Riverstone Energy Share Discussion Threads

[bench2] 27/1/2022 12:41

Many thanks HP for posting Questor tip , he has a big following so it will be interesting to see whether the share price holds above 500p . The technical analysts will love the upward price break on high volume today .

[dlp6666] 27/1/2022 12:24

Do you think it's worth postponing a buy until the c.9% Questor spike has fallen away (maybe AKRC will sell into that), or would that be missing a trick and its better to get in straight away?

[hugepants] 27/1/2022 08:02

Tipped by Questor

[hugepants] 23/1/2022 22:28

Biggest shareholder AKRC now down to 14.5%. They've sold about 17% and not hurt the share price too much.



SolidPower (NASDAQ: SLDP) share price is quite heavily down since the listing but I can't figure out though if RSE are currently showing a paper loss or a paper gain. I suspect the former although it may not be too big a loss since the original $20M appeared to be at a favourable valuation.

They've invested $50.5M in total in SLDP which is about 7.5% of the NAV

Centennial Resource Development is doing well though at $7.44 and is about 15% of NAV. So I'd guess NAV is still well above £8 here.

They've still a lot of firepower left re the buyback but probably wisely waiting to see if AKRC force the price down.

[hugepants] 13/12/2021 12:01

A bit of a rise at end of last week. Thought it may have been the share buyback but no announcement. Discount to NAV still 40%+ so surely they should be buying back.

Portfolio breakdown is approx;
50% Oil & Gas
25% Green stuff
25% cash.

[hugepants] 09/11/2021 19:36

Biggest shareholders has sold 3.8%.


Good news is they've only 29.7% to go.

[hugepants] 08/11/2021 08:55

Another 700K bought back for £3.4M. By my calcs each £1M bought at this price adds 2p to NAV. So NAV must be up about 25p (to 838p) since they resumed buyback at end of October.
(and the 15% increase in Centennial share price since trading update will add another 20p)

[hugepants] 01/11/2021 11:42

I think the green stuff is the place to be. The renewables focused trusts tend to trade at close to NAV.

A big chunk bought back on Friday. 575K at 493p (39% discount to NAV).
If they can complete the full buyback at that price they'll increase NAV by 7.5% to 874p.

[cousinit] 29/10/2021 09:09

For completeness, I am back in now. Getting a lot of volume on the buybacks so that receding is probably needed to drive the price on and close the gaping discount (even if only to maybe 25% levels) to the revised NAV. Maybe they can make money on the green stuff after all... I'm still not that convinced though

[bench2] 28/10/2021 20:59

A decisive break above 500p would be bullish

[hugepants] 27/10/2021 10:16

The shares look cheap given NAV is up from 680p to 813p so the discount is currently 39%. Some of the renewable investments as well as the legacy O&G marked up and £30M available for buyback.

[brwo349] 27/10/2021 07:17

good update

[hugepants] 25/10/2021 14:37

IMS on Wednesday which is when the buyback can resume.

[cousinit] 06/10/2021 20:34

Appreciate the counsel Bench but I've actually sold out - I had reasonable conviction when I bought back in at c.275p earlier in the year, but not so much at these levels. There is plenty of potential value here but not sure that all shareholders will benefit from it. Maybe still haunted by the wild ride from this last year and the nerve it took (or felt like!) to add more at just over £1. GLA

[bench2] 06/10/2021 10:36

With BB suspended , larger sellers are holding off , so share price creeping better on small buyers and very positive Oil and Gas prices . Hang in there CousinIT

[bench2] 04/10/2021 10:03

Buyback paused until IMS on 27 Oct , so interesting to see whether shares drift back . Board have increased buyback from £20m to £40m ...... leaving circa £30m remaining . So quite a bit of fire power . My guess is the legacy Oil and Gas holdings will be revalued upwards given the surge in energy prices . I am staying put .

[bench2] 29/9/2021 13:29

You are right to be cautious Cousin , but Riverstone is a changed beast from when it was floated , with the ability to invest in renewables , and electric storage etc . We are a long way from the peak price of 1359p reached on 31 July 2017 . They have a lot of ground to make up , so I will retain my small holding over the key winter months ( in the northern hemisphere ), to see how things go until 31 March 2022 .

[cousinit] 29/9/2021 09:16

I'm particularly cautious on this one, Bench. The general thesis that it'll take longer to wean the world off oil is one I buy into and the lack of investment by the big players 'pivoting' should support prices for those remaining. This is the only oil position I'm looking to exit. They seem to have found decent volume at these levels to buy back so may not have much more legs based on the buy backs alone

[bench2] 28/9/2021 21:09

The series of buybacks look inspired , with cable at $1.355 and Brent at $80 , plus gas still heading north NAV will be well over 700p . CousinIT your wish has been granted as the share price is close to 500p . However maybe a reduction rather than outright sale would be a better option . The headlong rush to save the planet and switch to green energy , has put pressure on Oil and Gas companies to switch off E&P etc and close fields , and has helped to create the price squeeze in spot oil and gas prices . Active managers and the ESG slaves have been crowing about their green credentials and how they no longer hold Shell , BP , Total , Exxon etc . This is the ultimate counter phsycological play to be in Oil stocks when few managers will touch it . So RSE , RDSB , and JPM Russia ( Mainly Gas and Energy stocks ) will continue to trend higher . So best to trim a bit and enjoy the ride .

[cousinit] 18/8/2021 10:59

Transformed it into what though? It's some kind of weird hybrid with a lot of cash (currently) on the balance sheet undertaking buybacks. It's not likely to go mainstream with the remaining governance/IMA quirks.

Instinctively, I'd figure the manager is probably more able to destroy value with 'clean' investments than it was with 'dirty' ones.

Reckon I'd happily walk away for less than a fiver.

[hugepants] 18/8/2021 10:44

Imo the big disposal recently transformed the investment case but agree a sizable discount is warranted. But not 42%! Not with all that cash waiting to be invested. I reckon worth north of 500p.

[cousinit] 18/8/2021 10:35

I can't help but see this as a temporary hold. With oil stocks softening recently, the NAV is likely to be closer to 650p now. Suspect even with the buybacks that this warrants a discount of c25% and I guess the Board want them to be accretive so won't push the pedal down too much.

Can't have much conviction given the rollercoaster ride of how it's got to here. If RSE even scares off AVI then that says something!

[hugepants] 18/8/2021 08:52

Talking to myself here but results out.


NAV = £6.83 so discount = 42% with current share price at 390p

At 16 Aug they have "$178 million aggregate cash balance and $86 million of unrestricted marketable securities". That's £192M or 312p per share.


"REL remains focussed on managing liquidity and operational efficiency at the portfolio company level, while continuing to execute on its modified investment programme, which includes a pivot from E&P investments towards energy transition and decarbonisation assets. The Investment Manager believes the current market environment is generating attractive risk-reward investment opportunities within these subsectors."


"Share Buyback Programme

As previously announced on 1 July 2021, with today's publication of the Company's Interim Report and Financial Statements for the period ended 30 June 2021, the Board will recommence its £20.0 million open market share buyback programme with Numis Securities Limited and J.P. Morgan Securities plc. Since the Company's announcement on 11 May 2021, 1,185,808 ordinary shares have been bought back at a total cost of approximately 4.0 million ($5.6 million) at an average share price of approximately £3.36 ($4.72)."

[hugepants] 05/8/2021 11:53

When results are out this month they will recommence share buyback programme. Still have £16M available so a bit of a no-brainer to continue buying at this approx 43% discount.


1 July 2021

Riverstone Energy Limited

Share Buyback Programme

As the next portfolio valuation date is 30 June 2021, Riverstone Energy Limited (the "Company") announces that its GBP20.0 million share buyback programme has been paused until after the Company's Interim Report and Financial Statements for the period ended 30 June 2021 (the "Interim Report") have been published in August 2021 . Since the Company's announcement on 11 May 2021, 1,185,808 ordinary shares have been bought back at a total cost of approximately GBP 4.0 million, such that there is GBP 16.0 million remaining of the authorised GBP20.0 million. The Board intends to recommence the share buyback programme with Numis Securities Limited and J.P. Morgan Securities plc after publication of the Interim Report.