LONDON (ShareCast) - (Sharecast News) - FTSE 250-listed investment company Riverstone Energy turned in a "strong start" to the year, achieving $103m of realisations in the first three months of its trading year, strengthening its capital position despite swinging to a loss.
Riverstone's net asset value slipped 0.87% year-on-year to $1.7m, or $20.21 per share, as the group fell from a profit of $23.4m to a loss of $35.9m.

The group's market cap expanded 7.46% to $1.41bn.

Riverstone realised $103m during the period, $85m from Centennial Resource Development and $18m from Three Rivers Natural Resources, and subsequent to the quarter's end, received a further $173m in gross proceeds from the sale of Three Rivers.

The firm also repaid its loan of $100m, secured against shares in Centennial.

David Leuschen and Pierre Lapeyre, co-founders of Riverstone, said, "The rebalancing of the oil market has supported prices increasing to levels not seen since 2014. Meanwhile, North America continues to provide the engine to meet increased global appetite for energy. REL is well placed to realise value in this environment and capitalise upon attractive opportunities as they emerge throughout the energy value chain."

As of 1120 BST, Riverstone shares had dipped 0.25% to 1,290.80p.

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