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RSE Riverstone Energy Limited

920.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Riverstone Energy Limited LSE:RSE London Ordinary Share GG00BBHXCL35 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 920.00 902.00 920.00 920.00 900.00 914.00 170,436 16:29:55
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 110.17M 88.93M 2.1075 4.37 388.2M

Riverstone Energy Limited 2Q17 Quarterly Portfolio Valuations (0737M)

26/07/2017 7:01am

UK Regulatory


Riverstone Energy (LSE:RSE)
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TIDMRSE

RNS Number : 0737M

Riverstone Energy Limited

26 July 2017

- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -

Riverstone Energy Limited Announces 2Q17 Quarterly Portfolio Valuations

London, UK (26 July 2017) - Riverstone Energy Limited ("REL") announces its quarterly portfolio summary as of 30 June 2017, inclusive of updated quarterly unaudited fair market valuations:

Current Portfolio

 
                                                                                    Gross 
                                   Gross                                Net        Realised 
                                 Committed    Invested   Realised     Invested   & Unrealised 
                                  Capital     Capital     Capital     Capital       Value        Gross 
                 Target Basin      ($mm)       ($mm)      ($mm)(1)    ($mm)(2)     ($mm)(3)     MOIC(3) 
-------------   ---------------  ----------  ---------  ----------  -----------  ------------  --------- 
                   Deep Basin 
  CIOC               (Canada)        $307        $295        $23        $275          $533         1.8x 
  Centennial     Permian (U.S.)      268         268          -          268          380          1.4x 
  Three Rivers 
   III           Permian (U.S.)      167          86          -          86           259          3.0x 
  Liberty          Bakken, PRB 
   II                 (U.S.)         142         137          -          137          171          1.3x 
  Carrier 
   II            Permian (U.S.)      133         110          -          110          131          1.2x 
                  Deepwater GoM 
  ILX III             (U.S.)         200          94          -          94           122          1.3x 
  RCO(4)          North America      125          87         81          24           109          1.3x 
  CNOR           Western Canada       90          80          -          80            80          1.0x 
                  Mid-Continent 
  Eagle II            (U.S.)          67          62          -          62            68          1.1x 
  Meritage 
   III(5)        Western Canada       67          32          -          32            45          1.4x 
                   Gulf Coast 
  Castex              Region 
   2014               (U.S.)          67          40          -          40            40          1.0x 
                    GoM Shelf 
  Fieldwood           (U.S.)          82          58          3          58            35          0.6x 
                   Gulf Coast 
  Castex              Region 
   2005               (U.S.)          50          48          -          48            5           0.1x 
  Sierra             Mexico           38          1           -           1            2           1.1x 
  Total Current Portfolio(6)       $1,802      $1,398      $107        $1,314       $1,979        1.4x 
                                                                                               --------- 
  Percentage of REL net 
   capital available(7)                                                 91% 
                                                                                               --------- 
 
 
 

Realisations

 
                                                                                  Gross 
                                Gross                             Unrealised     Realised 
                              Committed    Invested   Realised       Value     & Unrealised 
                               Capital     Capital     Capital       ($mm)        Value        Gross 
               Target Basin     ($mm)       ($mm)     ($mm)(1)                   ($mm)(3)      MOIC(3) 
------------   -------------  ----------  ---------  ----------  ------------  ------------  --------- 
                   Permian 
  Rock Oil(8)       (U.S.)         -          114         216          24           240          2.1x 
  CanEra           Western 
   III              Canada         -           1           1           -             1            0.4x 
                  North Sea 
                   (Norway, 
  Origo             U.K.)          -           9           -           -             -            0.0x 
  Total Investments(6)                      $1,523      $323                      $2,220        1.5x 
----------------------------  ----------  ---------  ----------  ------------  ------------  --------- 
 
 
 

About Riverstone Energy Limited:

REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. REL aims to capitalise on the opportunities presented by Riverstone's energy investment platform. REL is a member of the FTSE 250 and its ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. To date, REL has made 17 investments spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the U.K. North Sea, the Norwegian Sea, Mexico and credit.

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.

Media Contacts

For Riverstone Energy Limited:

 
Brian Potskowski 
 Natasha Fowlie 
 +44 20 3206 6300 
 

Note:

The Investment Manager is charged with proposing the valuation of the assets held by REL through the Partnership. The Partnership has directed that securities and instruments be valued at their fair value. REL's valuation policy follows IFRS and IPEV Valuation Guidelines. The Investment Manager values each underlying investment in accordance with the Riverstone valuation policy, the IFRS accounting standards and IPEV Valuation Guidelines. The Investment Manager has applied Riverstone's valuation policy consistently quarter to quarter since inception. The value of REL's portion of that investment is derived by multiplying its ownership percentage by the value of the underlying investment. If there is any divergence between the Riverstone valuation policy and REL's valuation policy, the Partnership's proportion of the total holding will follow REL's valuation policy. There were no valuation adjustments recorded by REL as a result of differences in IFRS and U.S. Generally Accepted Accounting Policies for the period ended 30 June 2017 or in any period to date. Valuations of REL's investments through the Partnership are determined by the Investment Manager and disclosed quarterly to investors, subject to Board approval.

Riverstone values its investments using common industry valuation techniques, including comparable public market valuation, comparable merger and acquisition transaction valuation, and discounted cash flow valuation.

For development-type investments, Riverstone also considers the recognition of appreciation or depreciation of subsequent financing rounds, if any. For those early stage privately held companies where there are other indicators of a decline in the value of the investment, Riverstone will value the investment accordingly even in the absence of a subsequent financing round.

Riverstone reviews the valuations on a quarterly basis with the assistance of the Riverstone valuation committee as part of the valuation process.

The Audit Committee reviews the valuations of the Company's investments held through the Partnership, and makes a recommendation to the Board for formal consideration and acceptance.

(1) Realised capital is total gross proceeds realised on invested capital. Of the $323 million of capital realised to date, $199 million is the return of the cost basis, and the remainder is profit.

(2) Net invested capital is total invested capital less cost basis of the realised capital.

(3) Gross MOIC is Multiple of Invested Capital. Gross Unrealised Value and Gross MOIC are before transaction costs, taxes and 20 per cent. carried interest on gross profits (without a hurdle rate). Since there is no netting of losses against gains, the effective carried interest rate on the portfolio as a whole will be greater than 20 per cent. In addition, there is a management fee of 1.5 per cent. of net assets per annum and other expenses. Given these costs, fees and expenses are in aggregate expected to be considerable, Total Net Value and Net MOIC will be materially less than Gross Unrealised Value and Gross MOIC. Local taxes, primarily on US assets, may apply at the jurisdictional level on profits arising in operating entity investments. Further withholding taxes may apply on distributions from such operating entity investments.

(4) Credit investment.

(5) Midstream investment.

(6) Amounts may vary due to rounding.

(7) Based on total capital raised of $1,320 million, bank loan, realised profits and other income net of fees, expenses and performance allocation. The Board does not expect to fully fund all commitments in the normal course of business.

(8) The unrealised value of the Rock Oil investment consists of sale proceeds in escrow of $13 million and rights to mineral acres of $11 million.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

July 26, 2017 02:01 ET (06:01 GMT)

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