Range Resources
(ASX:RRS) has signed a binding Heads of Agreement to buy back all the shares in Range Resources Drilling Services Ltd (Drilling Services).
Drilling Services is an oilfield services company in Trinidad, which currently owns 12 rigs. It used to be owned by Range Resources until it was sold to Hong Kong-based LandOcean Petroleum Corp Ltd in May 2015.
Range says it sold the company in order to focus on “upstream operations at the time of depressed oil prices”.
Range Resources will pay $US5.5 million for this acquisition. If completed, this transaction would constitute a reverse takeover and will be subject to a vote by the company’s shareholders and regulatory approvals.
Range Resources shares are currently in a trading halt, and last traded at 1 cent.
