Riverstone Energy Limited Escrow Proceeds Received on Rock Oil Sale (9712N)
15 August 2017 - 4:00PM
UK Regulatory
TIDMRSE
RNS Number : 9712N
Riverstone Energy Limited
15 August 2017
Riverstone Energy Limited
15 August 2017
Escrow Proceeds Received on Rock Oil Sale
London, UK (15 August 2017) - Riverstone Energy Limited ("REL"
or the "Company"), announced on 5 October 2016 the sale of 100% of
its membership interests in Rock Oil Holdings LLC ("Rock Oil"). The
transaction resulted in gross cash proceeds of approximately $230
million, of which $216 million were received by REL in October
2016. REL confirms that the balance of the $14 million proceeds has
been received following completion of the nine month escrow
period.
In order to satisfy the terms of the performance allocation
payment, Riverstone Energy Capital Partners LP ("RELCP") intends to
acquire a further GBP1,102,398 of the Company's shares through
secondary market purchases 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 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
+44 203 206 6300
This information is provided by RNS
The company news service from the London Stock Exchange
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