15 Sep 2016 07:01
Range Resources Limited (RRL)Colombia Update 15-Sep-2016 / 07:00 GMT/BSTDissemination of a Regulatory Announcement that contains inside informationaccording to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Colombia update Further to the Company's announcement on 1 September 2016, Range confirmsthat a comprehensive response was submitted to Agencia Nacional deHidrocarburos ('ANH') by the consortium, Range and Optima Oil Corp.('Optima') on 7 September 2016. This response addressed the numerous areasin which Range and the consortium object to the demand which was receivedfrom ANH. Range confirms that it has no material assets located in Colombia and hadnil value attributed to its assets in Colombia on its balance sheet as at31 December 2015. In addition to the ongoing work with legal advisers in Colombia, Range hassought advice from its Australian advisers regarding the ability of ANH totry and enforce a claim against Range in Australia (where Range isincorporated). The Company's legal advisers confirm that there is noprovision in Australian law to enable either judgments of Colombian courts,or administrative orders of ANH to be recognised in Australia. If ANH didseek to make any claim in Australia it would be required to commence courtproceedings in the Australian courts and to prove its entitlement to suchclaim. Range would have the right to defend such claim. To confirm, Rangehas not received any claim from ANH in Australia. The Company continues to work with Optima and legal advisers to defend itsposition to the maximum extent possible and is considering what furtheraction can be taken to challenge the actions taken by ANH. At this timeRange cannot provide any indication of the likely timeline for anyresolution to this matter. The Company will continue to update the marketon any material developments as appropriate. The information contained within this announcement is deemed by the Companyto constitute inside information as stipulated under the Market AbuseRegulations (EU) No. 596/2014 ('MAR'). Upon the publication of thisannouncement via Regulatory Information Service ('RIS'), this insideinformation is now considered to be in the public domain. Contact DetailsRange Resources Limited Cantor Fitzgerald EuropeEvgenia Bezruchko (Group Corporate (Nominated Advisor andDevelopment Manager) Broker) e. admin@rangeresources.co.uk David Porter / Sarah Wharry (Corporate Finance)t. +44 (0)20 7520 9486 David Banks (Corporate Broking) t. +44 (0)20 7894 7000 --------------------------------------------------------------------------- Language: English ISIN: AU000000RRS3 Category Code: MSCU TIDM: RRL Sequence Number: 3410 Time of Receipt: 14-Sep-2016 / 15:10 GMT/BST End of Announcement EQS News Service --------------------------------------------------------------------------- 501811 15-Sep-2016UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.