Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Range Resources makes early payment for drilling services acquisition

It is an interest saving transaction, which can be undone at Range Resources request
oil and gas operations
Range wont have to pay 6% on the US$2.8mln

Range Resources Limited (LON:RRL) has confirmed in a stock market statement that it has advanced a US$2.8mln partial payment to LandOcean Petroleum Corp as part of the consideration for the completed drilling services acquisition.

The payment is on a refundable basis and the funds will be immediately repayable to Range upon the company's request, Range noted.

READ: Range Resources spuds new development well in Trinidad

It highlighted that the early payment benefits the company as it means it no longer has to pay a 6% interest (per annum) charge on the consideration, and it added that formally the consideration for the acquisition remains due to be paid by no later than 30 November 2020.  

View full RRL profile View Profile

Range Resources Timeline

Related Articles

oil and gas operations
March 23 2018
“Like most E&P companies, Range is trading at a material discount; and has not seen a significant uplift in price following the rally in crude prices”
picture of Canada
September 28 2017
Hillcrest Petroleum Ltd eyes big footprint in Saskatchewan and Alberta
rig
January 29 2018
The oiler posted its 2017 year-end reserves evaluation and guidance for this year's capital budget and guidance

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use