Range Resources Limited Colombia update (4975K)
April 11 2018 - 1:00AM
UK Regulatory
TIDMRRL
RNS Number : 4975K
Range Resources Limited
10 April 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE
("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
COLOMBIA UPDATE
Range, an international oil and gas company with assets in
Trinidad and Indonesia, and an oilfield services business in
Trinidad, is pleased to announce that it has reached an agreement
with Agencia Nacional de Hidrocarburos ("ANH") to settle all
outstanding claims and disputes between ANH and the consortium of
Optima Oil Corporation and the Company (the "Consortium").
As previously announced (on 1 September 2016), ANH had served a
demand notice to the Consortium seeking payment of approximately
US$53 million and had alleged that its actions were a result of
various exploration work commitments not being fulfilled and the
presentation of invalid letters of credit. The Consortium
subsequently filed a comprehensive response to the claim. Over the
last 18 months, Range has been working with its legal advisers and
the Consortium partners to reach an acceptable outcome and the key
terms of the settlement arrangement are as follows:
-- ANH confirms that Range (and the Consortium) has no liability for any payments or debts;
-- All proposed penalties have been lifted;
-- The Consortium agrees to waive all potential claims against ANH; and
-- The Consortium agrees to the termination of the 3 exploration
licences (PUT-5, VMM-7 and VSM-1).
The agreement between the Consortium and ANH is subject to court
approval in Colombia which is anticipated to be received within the
next 3-6 months.
Range acknowledges the constructive approach taken by all
parties during negotiations and is pleased to have reached a
mutually acceptable outcome with ANH. Range has no material assets
in Colombia and is now commencing the process of closing its
Colombian branch office which is anticipated to be completed during
2018.
Contact details
Cantor Fitzgerald Europe
Range Resources Limited (Nominated Adviser and
Evgenia Bezruchko (Group Corporate Broker)
Development Manager) David Porter / Nick Tulloch
e. admin@rangeresources.co.uk (Corporate Finance)
t. +44 (0)20 3865 8430 t. +44 (0)20 7894 7000
Note relating to statutory disclosure of significant
shareholdings
Statutory disclosure of significant shareholdings (as defined in
the AIM Rules) is different for Australian companies and may not
always ensure compliance with the requirements of Rule 17 of the
AIM Rules. All shareholders who are holding (directly or
indirectly), 3% or more of the issued and outstanding Ordinary
Shares are requested to notify the Company without delay of any
changes to their holding which increase or decrease such holding
through any single percentage. Likewise, shareholders who acquire
3% or more of the issued and outstanding Ordinary Shares are
requested to notify the Company without delay.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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