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Range Resources Extends Rigs Sale Closing Date; To Receive Late Fee

Fri, 08th Nov 2019 11:39

(Alliance News) - Oilfield services firm Range Resources Ltd said Friday it will receive a late closing fee from the buyer of four of its drilling rigs, amid an extension to the closing date of the sale.

In late October, a unit of Range - Range Resources Drilling Services Ltd - agreed to sell four drilling rigs to Wilson Energy Services Inc for USD3.6 million in a bid to cut costs and improve liquidity.

The deal was initially expected to complete on Friday. Following a delay, however, Wilson and Range have agreed to extend the deadline for completion to November 22.

As a result of the delay, Wilson will be subject to an unspecified late-closing fee.

Shares in Perth, Australia-based Range were 2.9% higher at 0.036 pence in London on Friday.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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