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Riverstone Energy NAV drops amid oil volatility

09 August 2017 08:29

Riverstone Energy's (REL) net asset value (NAV) per share fell by 1.8% to 36 cents in the first half, or by 6.9% to £1.13 on a sterling basis, compared with the end of 2016.

The decline in NAV was primarily driven by Riverstone Energy's second largest investment, Centennial, which saw its shares share price decline from $19.72 at the end of December to $15.82 at 30 June 2017 as market sentiment for oil producers weakened.

Strong performance at Three Rivers III, Meritage III and Liberty II helped offset this decline.

The company invested a total of $142 million during the period, bringing net capital invested as of 30 June 2017 to $1,314 million, or 91% of net capital available.

During the first half of 2017, Riverstone Energy reduced commitments to two companies, totalling $116 million, bringing net committed capital as of 30 June 2017 to $1,718 million, or 119% of net capital available.

Richard Hayden, chairman of Riverstone Energy, said: "Today's results demonstrate REL's resilience as oil price volatility resumed in the first half of 2017. Despite a 14% decline in the price of West Texas Intermediate, the net asset value declined by 1.8%, reflecting continued operational successes and the portfolio's emphasis on low-cost basins."

At 8:29am: (LON:REL) RELX Plc share price was -5.5p at 1665.5p

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