Range Resources Limited (“Range” or “the Company”) is pleased to announce that the Company has finalised all documentation for the US$30M sale of the Company’s Texan assets.
As previously disclosed, the purchaser will pay US$25M at closing plus a further $US5M in royalty payments from future production. Under the agreements, the Company will receive the consideration at the settlement date, being on or before 30 August 2013. A US$1M non-refundable deposit has been included in recognition of the previous delays in completing the transaction.
Peter Landau, Executive Director, commented:
“The completion of the sale of the Texan asset is a significant milestone and will significantly strengthen Range’s balance sheet and allow the Company to redeploy proceeds into our highly prospective international assets, including Colombia and the recently announced farm-in with Niko Resources. In addition to the proceeds from the sale, we are also in the final stages of completing the reserve based lending facility for Trinidad, which fully sets the Company up for significant operational growth.”
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