Riverstone Energy reports a 2.25% uplift in its NAV for the six months ended 30 June 2015. They say assets at the end of the period were worth $1.244bn or $16.36 per share. they invested another $180m over the period taking the amount invested to 46% of their available capital. Commitments in the period totalled $580m which means that total commitments are now $1.307bn or 107% of the capital they raised at launch.
They say notable successes include CIOC which has more than tripled production capacity to over 10,000 boep/d since Riverstone’s investment and Fieldwood which has experienced an 80 per cent. success rate on five drilled wells.
Within the portfolio, they have increased the fair market value of Rock Oil to 1.8x based on recent transactions highlighting the value of Rock Oil’s 15,700 acre position in the Midland Basin. REL invested $14 million in CIOC to fund drilling plans in the Montney and Duvernay, and $8 million in Liberty II to fund an acquisition in the Powder River Basin. Also during the period, REL invested an additional $4 million in Castex 2014 as the company continued its exploration programme in the Gulf of Mexico.
RSE : Riverstone Energy now fully committed