Riverstone Energy : Pricing of Centennial Secondary Public Offering

- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -

Pricing of Secondary Public Offering in Centennial Resource Development

London, UK (9 November 2017)- Centennial Resource Development Inc. ('Centennial') (NASDAQ: CDEV) has announced the pricing of the previously announced underwritten public offering of an aggregate of 25,000,000 shares of Class A common stock.

Riverstone Energy Limited ('REL') participated for its proportional share of the offering, resulting in the sale of 4,346,633 shares at a price of $19.95 per share. This will result in gross proceeds to REL of $86,715,328, prior to applicable taxes, expenses and performance fee. The underwriters have a 30-day option to purchase up to an additional 651,995 shares from REL at the public offering price.

REL originally invested $175 million in Centennial in October 2016 at $10 per share with an additional $93 million in December 2016 at $14.54 per share to fund the acquisition of Silverback Exploration. Based on REL's weighted average purchase price of $11.21 per share, today's transaction implies a gross multiple of invested capital of 1.8x and gross IRR of 74%. REL retains a substantial holding in Centennial of 19,542,288 shares (excluding the option for underwriters to purchase additional shares).

The offering is expected to close today, subject to customary closing conditions.

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, seewww.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.

About Centennial Resource Development, Inc.

Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company's assets and operations, which are held and conducted through Centennial Resource Production, LLC, are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.

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