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Completion of Range Resources Drilling Services Limited Sale

Source: www.gulfoilandgas.com 5/1/2015, Location: North America

Further to the Company’s announcement on 13 April 2015, Range is pleased to advise that the sale of Range Resources Drilling Services Limited (RRDSL) to LandOcean Energy Services Co. Ltd., (LandOcean) has completed.

In accordance with the Sale & Purchase Agreement, Range has received the remaining sale proceeds of US$2.07 million (total received US$4.37 million).

Additionally, at the date of completion RRDSL owes Range approximately TT$10million (US$1.6million), which is inclusive of a US$0.5 million dividend payment declared by RRDSL and payable to Range.

This receivable will be offset against future invoices in respect of drilling services.

As previously announced, RRDSL will continue to provide full oilfield operations services to Range in Trinidad. Range and LandOcean have finalized the Trinidad Drilling Contract agreement, as an extension of the Integrated Master Services Agreement (signed in May 2014) with services to be provided on a turnkey basis and priced in line with market rates in Trinidad, to be reviewed periodically by both parties.

Range is pleased to advise that within the drilling contract LandOcean has agreed to provide extended credit terms of 12 months on drilling related invoices payable to RRDSL.

This will ensure that Range is able to accelerate its planned exploration and development programmes in Trinidad, which is critical to grow production.

Interest will be payable by Range on any third party costs contained within the invoices at the rate of 10% per annum (being the rate stipulated in the Integrated Master Services Agreement signed in May 2014).

Range and LandOcean have finalized the first 13 development and exploration wells to be drilled in Trinidad this year, with full details to be provided in the Company’s operations update in May.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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