Rock Oil - Further Performance Allocation Payment

RNS Number : 9761S

Riverstone Energy Limited

29 December 2016

 

Riverstone Energy Limited

29 December 2016

Rock Oil - Further Performance Allocation Payment

London, UK (29 December 2016) - Riverstone Energy Limited ("REL" or the "Company"), announced on 27 October 2016 a Share Purchase Programme for Riverstone Energy Capital Partners LP ("RELCP") for approximately £6.5 million in the Company's Shares, pursuant to the satisfaction of a performance allocation payment following the disposal of Rock Oil.  Following a series of purchases up until 16 December 2016, which have been announced, the Share Purchase Programme has completed. 

Following the finalisation of the taxes due on the disposal, the Company announces a further £1.16 million due to be purchased by RELCP in the Company's shares, pursuant to the Rock Oil sale.  The net proceeds paid to REL as a result of the sale remain unchanged.  Accordingly, RELCP intends to acquire a further £1.16 million of the Company's shares through secondary market purchases ("Further Share Purchase Programme") at prices below the prevailing published net asset value of the Company over a period of up to 4 months.  RELCP has entered into an agreement with J.P. Morgan Securities plc ("JPMS plc") under which it has issued an irrevocable instruction to JPMS plc to manage the Further Share Purchase Programme. 

The Company confirms that it currently has no inside information relating to the Company which has not been publicly disclosed. 

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.

Media Contacts:

Riverstone Energy Limited:

Natasha Fowlie

Brian Potskowski

[phone]

 

END

 

 

STREAAANAENKFFF