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.
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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.