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Range shifts focus from Colombia to T&T

Published: 
Tuesday, May 13, 2014

Australian oil company Range Resources Limited said in a statement to the London Stock Exchange that it is partially withdrawing from Colombia to focus on T&T. “Colombia Update: Range announces that, given its focus on Trinidad, it has made a strategic decision for a partial withdrawal from Colombia and has relinquished its investment obligations on PUT-7 block in the Putumayo Basin in Colombia. Therefore, Range will not be pursuing the option to earn into this block,” the company said. Range was quick to add, however, that “Range’s exit from PUT-7 block does not affect its position with regards to the farm-in arrangements in relation to PUT-6 block or to the US$3.48 million performance bond that it holds over PUT-6. 

 

The company is currently reviewing its options with regards to PUT-6 and will update the market accordingly in due course.” The oil company also announced that it has applied to the Australian and London stock exchanges to list new shares: “Range announces the issue of 25 million ordinary fully paid shares pursuant to the conversion of debt at US$0.01 per share; 7,500,000 unlisted options issued for debt conversion as per agreement (£0.005, May 31, 2017). These shares and options have been issued following receipt of notice of conversion of convertible notes from Hudson Bay. “Application will be made for the 25 million new shares to be admitted to trading on the Australian Stock Exchange (ASX) and on the LSE’s Alternative Investment Market (AIM). Trading in the new shares is expected to commence on or around May 14, 2014.”

 

Following the issue of these securities the total number of ordinary fully paid shares on the market will be 3,875,401,796. Range also has 17,921,146  Class B performance shares. Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil and gas exploration company with oil and gas interests in T&T; Puntland,Somalia; the Republic of Georgia; Guatemala; Texas, USA; and Colombia. In T&T Range holds a 100 per cent interest in holding companies with three onshore production licenses and a fully operational drilling subsidiary. Independently assessed proved (P1) reserves in place of 17.5 million barrels of oil (MMBO) with 25.2 MMBO of proved, probable and possible (P3) reserves and an additional 81 MMBO of unrisked prospective resources. Range also has a farm in with Niko Resources giving it exposure to around 280,000 acres of prospective onshore and offshore acreage.