Riverstone Energy's net asset value increases in third quarter

Investment group Riverstone Energy posted an increase in net asset value in the third quarter, as it continued to invest in new projects.

In the three months to the end of September, the FTSE 250 group said its net asset value rose 0.6% year-on-year to $16.3 per share, although the company swung to a third quarter loss of $4.9m from a $13.4m profit in the corresponding period in 2014.

The group said it invested a total of $105m during the quarter over seven different companies, bringing the total amount it invested to the end of September to $600m.

"During the last year the oil price has approximately halved,” said group chairman Robert Wilson.

“We believe that the lower oil price environment provides an exceptional opportunity for Riverstone Energy and we are happy to see a further $105m of new investment during this quarter.

“The company's net asset value per share stands at $16.30 per share, marginally up on 12 months ago and down by just 6 cents during the last quarter.”

Riverstone shares were up 0.28% to 847.40p at 0930 GMT on Wednesday.