Range Resources receives demand notice

Company News

by Lee Brooks

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.

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