Worth a punt at this price3 Sep 2019 16:20
Range's Chairman, Kerry Gu, commented:
"I am delighted that we have been successful at signing this milestone agreement with LandOcean, which (if completed) will allow the Company to be completely debt-free and have sufficient cash resources to progress with new opportunities. The removal of debt is a fantastic outcome for the Company's shareholders and is vital to restore our financial health, increase liquidity and improve shareholder sentiment. I am also pleased with the consideration value of RRTL of almost US$95 million which is a testament to the quality of our Trinidad upstream assets.
Over the coming months, our focus will be aimed at securing the necessary approvals to complete this transformative transaction. As part of a wider strategy, we will also continue to evaluate new acquisition targets and review opportunities for our drilling business in Trinidad and interests in the Indonesian oil and gas project.
I am very excited about the future of our Company and once again would like to thank our stakeholders for their continued support during this process."