Range Resources Limited (“Range” or the “Company”) notes the announcement released today by International Petroleum Limited (“International Petroleum”) announcing that International Petroleum is in negotiations with a third party relating to the potential sale of its Russian assets for cash consideration, which Range understands is expected to be between US$120 – 150 million.
In the course of discussions and due diligence in connection with the proposed merger of the two companies, Range has been informed of the negotiations concerning the potential asset sale and remains committed in principle to pursue a merger transaction pending final confirmation of the sale terms.
The Company will update shareholders in relation to the asset sale and merger transaction in due course.
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