 20 7260 1000

Ocorian Administration (Guernsey) Limited - Company Secretary:

Birgitte Horn

[email protected]