Range has received a loan so it can fulfil its development obligations to joint venture participants on the Khalakan block in Kurdistan.
() has received a loan totalling C$943,696 so it can fulfil its obligations to joint venture participants on the Khalakan block.
The Khalakan block is in the Kurdistan region of Iraq, where Range is developing the Shewashan light oil field
The unsecured loan, believed to be from significant stakeholder Gulf LNG America, bears an interest rate of 7% and can be paid back early without penalty.
As well as providing cash so Range can develop the Khalakan block, the loan will also top up the company’s working capital.
Shares in Range were up 25% at C$0.025 in early deals.
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