Range Resources Limited (“Range” or “the Company”), is pleased to provide an update with respect to the US$30M sale of its Texas assets. As previously announced, whilst all key completion requirements have been concluded, the Company has agreed to an ongoing extension of the settlement timeframe for the sale of these assets to accommodate further payment delays requested by the purchaser. The Company understands that the delays in receiving the proceeds from the sale have largely been a result of unanticipated changes required for corporate restructuring by the purchaser, which have taken significantly longer than expected to resolve. Following recent communication from the purchaser, they have now indicated that they expect to be in a position to complete on or about the end of January 2014.
The Company will advise shareholders on further developments or if, for any reason, this timetable changes. The Company also continues to consider its other alternatives in relation to the settlement delays, the sale agreement and the assets.
Range would also like to announce that it will be holding Quarterly Update conference call for analysts and investors on Friday 7 February at 09.00 GMT.
To participate in this conference call, please dial 0800 633 8453 UK toll free, 1 800 268 910 Australia toll free, or +44 (0) 20 8196 1480 if you are calling from outside of the UK, using access code 3268165#.
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