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RNS Number : 9603P
Riverstone Energy Limited
26 August 2014


Riverstone Announces $200 Million Commitment to Origo Exploration


New York, NY and London, UK (August 26, 2014) - Riverstone Holdings ("Riverstone") announced today that it will be one of three cornerstone investors in new Norway and UK-focused exploration and production ("E&P") company Origo Exploration AS ("Origo").


Riverstone and Barclays Natural Resource Investments ("BNRI") will each contribute USD 200 million of funding to Origo, while Singapore-based investment company Temasek will contribute an additional USD 125 million. The Riverstone commitment comprises $133 million from Riverstone Global Energy and Power Fund V ("Fund V") and $67 million from Riverstone Energy Limited ("REL").


The investment in Origo exemplifies Riverstone's strategy of creating value by utilising management teams with proven knowledge and expertise in the energy and power industry. Origo, headquartered in Stavanger, is led by Andrew Armour, Timothy Sullivan, Svein Ilebekk, Kent Høgseth and Ørjan Gjerde, all highly-experienced professionals from the E&P industry in Norway and the UK.


Origo will acquire exploration licences in the Norwegian and UK continental shelves through farm-ins, licence rounds and focused M&A activity.  It plans to participate in the drilling of around 25 exploration wells over the next five years and, where appropriate, bring discoveries towards development and production.


Pierre Lapeyre and David Leuschen, CoFounders of Riverstone, said: "We are very pleased to partner with one of the most successful exploration teams in the North Sea. Our equity commitment to Origo reflects the confidence that we have in Andrew, Svein, Tim and the rest of the team, as well as our belief in the potential for significant new discoveries in the Norwegian and UK Continental Shelves. The investment also provides additional scale and diversification to REL's asset base."



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Media Contacts


For Riverstone:

Alfredo Marti


John Cosgrove




Andrew Mitchell

Robin Wrench



About Riverstone

Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed approximately $26 billion to 110 investments in North America, Latin America, Europe, Africa and Asia.


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.  The company is uniquely positioned to benefit from the large number of investment opportunities being driven by the North American energy revolution and the continued growth in global energy demand.  REL aims to capitalize 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 invested in seven energy companies spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the North Sea and the Norwegian Sea.


About BNRI

Barclays Natural Resource Investments ("BNRI") is a global private equity business focused exclusively on natural resources. BNRI invests by finding and partnering with 'uniquely well-placed' operational management teams with specific expertise and significant experience and track-record within the global natural resources sector, primarily in upstream oil & gas, upstream mining, and power & services.  BNRI was founded in 2006 and to date has committed in excess of $3.5bn to 30 portfolio companies globally.


About Temasek

Incorporated in 1974, Temasek is an investment company based in Singapore, with a S$223 billion portfolio as at 31 March 2014.

Temasek's portfolio covers a broad spectrum of sectors: financial services; transportation, logistics and industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources.  Its investment themes reflect Temasek's perspectives on the long term trends:

·    Transforming Economies;

·    Growing Middle Income Populations;

·    Deepening Comparative Advantages; and

·    Emerging Champions

Temasek's compounded annualised Total Shareholder Return since inception in 1974 is 16% in Singapore Dollar terms, or 18% in US Dollar terms.

The company has had a corporate credit rating of AAA/Aaa since its inaugural credit rating in 2004, by rating agencies Standard & Poor's and Moody's respectively.

Temasek has offices in 11 cities around the world, including São Paulo and Mexico City in Latin America; and London and New York, which both opened in 2014.  The remaining offices are all in Asia, including China and India.

For more information on Temasek, please visit www.temasek.com.sg

For the latest Temasek Review, please visit www.temasekreview.com.sg


This information is provided by RNS
The company news service from the London Stock Exchange