Range Resources Limited
(ASX:RRS) says it received a demand notice for US$53 million by the September 7.
The demand relates to three exploration licences in Columbia which were revoked because work obligations were not being fulfilled.
Range Resources maintains that it has a joint operating agreement with consortium partner Optima and it was Optima’s sole responsibility to complete the work obligations and provide valid letters of credit.
Range says it intends to present a writ outlining its objections and defence against the action and other Consortium partners will do the same.
Range reported a net loss of $34.52 to the end of December 2015.
