REL Announces Additional Investment in Centennial

RNS Number : 7968S

Riverstone Energy Limited

28 December 2016

 

- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -

28 December 2016

Riverstone Energy Limited Announces Additional Investment in Centennial

London, UK (28 December 2016). On 28 November 2016, one of Riverstone Energy Limited's ("REL" or the "Company") existing portfolio companies, Centennial Resource Development, Inc ("CDEV") announced that it had entered into an agreement with Riverstone Holdings LLC ("Riverstone") such that Riverstone and affiliated funds have committed to invest into CDEV in a combination of CDEV common and convertible preferred shares at the common equivalent of $14.54 per CDEV share, subject to adjustment (the "Transaction"). The Transaction was related to the concurrently announced acquisition by CDEV of Silverback Exploration, another Delaware focussed independent oil and gas company, with c. 35,000 net acres directly offsetting the CDEV acreage in Reeves county.

Riverstone are pleased to announce that an REL group company has invested $93 million under the Transaction.  The investment has been financed from the proceeds of a bank loan of $100 million (the "Loan").  The Loan is for a term of 18 months and has an annual interest rate cost of 3 month LIBOR + 3.25%.  A security interest has been granted over REL's entire investment in CDEV in favour of the lenders, as security for any amounts which may be due from time to time under the Loan. 

Media Contacts:

Riverstone Energy Limited:

Natasha Fowlie

Brian Potskowski

[phone]

About Centennial Resource Development, Inc

Centennial Resource Development, Inc., is an independent oil and natural gas company focused on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin.  The Company's assets and operations, which are held and conducted through Centennial Resource Production, LLC, are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.  For additional information about the Company, please visit www.cdevinc.com

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.

 

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