Saturday 14 December, 2019

Range Resources to sell off T&T assets

Range Resources has announced its intention to sell off its Trinidad assets to LandOcean.

In a statement, the Delaware-based company said a binding conditional agreement was signed with LandOcean for the sale of Range Resources Trinidad in exchange for offsetting all outstanding debt due from Range to LandOcean (an estimated at US$91 million) and cash consideration payable to Range of US$2.5 million.

Range Resources had a daily production of around 650 barrels of oil in 2018 and substantial independently verified reserves of 15.2 million barrels.

The company had 100 percent working interest in Beach Marcelle, Morne Diablo and South Quarry as well as majority stake in Guayaguayare Shallow, Guayaguayare Deep and St Mary’s.

The completion of the sale of assets is subject to shareholder and government approvals.

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