Riverstone net assets flat since March

Net asset value was flat at energy investor Riverstone Energy (REL) in the second quarter, with the company having so far committed almost a third of the funds raised at its October initial public offer. The FTSE 250 group, which is backed by major US private equity group Riverstone Holdings, has invested $376m, or 31% of capital raised, with $165m committed during the first six months of the year. REL lost $2.4m, or 3.33 cents per share, in the first half, resulting in a net asset value of $16 per share at end-June, unmoved from end-March.The board said its investment pipeline for remained robust with several exploration and production and midstream investments in various stages of review and negotiation.Chairman Sir Robert Wilson said the trust had made "good progress thus far" and the management team "remained fully focussed on delivering the strategy we outlined at IPO".In the interim statement the company said there were several industry themes that were driving the investment opportunity, including "the strong growth in North American oil and gas production, continued advancement in exploration and production technologies, larger energy companies being under pressure to rationalise their assets and development budgets, and a favourable supply/demand outlook in the global oil and gas market"."The investment manager continues to believe that this is a market where patience and a disciplined approach to investment are likely to be well rewarded."Shares in REL were up 0.18% at 12:27 on Wednesday. OH Riverstone Energy