Riverstone Energy Share Discussion Threads

[rambutan2] 09/10/2019 19:26

Hi Specto, I was wondering whether anyone else on here was watching!

A bit like with WPCT, every time since launch I've revisited RSE, I've reminded myself why I didn't like it last time I looked. That jumbo discount got me reading through the website today, and whilst the chairman made a few slightly encouraging comments in the interims, imho it's still a horror show (see note 8, pg 26) with regard to costs, fees, taxes, the board, commitments etc etc. I think I will continue to sit on the sidelines for the time being, but bear in mind that there could be a continuation vote next Oct.


Noted, a wrong call! In its interims (to 31/03), when the share price was circa 940p, BTEM (5% stake) said:

Despite the recent disappointing performance, we continue to view RSE as an attractive asset with strong prospects for NAV growth over the medium to long term which, coupled with returns from discount contraction, holds out the prospect of compelling returns from here.

[spectoacc] 09/10/2019 14:40

You mean nothing since 14th Aug? Got my eye on this one for the sheer size of the discount but - where's the director buys?

[steve73] 17/4/2019 08:30

Riverstone holdings include Talos & Sierra, both of who are partners in the Zama 2 well offshore Mexico.

[coolen] 15/4/2019 22:23

Is there any specialist broker research to explain the large discount, please ?

[rock star] 21/3/2019 05:19

The total expense ratio is 1.9% which is to high.

[rickyl1] 25/2/2019 13:24

Well, NAV discount at 36%, that's double the average. Worth buying just for that maybe.

[llef] 15/10/2018 10:46

any thoughts on the tender offer announced today?

[lionheart79] 01/4/2018 10:43

Still at a 20% discount to nav then

[pillion] 26/2/2018 17:34

annual results, including the updated NAV as at 31 December 2017, on 28 February 2018.

[xxnjr1] 15/2/2018 21:05

11?..... Probably due to this:-

Fieldwood Energy LLC (the “Company”; or “FieldwoodR21;) has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas as part of a “prepackaged” chapter 11 case. In connection with the filing, the Company entered into a Restructuring Support Agreement (“RSA”) with support from key stakeholders.

The Chapter 11 plan of reorganization (the “Plan”) encompasses a comprehensive restructuring of the Company’s balance sheet and an acquisition of significant revenue-producing assets. Specifically, the proposed restructuring contemplates (a) reducing current debt by approximately $1.6 billion, (b) raising capital of approximately $525 million through an equity rights offering (the “Rights Offering”), and (c) acquiring all deepwater oil and gas assets of Noble Energy, Inc. located in the Gulf of Mexico. The assets complement and enhance the Company’s asset base and operations. The Company will use the proceeds of the Rights Offering to fund the acquisition, fund the costs and expenses of the Chapter 11 cases, and for general working capital after emergence from Chapter 11. The Plan also provides that holders of undisputed general unsecured claims will be paid cash in full.

Background here hxxps://www.fieldwoodenergy.com/wp-content/uploads/2018/02/FW_Employee-FAQs-final-.pdf

[pillion] 30/1/2018 16:23

Big drop today

Kwa nini jambo hili ili ?

[llef] 08/11/2017 08:15

riverstone are selling 90m USD worth of centennial shares - taking advantage of the spike in oil prices perhaps?

Riverstone Energy Limited ("REL") has participated for its proportional share of the offering, resulting in the sale of 4,346,633 shares, equivalent to 18.2 per cent. of its total investment in Centennial

[jonwig] 23/10/2017 08:55

3Q portfolio (30/09) increased by $138m over 30/06. Assuming other assets and liabilities were constant, that's an increase of $1.6 per sh in NAV (125p).

Castex 2005 should probably be written off, as it applied for Chapter 11 earlier this month.

[jonwig] 19/10/2017 08:32

Tipped by Questor in the DT. Suggests unquoteds undervalued on books.

[xxnjr1] 12/7/2017 10:09

Huge discovery offshore Mexico in fairly shallow water, although minimal investment of $1m so far, versus commitment of $38m into Sierra. Original commitment was meant to be $76m, however Riverstone passed half of that to Talos, also a Riverstone entity. Anyway I guess RSE will be investing the other $37m soon.....

Also congrats to Tony Durrant and Premier Oil.

[xxnjr1] 01/3/2017 12:48

And good operational progress with the unconventionals. Permian's pretty hot now, so we may see some partial or full asset monetisations there going forwards.

[phillis] 01/3/2017 08:30

good results

[xxnjr1] 11/1/2017 18:41

Memo to self :) Share buyback completed today. Maybe these will resume gentle ascent again!