LONDON (Alliance News) - Range Resources Ltd said Thursday it intends to raise GBP1.0 million through a discounted share subscription to fund upgrades at its operations.
Range will issue 909.1 million shares at 0.11 pence each. Shares in Range Resources were down 31% Thursday at 0.12 pence each.
The oil & gas company said the proceeds will go towards it's current assets in Trinidad and Indonesia.
Chief Executive Officer Yan Liu said: "We are pleased to be able to commit this additional funding into infrastructure upgrades at our Trinidad assets. This will enable us to continue production growth and allow us to further develop our significant assets with a view of unlocking the full potential of our reserves base in the years ahead.
"With an active ongoing work programme, we are focused on delivering on our key objectives geared towards production growth to 1,000 barrels of oil per day target and increasing cashflows. We look forward to demonstrating progress to our new and existing shareholders."