Range Resources Withdraws From PUT-7 Block In Colombia

LONDON (Alliance News) - Range Resources Ltd Friday said it has made a strategic decision to partially withdraw from Colombian operations and has cancelled its investment obligations at the PUT-7 block in the Putumayo Basin, Colombia.

The hydrocarbon exploration firm said it will now not be pursuing its option to earn into the PUT-7 site.

Range Resources said its exit from the site does not affect its position with regards to farm-in arrangements at the PUT-6 block or of the USD3.5 million performance bond which it holds over the PUT-6 site.

It said it is currently reviewing its options with regards to the PUT-6 site and will update the market shortly.

The company also announced the issuance of 25 million new shares and 7.5 million unlisted options in order to convert certain debts.

Range Resources shares were down 0.7% to 0.730 pence Friday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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