Further to its announcement of 24 April 2013, Range Resources Limited is pleased to provide the following update with respect to its proposed strategic merger with International Petroleum Limited.
Since announcing the intended merger transaction, key legal, technical, corporate and financial advisors have been appointed and the parties have made good progress towards the completion of due diligence and confirming the structure of the transaction, which is likely to be conducted as an off-market takeover offer by Range to International Petroleum shareholders. Subject to satisfactory finalisation, it is expected that the formal offer will be made in the coming 3-4 weeks. The terms and conditions will be in line with previously disclosed.
In conjunction with the formal merger processes, a technical team from International Petroleum has visited the Company’s Trinidad assets and reviewed various strategies in fast tracking development of both the conventional and waterflood programs.
Range has advanced US$8m of the US$15m secured financing to International Petroleum as part of the merger process, with the remaining balance being forwarded within the coming two weeks.
