Riverstone Energy Limited 3Q16 Quarterly Portfolio Valuations (7682M)
October 18 2016 - 1:00AM
UK Regulatory
TIDMRSE
RNS Number : 7682M
Riverstone Energy Limited
18 October 2016
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited Announces 3Q16 Quarterly Portfolio
Valuations
London, UK (18 October 2016) - Riverstone Energy Limited ("REL")
announces its quarterly portfolio summary as of 30 September 2016,
inclusive of updated quarterly unaudited fair market
valuations:
Gross
Realised
Committed Invested Realised & Unrealised
Capital Capital Capital Value Gross
Target Basin Subsector ($mm) ($mm) ($mm) ($mm)(1) MOIC(1)
------------------ ------------------- ------------- --------- --------- --------- ------------- ---------
CIOC Deep Basin (Canada) E&P $232 $232 $2 $473 2.0x
Rock Oil Permian (U.S.) E&P 114 114 - 240 2.1x
Carrier
II Permian (U.S.) E&P 133 104 - 125 1.2x
Liberty Bakken, PRB
II (U.S.) E&P 142 116 - 105 0.9x
CNOR Western Canada E&P 90 73 - 73 1.0x
Three Rivers
III Permian (U.S.) E&P 167 66 - 149 2.3x
RCO North America Credit 125 87 70 99 1.1x
Deepwater GoM
ILX III (U.S.) E&P 200 58 - 58 1.0x
Fieldwood GoM Shelf (U.S.) E&P 82 58 1 58 1.0x
Mid-Continent
Eagle II (U.S.) E&P 67 51 - 46 0.9x
Castex Gulf Coast Region
2014 (U.S.) E&P 67 36 - 36 1.0x
Meritage
III Western Canada Midstream 33 27 - 30 1.1x
Castex Gulf Coast Region
2005 (U.S.) E&P 50 48 - 12 0.3x
Centennial Permian (U.S.) E&P 175 20 - 20 1.0x
North Sea (Norway,
Origo U.K.) E&P 67 7 - 7 1.0x
Sierra Mexico E&P 38 1 - 2 1.1x
CanEra
III Western Canada E&P 60 1 - 1 1.0x
------------------- ------------------- ------------ --------- --------- --------- ------------- ---------
Total(2) $1,841 $1,101 $73 $1,533 1.4x
------------------------------------------------------- --------- --------- --------- ------------- ---------
Percentage of REL net capital
available(3) 144% 86%
------------------------------------------------------- --------- --------- --------- ------------- ---------
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
For Riverstone Energy Limited:
Alfredo Marti
Brian Potskowski
+44 20 3206 6300
Note:
The Investment Manager is charged with proposing the valuation
of the assets held by REL through the Partnership. The Partnership
has directed that securities and instruments be valued at their
fair value. REL's valuation policy follows IFRS and IPEV Valuation
Guidelines. The Investment Manager values each underlying
investment in accordance with the Riverstone valuation policy, the
IFRS accounting standards and IPEV Valuation Guidelines. The
Investment Manager has applied Riverstone's valuation policy
consistently quarter to quarter since inception. The value of REL's
portion of that investment is derived by multiplying its ownership
percentage by the value of the underlying investment. If there is
any divergence between the Riverstone valuation policy and REL's
valuation policy, the Partnership's proportion of the total holding
will follow REL's valuation policy. There were no valuation
adjustments recorded by REL as a result of differences in IFRS and
U.S. Generally Accepted Accounting Policies for the period ended 30
September 2016 or in any period to date. Valuations of REL's
investments through the Partnership are determined by the
Investment Manager and disclosed quarterly to investors, subject to
Board approval.
Riverstone values its investments using common industry
valuation techniques, including comparable public market valuation,
comparable merger and acquisition transaction valuation, and
discounted cash flow valuation.
For development-type investments, Riverstone also considers the
recognition of appreciation or depreciation of subsequent financing
rounds, if any. For those early stage privately held companies
where there are other indicators of a decline in the value of the
investment, Riverstone will value the investment accordingly even
in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the
assistance of the Riverstone valuation committee as part of the
valuation process.
The Audit Committee reviews the valuations of the Company's
investments held through the Partnership, and makes a
recommendation to the Board for formal consideration and
acceptance.
(1) Gross MOIC is Multiple of Invested Capital. Gross Unrealised
Value and Gross MOIC are before transaction costs, taxes, 20%
carried interest on gross profits, management fees of 1.5% per
annum and other expenses. Given these costs and expenses are in
aggregate expected to be considerable, Total Net Value and Net MOIC
will be materially less than Gross Unrealised Value and Gross MOIC.
Local taxes may apply at the jurisdictional level on profits
arising in operating entity investments. Further withholding taxes
may apply on distributions from such operating entity
investments.
(2) Amounts may vary due to rounding.
(3) Based on total capital raised of $1,320 million plus
realised profits and other income net of fees, expenses and accrued
performance allocation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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